Guide to Helping Black People seek Economic Growth
It is continually becoming vital for the black community to seek economic growth. For too long, the economic disparities between all ethnicities leave the black race behind.
To empower economic growth, the black community needs to identify the factors that contribute to derailed development. This article will discuss;
- The current economic status of the black community and what needs to change
- Where the change needs to start
- Ten best books on black economic empowerment
Read on to gain a better understanding of black economic empowerment.
What Is Black Economic Empowerment?
Black Economic Empowerment is a call to inspire black people, in different ways, to actively contribute to the economy’s growth. It involves encouraging more black people to pursue entrepreneurship and creating more opportunities for the black community and nation.
While black people contribute to economic growth, they do so while going through significant challenges, and because of this, their contribution is often downplayed or underappreciated. In turn, this leaves them frustrated, hence the need to make changes that enable growth, not only for national economies but also for the black communities.
What Factors Contribute To Low Economic Growth In Black communities?
Black people worldwide struggle with inequalities in almost all aspects of life, from their suburbs, schools, hospitals, careers, etc. Faced with such difficulties, black people remain frustrated and exposed to tremendous economic and wealth gaps.
According to this article by Business Insider, it is evident that African Americans in the United States face unbelievable inequalities for many decades. In all instances of their careers and earnings, black people are underpaid, underrepresented, more unemployed, and generally lagging in many, if not all, economic indicators.
In a report published by Washington-based Brookings Institution, on average, a black household’s net worth remains ten times smaller than that of a white household. The institution thus found that opportunities and resources for growth are not equitably distributed across all ethnicities in the United States.
To remedy this situation, what can black communities, the government, and other institutions do?
There is a great need to mobilize resources and wealth to black communities and inspire change and growth in black people, from children in schools to adults in the community and those in influential positions.
How To Ensure Black Economic Empowerment
To enhance economic empowerment, it is vital to understand a few behaviors by black people that, if changed, can inspire change. These are:
- Not starting black-owned businesses.
- Not investing in black-owned companies.
Here are ways we can seek black economic empowerment.
Pursue Financial and Economic Education
Black people have been left behind economically by other races partly because they fail to understand the corporate world’s dynamics fully. It is imperative black students are encouraged to learn about economics and finances and given hope to pursue careers that teach them to find better ways to change their communities.
Invest in Black Businesses
Black people have a huge amount of spending power they can spend on black-owned businesses. In America, African-American people have $1.3 billion in buying power. If black economic empowerment is to be realized, people of African descent have to take pride in directing this money back to their community; i.e., buying from black-owned businesses, investing in black-owned companies, sponsoring black students in universities, improving community institutions, and so on.
Read Books on Black Economic Empowerment
There are many books on the topic of black economic growth. As a generation wanting to improve and grow black businesses for the future, it is important to read as many as possible to get as many insights.
The books discuss all factors that contribute to increased poverty levels among the black people while other ethnicities progress. These are factors like;
- Racism and how it is structured, from decades ago and in current systems.
- Inadequate representation in leadership positions to champion for change.
- Unequal distribution of resources and opportunities that leave black people uneducated or unexposed to the best economic practices.
The following are 10 books that can inform all readers on the best ways to approach and grow black wealth.
The Color of Law: A Forgotten History Of How Our Government Segregated America by Richard Rothstein
This book details the beginning of racial inequalities in America that have inevitably led to the disempowerment of black entrepreneurship and wealth.
Historical segregation, such as determining areas where black people could not reside, which school they would be allowed into, which kinds of companies would employ them, etc., meant they would find their place at the bottom of the country’s economy.
It is a must-read book for all who seek black economic growth; to learn the first contributors of African American poverty and how racial segregation affects today’s economy. Reading the book will expose the reader to new ways of thinking, particularly when growing the black race’s economic value.
Black Labor, White Wealth: The Search for Power and Economic Justice By Claud Anderson
This is a must-read book for all black people in America. It discusses the historical struggles of African Americans since slavery when blacks were used to create the most powerful nation in the world.
The book also discusses how the system has been structured to maintain blacks at the lowest step of the wealth chain.
