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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Democratic Capitalism: The Way to a World of Peace and Plenty

Capitalism produces wealth from market freedom and competition, democratic capitalism maximizes wealth from worker participation. Their sharing in the improvement sustains motivation and adds consumer income that increases economic growth. The value system is trust and co-operation, the impediments are mal-distribution of wealth and violence among nations and people.

Surplus wealth was built by firing workers engaged in growth programs and by not increasing wages for productivity gains. Corporations avoiding taxes left $6 trillion of this surplus sitting in foreign accounts. The distribution of this surplus depends on a critical Board decision. It should be returned to the workers in wages, dividends, and profit sharing that add to economic growth, but managers influence Boards to repurchase shares to hype the value of options while hurting economic growth.

The workers are now capitalists through their pension funding, but they are not yet organized to influence policy. Finance capitalism continues to dominate the economy and influence politicians. Reformers who should correct this capitalist perversion do not understand wealth production from democratic capitalism; instead they concentrate on the political structure that distributes wealth.

CCDC June 27, 2017

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