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 4:8


November 20, 1995

Dean Diane Dunlap
Dean Graduate School
Hamline University

Dear Dean Dunlap,

I just finished a delightful lunch with Ray Carey where we had an extraordinary discussion of the “Carey Center”. I can’t tell you how pleased I was to hear that some of Ray’s ideas will be brought to acadamia.

I have known Ray for over 20 years on both a business and personal basis. In my prior life as a business consultant, I worked closely with the CEO’s of Colgate Palmolive, Illinois Central Railroad, Time Warner, May Department Stores, Phelps Dodge and many others. In my nearly 30 years in business, I never worked with an individual with more personal integrity than Ray.

At ADT Ray transformed a poorly managed company into a well managed meritocracy. He taught his managers that by working together they could develop a culture that welcomes change; where new ideas are encouraged and innovations are developed to meet the changing needs of the market. Most of all he established a shared set of fundamental values where individuals worked as a team and were rewarded based on performance. This resulted in a true culture of equal opportunity, one that was both collaborative and yet able to tap individual creativity and leadership.

I am enclosing a copy of our foundation’s five year report and look forward to playing any supportive role for the “Carey Center”.

Michael W. Osheowitz


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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