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 4:38


March 9, 2009

Mr. Paul Gaffney, President
Monmouth University

Dear President Gaffney:

This week the Carey Center for Democratic Capitalism will announce an “Introduction to Democratic Capitalism” on its web site along with an essay contest for students of all ages.The Carey Center during the past 15 years has also helped over fifty minority students in their college careers.

Please visit the web site to examine the ambitious mission of educating citizens in the economic system that can eliminate material scarcity in the world, unite people in economic common purpose, and, in time, stop the violence. If that is not a grand enough claim, I add that democratic capitalism does all of these good things because it is moral.

These were the claims for democratic capitalism when I published my book in 2004, but since then finance capitalism has severely damaged the world’s economy which has shifted emphasis from movement towards the most effective system to urgent damage control.

The Carey Center needs an association with a quality university to pursue its mission. Our mutual friends Howard Aronson and Gordon Litwin have expressed a hope  that your fine institution could provide that environment.
I will call your office to arrange a meeting.


            Ray Carey

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.

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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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