Write a 5-7 page paper (double spaced, 12 point font, standard margins) on one of the topics below. Your title page and bibliography (and any other pages that are not writing) do not count towards the

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A pril 2 7, 2 022

H ow D o W e B uild B la ck W ealt h ? U nd ers ta n d in g t h e

Lim it s of B la ck C ap it a lism

Fra n cis c o P ére z

In t h e w ake o f t h e m ass m ove ment a g ain st a n ti- B la ck r a cis m t h at a ro se in 2 020 f o llo w in g t h e p olic e m urd ers o f

B re o nna T a yl or, G eo rg e F lo yd , a n d c o untle ss o th ers , b oth f o und atio ns a n d c o rp ora tio ns h ave p le d ged t o m ake a m end s

by in ve stin g in B la ck b usin esse s. A cco rd in g t o M cK in se y & C om pan y, c o lle ctive ly th e n atio n’s le ad in g 1 ,0 00

co rp ora tio ns p le d ged . E ve n if m uch o f t h at m oney is s im ply a o f p re -e xis tin g d olla rs , a t le ast

so m e o f it r e p re se nts n ew in ve stm ent.

H op efu lly , t h ese in ve stm ents w il l h ave s o m e p osit ive im pact, b ut h is to ry enco ura g es u s t o b e c a u tio us. A s ig nif ic a n t

p ortio n o f r e ce nt in ve sto rs in B la ck b usin esse s t a ke B la ck c a p it a lis m a s t h eir o p era tin g t h eo ry—t hat is , t h ey assu m e

th at t h e p ath t o r a cia l e q ualit y is p ave d w it h B la ck b usin ess s u cce ss. If r a cis m h as le ft B la ck A m eric a n s w it h le ss c a p it a l

th an w hit e A m eric a n s, t h en t h e s o lu tio n is t o h elp B la ck A m eric a n s e ve ntu ally ow n b usin esse s a s la rg e a n d p ro fit a b le a s

th o se o f w hit e A m eric a n s.

C ap it a lis m , in t h is c o nce p tio n, is “ ra ce n eutra l” —b usin ess is b usin ess. A cco rd in g t o t h is p oin t o f vi ew , t o a ch ie ve r a cia l

ju stic e , t h e e xis tin g e co no m ic s ys te m d oes n o t n eed t o f u nd am enta lly ch an g e. T he p ro b le m is s im ply one o f s h if t in g

o w ners h ip a n d c o ntro l o f t h e e co no m ic s ys te m s o t h at s u ch o w ners h ip a n d c o ntro l is n o t e njo ye d b y pre d om in an tly

w hit e p eo p le b ut is in ste ad e q uit a b ly dis trib ute d a cro ss r a ce s.

T he a p peal o f is u nd enia b le . A nd c e rta in ly no o ne w ould a rg ue t h at r e p re se nta tio n is

u nim porta n t. N oneth ele ss, s u ch a s im ple f o rm ula tio n m is se s a lo t, in clu d in g t h e f a ct t h at s u ch in ve stm ent p ra ctic e s

have b een t rie d b efo re —a nd f a il e d m an y tim es b efo re . T he n o tio n o f B la ck c a p it a lis m h as a lo ng p ed ig re e. It a p peare d

in s o m e o f t h e w rit in g s o f f r o m t h e 1 890s a n d b eca m e d urin g P re sid ent

R ic h ard Nix o n’s ad m in is tra tio n.

$200 b illio n re la b elin g

B la ck f a ce s in h ig h p la ce s

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R ic h ard N ix o n s a d m in is tra tio n.

W hy did t h ese a p pro ach es f a il? There a re m an y re aso ns, b ut t h e w ork o f t h e la te B la ck p olit ic a l s c ie ntis t,

, o ff e rs a p artic u la rly co g ent e xp la n atio n. In h is b ook, B la ck Ma rx is m , p ub lis h ed in t h e e arly 1980s, R ob in so n

co nte nd ed t h at w e s h o uld t h in k o f t h e g lo b al e co no m ic s ys te m n o t m ere ly as “ ca p it a lis m ” b ut a s “ ,”

a rg uin g t h at r a cis m is n o t a “ b ug ” o f t h e g lo b al c a p it a lis t e co no m y. R ath er, r a cis m is a c o re p art o f c a p it a lis m ’s D N A.

