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.

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

Course 4:2


State of Wisconsin   
Department of Public Instruction 
John T. Benson, State Superintendent, Robert H. Gomoll, Deputy State Superintendent

January 23, 1995

Dear Ray:

I have just had the opportunity to read your manuscript on Democratic Capitalism.  It is one of the most important and interesting books to be written on the economic and political
foundations of our republic.  The centrality and rationality in your argument is one that all policy makers should understand and practice.  I am particularly intrigued with the historical base upon which you build and specifically, the attention given to Jefferson and Adam Smith, who gave us the simple yet profound precept that the free market cannot function unless it is encased in ethics.

Your economic analysis of both historical trends and events, while unorthodox, is persuasive And I will carry your analytical template into my discussions of our economic history, and will, through them, apply a broader perspective to contemporary events.

Sometime in the near future I would like to talk with you about the possibilities od developing a center in your name on “Capitalism and Democracy” at Hamline University.

Thank you.


Michael Hartoonian, Supervisor
Social Studies Education

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 12/22/2017

Updated on December 29, 2017

Democratic Capitalism-- Book Review

Julia Sneden based her review of Democratic Capitalism on her reading as I had no communication with her. Her review supported my premise based on fifty years experience running companies that democracy and capitalism should be synergistic not in conflict as most academicians believed. This will be examined further in the next Carey Center article “Good Capitalism vs. Bad Capitalism.”

Review of Democratic Capitalism by Senior Women Web
Culture Watch

Democratic Capitalism is a fascinating, important, erudite book that leads the reader through the history and development of capitalism making a clear case for what needs to be done in the future.

This fascinating, important, erudite book is not an easy, weekend read, nor a book you’d like to take on vacation for a beach read. It requires patience and hard thinking. Fortunately, it is written in a clear, accessible style that leads the reader, step by careful step, through the history and development of...

Click here for the full post