Rutgers' School of Management and Labor Relations Announces the Ray Carey Fellowship in Democratic Capitalism

NEW BRUNSWICK, N.J., April 1 /PRNewswire-USNewswire/ -- Rutgers University's School of Management and Labor Relations (SMLR) has established the Ray Carey Fellowship in Democratic Capitalism to encourage the study of the democratic work culture with broad-based profit-sharing and employee ownership opportunities for wage earners in corporations.

The fellowship was established by Ray Carey, based on his experience and study of economic alternatives during his 18 years as CEO and chair of ADT Inc. At ADT, he designed and successfully implemented a stock purchase plan called "Care and Share."

Carey now lives in Locust, N.J. and Nantucket, Mass.

Carey's gift will provide funds to support both young and seasoned scholars. "The School of Management and Labor Relations is very pleased to partner with Mr. Carey in the creation of this fellowship," said Dean David Finegold. "The Carey Fellow will be part of the world's largest network of scholars working in this field, which is being coordinated by SMLR. The Carey Fellowship adds a special dimension, with its focus on studying how the entire economy can benefit a greater number of its citizens."  

Carey was born in Cambridge, Mass., and served in the United States Navy. He is a graduate of Holy Cross College and received an MBA from the Harvard Business School in 1950. Before his career at ADT, he was assistant to the manager of the first atomic submarine program at the Electric Boat Division of General Dynamics, and later plant manager and president of its Electro Dynamic Division.

Finegold said, "Ray Carey is one of the few senior executives in the country who has devoted his career to examining the policy implications of broad-based profit sharing and employee ownership for the entire economic system, especially, through his think tank, the Carey Center for Democratic Capitalism (www.democratic-capitalism.com), and his writings, principally, his book, Democratic Capitalism.

Carey's work with young people in education has included the support of more than 50 Carey Scholars, mainly from Cardinal Hayes and St. Thomas Aquinas high schools in the Bronx.

Christopher Mackin, a faculty member in Harvard's Trade Union Program, part of the Labor and Worklife Program at the Harvard Law School, will be the first Carey Fellow at Rutgers. He earned his doctorate at Harvard. During his fellowship year, Mackin will study the implications of broad-based sharing of ownership and profits for American trade unions. Commenting on the Rutgers gift and the new fellowship, Carey said, "Rutgers' School of Management and Labor Relations is clearly the leading academic center for research and policy in this field. I want to do my part to add to its impressive momentum toward studying alternatives that can raise the standard of living for all wage earners and families. The Carey Fellowship can help study the reforms necessary to avoid a repetition of the present economic disaster."

SOURCE Rutgers University's School of Management and Labor Relations