T he E nd urin g A ppeal o f B la ck C ap it a lis m

The U S h as a lo ng a n d b lo od y his to ry of r a cia l t e rro ris m t a rg etin g B la ck -o w ned b usin esse s. T his h is to ry in clu d es t h e

ra cis t p og ro m t h at d estro ye d T u ls a ’s “ B la ck W all S tre et” in 1 921 , w hic h w as w id ely co m mem ora te d la st ye ar d urin g it s

c e nte nnia l. T he im plic a tio n o f t h ese m em oria ls w as t h at, w it h o ut t h e e ve r- p re se nt s p ecte r o f r a cis t vi ole nce t h at

ch ara cte rize d J im C ro w , B la ck A m eric a n s w ould h ave s im ila r le ve ls o f in co m e a n d w ealt h t o w hit e A m eric a n s t o d ay.

P ro m otin g B la ck c a p it a lis m h as b een t h e p re fe rre d a p pro ach o f b oth m ajo r p olit ic a l p artie s s in ce N ix o n u nve ile d a

p ro g ra m o f t a x in ce ntive s f o r B la ck b usin esse s in a n e ff o rt t o h ead o ff m ore m ilit a n t a lt e rn ative s. F o r a n atio n t h at

ve nera te s e ntre p re neurs h ip a n d d eif ie s b usin ess le ad ers , t h is vi sio n h o ld s g re at a ttra ctio n. A s M ehrs a B ara d ara n ,

au th o r o f , o utlin es in t h e , “ B la ck

ca p it a lis m w as s o p olit ic a lly ap pealin g , e ve ry ad m in is tra tio n s in ce M r. N ix o n’s h as a d op te d it in s o m e f o rm . B la ck

ca p it a lis m m orp hed in to R onald R eag an ’s ‘e nte rp ris e z o ne’ p olic y, B ill C lin to n’s ‘n ew m ark e t t a x c re d it s ,’ a n d B ara ck

O bam a’s ‘p ro m is e zo nes.’” D onald T ru m p’s 2 017 T a x C uts a n d J o b s A ct a ls o in clu d ed s im ila r “ o p portu nit y zo nes.”

B la ck C ap it a lism ’s Sho rtfa lls

D esp it e r e p eate d p ro m is e s b y US p re sid entia l a d m in is tra tio ns s in ce 1 970 t o k ic k sta rt B la ck c a p it a lis m , it h as f a ile d t o

t a ke -o ff , a n d r a cia l in co m e a n d w ealt h g ap s h ave r e m ain ed f r u stra tin g ly pers is te nt. R ese arc h b y th e

, a p ro g re ssive t h in k t a n k, s h o w s t h at r a cia l in co m e in eq ualit y has c h an g ed lit tle s in ce t h e c ivi l

rig hts m ove ment. T he m ed ia n in co m e o f B la ck h o use ho ld s h as h o ve re d a t a ro und 5 5 p erc e nt o f t h at o f w hit e

h o use ho ld s s in ce 1 968, w hile t h e a ve ra g e in co m e o f B la ck h o use ho ld s h as b een a b out 6 0 p erc e nt o f w hit e h o use ho ld s.

W illia m “ S an d y” D arit y an d D arric k H am ilt o n—t wo le ad in g e co no m is ts s tu d yi ng r a cia l in eq ualit y , a lo ng w it h a h o st o f

oth er c o lle ag ues—a sse rt in a 2 0 18 p ap er t h at t h e r a cia l w ealt h g ap is t h e b est m easu re o f t h e b urd en t h at h is to ric a n d

o ng oin g r a cis m h as im pose d o n B la ck A m eric a n s. T he U rb an In stit u te r e p orts t h at in 1 983, t h e m ed ia n w hit e f a m ily had

e ig ht t im es t h e w ealt h o f t h e m ed ia n B la ck f a m ily . In 2 019, t h e g ap w as t h e s a m e!

