Book Cover

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


CCDC #149

The attached is the beginning of Chapter 10 of my book on Democratic Capitalism. The heading quotes President Franklin Roosevelt who said the the free market system had not failed but that it had not been tried yet. This is still true and is the reason for a growing feeling among many that there is something fundamentally wrong with our economic system and the government structure that supports it. The problem is still concentration of wealth and violence among nations and people. Reform is still not successful because reformers concentrate on ways the government can distribute wealth instead of how the economic system could produce so much wealth that the two impediments could be eliminated.

It you would like a copy of Democratic Capitalism, the Way to a World of Peace and Plenty send your mailing address to Jef Gully at careycenter@democratic-capitalism.com for a no charge book.

Excerpt from CHAPTER 10
The Way to a World of Peace and Plenty

A program whose basic thesis is, not that the system of free enterprise for profit has failed in this generation, but that it has not yet been tried.

Franklin D. Roosevelt, 1932

The way to a world of peace and plenty is democratic capitalism, the free enterprise system that can eliminate material scarcity, elevate spirits, unify people, and stop the violence. Seventy years after President Roosevelt’s lament, the way was still blocked by concentrated wealth and by violence in the relations among people and nations.

Late in the twentieth century, the demise of Communism and the demonstrable superiority of economic freedom gave the world an unprecedented opportunity to move along the way towards a world of economic common purpose. This opportunity was lost, however, because the U.S. government was promoting ultra-capitalism instead of the economic system that maximizes and distributes wealth broadly.

From the beginning of the American republic, finance capitalists successfully lobbied special privileges and impeded economic and social progress through the concentration of wealth. During the last quarter of the twentieth century, however, this nexus of Wall Street and Washington combined government mistakes, financial deregulation, and suspension of market disciplines to escalate this traditional impediment into a dominant force. Ultra-capitalism—defined as a combination of mercantilism that treats workers as a cost commodity together with finance capitalism that is dominant over, rather than subordinate to, the commercial process—has slowed the world’s economy and provoked social tensions that range from populist protest to terrible violence.

Reformers with the democratic power to remove the impediments to economic and social progress have lost the way for over two centuries because they failed to understand fiscal, monetary, and regulatory policies well enough to counter the sophistication and lobby power of finance capitalists. At the end of the twentieth century, the size, speed, and complexity of the world’s capital markets allowed ultra-capitalists to increase their domination and further confuse the reformers.

American citizens must come to understand the benefits of democratic capitalism in contrast to the corruptions of ultra-capitalism, and then refine capitalism and restructure government accordingly. With a democratic capitalist agenda, America will again be positioned to lead the world in the direction that improves all lives.

 

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.