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 4:11



December 10, 1996

Reuben V. Anderson
Phelps Dunbar, L.L.P.

Dear Mr. Anderson:

Thank you so much for you kind and generous donation to the Carey Center at Hamline University’s Graduate School.

Like you, we are impressed with Ray Carey’s vision of democratic capitalism and are committed to making his vision a reality in school and university curricula.  We have made a good start this term in running a graduate-level seminar in Education, Public Administration, Liberal Studies, and Law faculty and students present in the seminar.  We have read much of Ray’s work and he has guided us through a re-reading of many classics of democracy.  We have argued and thought about democratic capitalism for the semester.  Tonight is the last class, and I can tell you that the whole group is even more committed to the capital need for Ray’s vision across the globe at the end of the semester then we were at the beginning.

I know that Professor Michael Hartoonian will be sending you information on other programs and activities related to the Center, so I will not repeat them here.  I hope that we have an opportunity to work together in the future in Mississippi and in Minnesota.

Best wishes for the holidays.


Diane M. Dunlap, Dean

Cc:   Ray Carey
Michael Hartoonian

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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