C ed ric

R ob in so n

ra cia l c a p it a lis m

T he C olo r o f Mo ney: B la ck B an ks a n d t h e R acia l W ealt h G ap N ew Y o rk T im es

W ash in g to n C ente r

fo r E quit a b le G ro w th

h ttp s:/ /e q uit a b le g ro w th .o rg /w p-c o nte nt/ u p lo ad s/2 018/0 8/m ad uca -fig -1 -1 080× 762.p ng 1/4/23, 12:49 PM How Do We Build Black Wealth? Understanding the Limits of Black Capitalism - Non Profit News | Nonprofit Quarterly

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B la ck A m eric a n s m ake u p 1 3 p erc e nt o f t h e p op ula tio n b ut o w n a n e stim ate d o f U S w ealt h . H ouse ho ld s

th at f a ll w it h in t h e t o p o ne p erc e nt o f w ealt h ie st A m eric a n s a re a n d o nly 1.4 p erc e nt B la ck . A s a

r e se arc h t e am le d b y Darit y , F ed era l R ese rve d ata f r o m 2 016 in d ic a te t h at t o b e in t h e t o p o ne p erc e nt o f

w ealt h ie st w hit e A m eric a n s, yo u n eed $ 12 m il lio n in n et w orth , w hile a m easly $1.5 74 m illio n g ets yo u in to t h e B la ck

o ne-p erc e nt c lu b . W hy have d eca d es o f o ff ic ia l s u p port f o r B la ck c a p it a lis m f a ile d t o c lo se t h e r a cia l w ealt h g ap ?

C ap it a lism a n d In eq ualit y

O ne p ossib le e xp la n atio n is t h e “ P ik e tty prin cip le ,” n am ed a ft e r t h e F re nch e co no m is t, , w ho

d ocu m ente d r is in g c o nce ntra tio ns o f w ealt h in h is m ag num o p us, C ap it a l in t h e 2 1 C entu ry . P ik e tty fa m ously arg ues

th at t h e r a te o f r e tu rn o n c a p it a l h as b een h ig her t h an t h e r a te o f o ve ra ll e co no m ic g ro w th in m ost r ic h c o untrie s f o r

m ost o f t h eir h is to ry . If c a p it a l r e tu rn s—p ro fit s , d ivi dend s, in te re st, a n d r e nts —r is e f a ste r t h an o ve ra ll in co m es, t h en

hig h a n d r is in g w ealt h in eq ualit y is in evi ta b le .

P ik e tty dem onstra te s t h at r e d uctio ns in w ealt h in eq ualit y are e xce p tio nal, t h e r e su lt o f p olit ic a l in te rve ntio n. W ealt h

in eq ualit y in W este rn E uro p e f e ll w hen t h e w orld w ars d estro ye d t h e f o rtu nes o f m an y ric h E uro p ean s. S o cia l

d em ocra tic r e fo rm in t h e w ake o f W orld W ar II—e sp ecia lly pro g re ssive t a xatio n a n d h ig h le ve ls o f u nio niz a tio n—a ls o

c o nta in ed w ealt h in eq ualit y . T he r is e o f s in ce t h e 1 980s, h o w eve r, h as o nce a g ain c a u se d in co m e f r o m

p ro p erty to g ro w m uch f a ste r t h an o ve ra ll in co m e, le ad in g t o t o d ay’ s e xtre m e le ve ls o f w ealt h a n d in co m e in eq ualit y .

If la rg e f o rtu nes g ro w f a ste r t h an s m alle r o nes a n d w hit e A m eric a n s s ta rt w it h m ore w ealt h t h an B la ck A m eric a n s, it

f o llo w s t h at t h e r a cia l w ealt h g ap w ill b e s ta g nan t a t b est a n d , a t w ors t, w ill in cre ase o ve r t im e. “ F re e m ark e ts ” le ft t o

t h eir o w n d evi ce s w ill n eve r c lo se t h e r a cia l w ealt h g ap . A s D arit y et a l, , “ B la ck s c a n no t c lo se t h e r a cia l w ealt h

g ap b y ch an g in g t h eir in d ivi dual b ehavi or—i .e ., b y assu m in g m ore ‘ p ers o nal r e sp onsib ilit y’ o r a cq uir in g t h e p ortfo lio

m an ag em ent in sig hts a sso cia te d w it h ‘f in an cia l li t e ra cy’ —i f t h e s tru ctu ra l s o urc e s o f r a cia l in eq ualit y re m ain

u nch an g ed .” T here a re s im ply “n o a ctio ns t h at b la ck A m eric a n s c a n t a ke u nila te ra lly th at w ill h ave m uch o f a n e ff e ct o n

re d ucin g t h e r a cia l w ealt h g ap .” B la ck c a p it a lis m w it h it s e m phasis o n in d ivi dual a ctio n is u nlik e ly to s u cce ed . A s

