Book Cover

Democratic
Capitalism,  The Way to a World of Peace and Plenty
by Ray Carey

Hard/Softcover/Kindle - 5 May, 2004, Available on Amazon.com

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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An Agenda to Reform Capitalism

Economic recovery requires capital invested in the job-growth economy and kept away from the speculators. Impediments must be eliminated allowing democratic capitalism to spread on its economic and social logic. These proposed reforms are summarized below and examined in more detail in a series of articles under “Introduction,” in video interviews, and in the book, Democratic Capitalism: The Way to a World of Peace and Plenty..

• Tax-free dividends for wage earners will expand profit-sharing and ownership plans, rebuild retirement accounts, generate a “capital wage” to be spent or saved, and turn employees into active capitalists.

• Hundreds of billions of dollars of corporate surplus will be moved into the economy through both reinvestment in growth and distribution in dividends. Stock buy backs will be taxed.

• Wage earners will instruct their money managers to move retirement money out of “too big to fail” banks into small banks, credit unions, or direct investment.

• Congress will design a “Repair America Bond” that will redirect some of the $2.3 trillion of 401(k) money into $2 trillion for infrastructure repair.

• Wage earners will instruct their money managers to measure corporate performance not on quarterly earnings but rather on a three-year running average of sales, profits, and cash flow against managements’ predictions. 

• Government must prevent recessions by fighting asset inflation with the same determination with which they fight price inflation. One agency should “control currency and credit for the general welfare,” not for the benefit of speculators. Tools include interest, reserve requirements, and various taxes.

 

 

 

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.