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 4:4



May 30, 1995

Dear Ray,

I’ve been busy lately and the easiest thing for me to put off is letter writing.  I have been meaning to write you since finishing your book, Democratic Capitalism.  In my forty-two year corporate career, I always thought of myself as a capitalist but hated to say so for fear of being classed with the “Wall Streeters”.  Now you’ve so clearly articulated the difference between democratic capitalism and financial capitalism, That I see that my philosophy of operating companies was close to that of a democratic capitalist.

In running the divisions of two major corporations and then as the C.E.O. of a NYSE company, C.R. Bard, Inc., I always believed in what we liked to call participative management.  To a great extent we were practicing democratic capitalism.  I always believed that if the press and politicians could see how the best corporations were managed, and not compare them with the financial institutions of Wall Street, we would not only get better treatment, but, more importantly get their endorsement.

Now your book has clearly defined democratic capitalism and, for the first time I believe, shown how beneficial to the nation as whole the expansion of it can be.  I hope you can get the book into the right hands so that the political and economic thinkers in the country can start to give serious consideration to changing how we approach our social and economic challenges through emphasis on democratic capitalism.

You’re a much deeper thinker than I so I also thank you for positioning the thinking of Thomas Jefferson, Adam Smith, Robert Owens et al in a context that shows how right are the practicing democratic capitalists of todayin believing that good business practice can produce good living as well as good profits.

If I can be of any help to you, please let me know.

Kindest regards,

Robert H. McCaffrey

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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