Bara d ara n c o nclu d es in h er N ew Y o rk T im es o p -e d : “ If t h e r o llo ut o f t h e B la ck c a p it a lis m p ro g ra m h ad d em onstra te d

an yt hin g , it w as t h at e co no m ic p ow er c o uld n o t b e a ch ie ve d w it h o ut g ove rn m ent h elp .”

C an R acia l C ap it a lis m B e R efo rm ed ?

Eve n if it w ere p ossib le f o r B la ck w ealt h t o g ro w f a ste r t h an w hit e w ealt h d esp it e t h e h ead w in d s id entif ie d b y Pik e tty ,

it w ould still ta ke unb eara b ly lo ng .Last ye ar, E llo ra Dere no nco urt, an eco no m is t at Prin ce to n Unive rs it y , an d th re e

http s:/ /w ww.u rb an .o rg /s it e s/d efa u lt / file s/2 021-0 2/w ealt h b yra ce -m ed .p ng

2 .6 p erc e nt

96.1 p erc e nt w hit e

w ro te

T ho m as P ik e tty

st

n eo lib era lis m

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it w ould s till t a ke u nb eara b ly lo ng . L ast ye ar, E llo ra D ere no nco urt, a n e co no m is t a t P rin ce to n U nive rs it y , a n d t h re e

co lle ag ues a t  G erm an u nive rs it ie s t h at e xam in ed t h e e vo lu tio n o f t h e r a cia l w ealt h g ap

sin ce t h e e nd o f t h e U S C ivi l W ar. T he p ap er’s a u th o rs e stim ate t h at e ve n if B la ck a n d w hit e w ealt h g re w a t t h e s a m e

ra te —t hat is , w it h e q ual c a p it a l g ain s, r a te s o f r e tu rn , a n d s a vi ng s r a te s, a ll u nlik e ly outc o m es o f a s ys te m w here h avi ng

m oney help s g enera te m ore m oney—i t w ould t a ke o ve r 2 00 ye ars t o c lo se t h e r a cia l w ealt h g ap ( 2 ). U sin g m ore

re alis tic a ssu m ptio ns t h at p ro je ct f o rw ard t h e e co no m ic p atte rn s o f t h e p ast 5 0 ye ars , t h e a u th o rs a d d t h at t h e a n sw er

to w hen t h e r a cia l w ealt h g ap w ill c lo se , “ strik in g ly , is n eve r” (1 5).

I n r e sp onse t o t h ese d ir e p re d ic tio ns, t h at t h e f e d era l g ove rn m ent p ro vi de e ach c h il d t h at d oes

no t a lr e ad y have a t ru st f u nd w it h s u ch a f u nd u p on b ir th . C hild re n b orn t o f a m ilie s w it h t h e le ast w ealt h w ould g et t h e

b ig gest e nd ow m ents , u p t o $ 60,0 00. W hen t h ey tu rn 1 8, a cco unt h o ld ers c o uld a cc e ss t h e f u nd s f o r in ve stm ent—t o

pay fo r c o lle g e, b uy a h o m e, o r s ta rt a b usin ess. W hile t h is w ould c e rta in ly m ake a s ig nif ic a n t d ent in t h e r a cia l w ealt h

g ap , it d oes n o t d ir e ctly ad dre ss t h e P ik e tty prin cip le : s o lo ng a s w hit e f o rtu nes a re g ro w in g f a ste r t h an B la ck o nes, t h e

ra cia l w ealt h g ap w ill p ers is t.

