Book Cover

Capitalism,  The Way to a World of Peace and Plenty
by Ray Carey

Hard/Softcover/Kindle - 5 May, 2004, Available on

Ray Carey presents the theory and practice of democratic capitalism by coupling his experience with a synthesis of the thought of Adam Smith, Karl Marx, and John Stuart Mill.  The empirical evidence is clear: democratic capitalistic companies produce superior results, and nations that support economic freedom and keep money neutral improve the lives of their people.

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Course 4:35


Ray Carey
PO 103
Nantucket, MA 02554

August 26, 2007

Mr. Frank Marshall

Dear Frank,

Thanks for sponsoring me for the 2008 Sanctae Crucis award.  I contacted Barbara Dean in Frank Vallachio’s office once to get the forms but assume that I should now fade into the background and let you carry the ball. I did send Barbara two copies of my book. Your suggestion that Tom Costello might be willing to help is interesting but I will leave it up to you to find out from Barbara if more than one sponsor is appropriate.

The package attached may look like overkill but I will defer to you on what gets into the package that you send to Holy Cross. As you can see the material covers my career at Electro Dynamic and ADT, my educational activities with Junior Achievement, my Carey Scholars, and my book Democratic Capitalism, The Way to a World of Peace and Plenty.

If, with your help, I qualify for the award I will use it to continue my efforts to get people to read my book. I am convinced that economic freedom, including Smith’s conditions, can eliminate material scarcity in the world; and that the only way to stop the violence is to unite in economic common purpose.
Dennice and I would be pleased if you and Lois could visit us here on Nantucket. We will be here at least until the end of September..


Ray Carey  

Holy Cross 1948, elected to Alpha Sigma Nu,  member of Fitton Society                                  
Harvard Business School, MBA 1950

The attached material includes:

  1. Biography from web site
  2. Book Review by Julia Sneden
  3. 1/15/06 letter to Gardner High School principal with background for first GHS Hall of Fame for superior achievement. One of three elected in September ‘06
  4. Letter from Sr. Margaret Ryan, President of Aquinas High School inviting me to a dinner to accept their Veritas Friends Award in May ‘06
  5. Keynote address at Gardner High School graduation-June ‘06
  6. John Whitehead, former Co-Chair of Goldman Sachs and Deputy Secretary of Sate in the Regan administration letter about Carey’s  career and book.
  7. Mike Osheowitz, Chairman of the Gould Foundation letter on ADT and his opinion of Ray Carey
  8. Michael Hartoonian, Ph.D. testimonial on Carey’s book
  9. Al Reposi letter on the Electro Dynamic experience Carey was Plant Manager from 1956 to 1960 and then General Manager and President until 1966
  10. Selma Rossen letter about the ADT work culture. Carey was President, CEO and Chairman from 1970 until 1988.
  11. Sample letters from Carey scholars

Ray CareyRay Carey

Ray Carey learned through managing companies for 33 years how to change the work culture to provide employees with their best opportunities to develop and contribute. This experience began as a 28 year old plant manager and later president of an electric motor company, and concluded with eighteen years as president , chairman, and CEO of ADT, Inc.

See Carey's autobiography of his work career in chapter two of his first book,

Democratic Capitalism, The Way to a World of Peace and Plenty.

For more information about Ray Carey and his advocacy of democratic capitalism, visit the pages of this website.

Most Recent Post

CCDC 2/7/2018 - Rejection

Updated on February 8, 2018

Owen decentralized to the work station and let the workers run their jobs. This was the key to motivate the workers to produce and innovate more. It required a management that understood the philosophy and were trained and motivated in it themselves. The Mercantile philosophy, however, was still one of maximizing profits by suppressing wages and benefits. In contrast, Owen's capitalism added worker income that was spent to the benefit of economic growth called the "multiplier effect".

Owen understood that the "intellectual" community demeaned his proposals. Early in the 19th century Owen had demonstrated the capitalism in which capital and labor were synergistic.Owen also identified the intellectual negative attitude towards capitalism that continues to the present.

This is still the challenge to the intellectual community to study the alternatives in capitalism in order to promote the one that maximizes the amount of wealth and distributes it broadly.

Owen joined the Manchester Literary and Philosophical Society. Its members were the elite of the town whose manners had been acquired in respected schools. In their company Owen never forgot his origins: 

I was yet but an ill-educated awkward youth, strongly sensitive to my defects of education, speaking ungrammatically, a kind of Welsh-English …I felt the possession of ideas superior to my power of expressing them, and this always embarrassed me with strangers, and especially when in the company of those who had been systemically...

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