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 4:2


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.

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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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