D arit y an d h is c o au th o r, A . K ir s te n M ulle n, h ave m ad e a f o r B la ck

A m eric a n s f o r s la ve ry , J im C ro w , a n d c u rre nt r a cia l d is c rim in atio n. T his p ro p osa l c a lls f o r t h e U S f e d era l g ove rn m ent t o

m ake d ir e ct p ayme nts , t o ta lin g $ 10 t o $ 12 t rillio n, t o e ach B la ck d esc e nd an t o f A fr ic a n s e nsla ve d in t h e U S

(c o ntro ve rs ia lly , t h e p ro g ra m w ould e xclu d e B la ck im mig ra n ts ). P uttin g a sid e w heth er s u ch a p ro p osa l w ill e ve r g ain

m ajo rit y su p port in C ong re ss, w ould it a ctu ally clo se t h e r a cia l w ealt h g ap f o r g oo d ? W hile it w ould im med ia te ly clo se

th e w ealt h g ap , s u ch a p ro p osa l w ould n o t g uara n te e t h at t h e r a cia l w ealt h in eq ualit y would n o t r e -e m erg e. A gain , s o

lo ng a s t h e r e tu rn s t o w hit e w ealt h r e m ain h ig her, t h en w hit e w ealt h w ill e ve ntu ally outp ace B la ck w ealt h . T he p ro b le m ,

as P ik e tty dem onstra te s, is t h at c a p it a lis m is a n in eq ualit y- pro d ucin g m ach in e.

O ne o f t h e t h re ad s u nit in g t h e B la ck r a d ic a l t ra d it io n is t h e a sse rtio n t h at it is im possib le t o a ch ie ve r a cia l e q ualit y in a

c a p it a lis t s o cie ty . F o r a t le ast a c e ntu ry , B la ck M arx is ts li k e , , a n d h ave a rg ued

th at c a p it a lis m c a n no t s u rvi ve w it h o ut r a cis m , w hic h a llo w s c a p it a lis ts t o “ d ivi de-a n d -c o nq uer” t h e w ork in g -c la sse s.

E m phasizi ng r a cia l d ivi sio ns h in d ers w ork e rs f r o m o rg an iz in g s tro ng er u nio ns, lo w erin g t h e w ag es o f b oth w hit e a n d

B la ck w ork e rs .  W it h o ut r a cis t id eas t o ju stif y gla rin g s o cia l in eq ualit ie s, a c a p it a lis t s o cia l o rd er w ould b e a lo t m ore

u nsta b le a n d s u sc e p tib le t o r a d ic a l c h alle ng es. A s h is to ria n a n d p ris o n a b olit io nis t R uth W ils o n G ilm ore ,

“ca p it a lis m is n eve r n o t r a cia l. ”

Wh at D o R acia l a n d E co no m ic Ju stic e R eq uir e ?

Eve n if p ro m otin g B la ck c a p it a li s m c o uld c lo se t h e r a cia l w ealt h g ap , is o ur vi sio n o f a ju st s o cie ty in t h e U S s im ply one

w here t h e t o p o ne p erc e nt is

—i e, o ne w here t h e e lit e lo oks m ore li k e t h e m ass o f w ork e rs it e xp lo it s ? Is m assive w ealt h in eq ualit y ju stif ie d

so lo ng a s it is n o t r a cia lize d? Are p ove rty wag es le ss m is e ra b le b eca u se yo ur b oss is B la ck ? Is s u b sta n d ard h o usin g

le ss d an g ero us b eca u se yo ur la n d lo rd is B la ck ? Are m ono p oly pric e s a n y m ore a ff o rd ab le b eca u se t h e c o m pan y is

B la ck o w ned ?

There is s o m eth in g d eep ly ah is to ric a l u nd erlyi ng c u rre nt e ff o rts t h at ig no re a n d in d eed r e p ro d uce p re vi ous e ff o rts t o

c o m bat r a cia l in eq ualit y by em plo yi ng t h e s tra te g ie s o f B la ck c a p it a lis m a s t h e p rim ary path . E ve n if B la ck c a p it a lis m

c a n u lt im ate ly “d elive r” r a cia l e q ualit y , t h e d ata s u g gests it w ould t a ke c e ntu rie s d o s o . M ore o ve r, o ur h o riz o n f o r

so cia l ju stic e s h o uld b e f a r m ore p ro fo und t h an s im ply dive rs if y in g t h e e lit e .

A s lo ng a s c a p it a lis m r e m ain s a n “ in eq ualit y pro d ucin g m ach in e,” it w ill p re ve nt r a cia l e q ualit y . F re d H am pto n, t h e

ch aris m atic yo ung le ad er o f t h e C hic a g o c h ap te r o f t h e B la ck P an th er P arty who w as m urd ere d b y Chic a g o p olic e a n d

th e F B I in 1 969, e xp la in ed t h is s u ccin ctly: “ W e’r e n o t g oin g t o f ig ht c a p it a lis m w it h B la ck c a p it a lis m , b ut w e’r e g oin g t o

fig ht it w it h s o cia lis m .”

B la ck c o m munit ie s h ave lo ng p urs u ed a n a lt e rn ative a p pro ach t o r a cia l e q ualit y fo und ed o n c o lle ctive o w ners h ip a n d

d em ocra tic m an ag em ent o f b usin esse s a n d h o usin g . A s e co no m is t J e ssic a G ord on N em bhard d eta ils in h er b oo k,

, B la ck c o op era tive s a re r o ote d in t h e m utu al

a id e ff o rts o f t h e f o rm erly ensla ve d d urin g R eco nstru ctio n. W hile B ooke r T . W ash in g to n w as p re ach in g B la ck

ca p it a lis m , W EB D uB ois p ub lis h ed a b ook in 1 907 t it le d , a d vo ca tin g

fo r m ore Bla ck co op era tive sSeve ra lp ro m in ent le ad ers of th e civi lrig hts m ove ment lik e Ella Bake r an d Baya rd Rustin

r e le ase d p re lim in ary re se arc h

H am ilt o n h as p ro p ose d

m ore a m bit io us p ro p osa l a d vo ca tin g f o r r e p ara tio ns

W EB D uB ois C LR J a m es C la u d ia J o nes

sta te s b lu ntly

r o ug hly 13 p erc e nt B la ck , 1 8 p erc e nt L atin x, s ix p erc e nt A sia n , a n d 1 .5 p erc e nt N ative

A m eric a n

C olle ctive C oura g e: A H is to ry of A fr ic a n A m eric a n T ho ug ht a n d P ra ctic e

E co no m ic C oop era tio n A m ong N eg ro A m eric a n s 1/4/23, 12:49 PM How Do We Build Black Wealth? Understanding the Limits of Black Capitalism - Non Profit News | Nonprofit Quarterly

https://nonprofitquarterly .org/how-do-we-build-black-wealth-understanding-the-limits-of-black-capitalism/ 5/5

fo r m ore B la ck c o op era tive s. S eve ra l p ro m in ent le ad ers o f t h e c ivi l r ig hts m ove ment, lik e E lla B ake r a n d B aya rd R ustin ,

w ere m em bers o f t h e . N ow g ro up ed u nd er t h e b an ner o f t h e

“ ,” t h ese in it ia tive s p ro m is e d a m ore e g alit a ria n s o cie ty by dir e ctly ch alle ng in g c a p it a l’s

c o nce ntra te d o w ners h ip .

A m ove ment t h at s e eks e co no m ic ju stic e w it h o ut a d dre ssin g r a ce a n d o th er f o rm s o f in eq ualit y would s u re ly fa ll

g ro ssly sh o rt o f t h e m ark . B ut t h at ve ry sa m e o b se rva tio n, I c o nte nd , a ls o a p plie s in r e ve rs e : e m plo yi ng B la ck

ca p it a lis m a s t h e p rim ary path f o r a ch ie vi ng r a cia l ju stic e is c e rta in t o d is a p poin t. L ib era tio n w ill o nly co m e if w e a re

e xp an sive e no ug h in o ur vi sio n t o a d dre ss in eq ualit y in a ll it s f o rm s.

F ra n cis c o P ére z is t h e D ir e cto r o f t h e C ente r f o r P o p ula r E co no m ic s, a n o np ro fit c o lle cti …

A BO UT T H E A UTH O R

Yo ung N eg ro C oop era tive L e ag ue in t h e 1 930s

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