Reading this book leaves the reader inspired by practical solutions for American racism and ways to improve the economic status of the black nation.
PowerNomics: The National Plan to Empower Black America by Claude Anderson
The book is a 5-year plan to empower and improve black economic growth. It proposes new principles, strategies, and concepts to introduce blacks better ways to deal with race issues and prepare them to seek black self-sufficiency.
It is an impactful read that will guide black communities to re-evaluate and even redesign key areas of life, such as education, politics, economics, and religion. Claud Anderson posits that if these areas are improved, they can change the economy of black people for the better.
Black Economics: Solutions for Economic and Community Empowerment by Jawanza Kunjufu
This is a vital read for all black people who want to understand the current black economy dynamics. Reading this book will expose the reader to a better understanding of factors contributing to poverty in African American communities.
These are factors that ensure little or no economic progress in black communities, such as;
- Why black people of working age earn a mere 61% of what white people of the same demographic earn.
- Why most African Americans prefer to stick to employment, even when unfavorable, rather than start businesses.
- Why most black people in America fail to spend their buying power or investments in black-owned companies.
Once the reader identifies these challenges, Jawanza then proposes the solutions that would guarantee economic growth from the community level to the national level.
Blueprint for Black Power; A Moral, Political, and Economic imperative For The Twenty-First Century by Amos N. Wilson
This book proposes clever and vital ways for black people to use and revolutionize the system and ensure black survival for the current generation.
Amos posits that empowering black people and other persons of color can introduce black power worldwide and thus challenge the prominence of White and Asian power networks.
Using the power structure in the United States as an example, Wilson proves how institutions in black communities, such as the church, think tanks, credit unions, investment clubs, and media, among others, can be used to improve the economic status of blacks.
The book is vital to help the reader understand, analyze, and overcome social constructs that inhibit black economic empowerment.
The Black Tax: The Cost of Being Black In America by Shawn Rochester
In the context of this book, The Black Tax is the financial cost of anti-black discrimination. It creates an immense financial burden on African American households, thus reducing their ability to secure a safe and successful legacy for future generations.
In this book, Rochester lays out a compelling case about inequalities in America and how they work against the black race. He explains the discrimination against blacks and the effects of years of past discrimination that ensures blacks own only 2% of American wealth.
Rochester carefully proposes a framework that can be used by blacks and all Americans to eliminate the Black Tax and empower blacks to seek economic excellence through business opportunities, and in turn, job creation.
Why Should White Guys Have All The Fun? By Reginald Lewis
The book is the inspiring story of Reginald Lewis, his struggles and gains as he rose to become the wealthiest man in Black America. It is the story of a black man dreaming big in a supposed white man’s world and working hard to succeed just as well.
6-year old Reginald overheard his grandparents discussing racial discrimination against black people in employment, where he asked why white guys should have all the fun, thus inspiring the book title.
The book will teach black people who want to venture into entrepreneurship to empower their economy.
The Color of Money: Black Banks and the Racial Wealth Gap by Mehrsa Baradaran
This is a captivating book challenging the role of Black Banks in enhancing the economic inferiority of the black community. The author evaluates the systems and policies that banks follow and discovers that they can not reduce the racial wealth gap.
Mehrsa Baradaran concludes that black banks do not serve the interests of black people but rather, mostly function as political decoys to prevent further racial discussions.
It is a great book for all black people to read and understand their investment options, as well as discover other practical ways they can contribute to black financial development.
This book is the ultimate guide to helping ordinary black people understand the dynamics of black economic empowerment. It is a book about the principles of wealth creation and how the black community can follow these to heal from generational black poverty.
The book explains what keeps the black race in poverty, why mainstream economic education may not work for blacks, and tips to get into business and attain black financial freedom.
This book is a remake of the original 48 Laws of Power by Robert Greene. After reading the original text, the author decided to write something similar to inspire black people to seek financial freedom and build a united community that can grow together.
It comprises six areas of importance; finance, community, family, personal, philanthropy, and activism. Dante believes that if black people seek individual empowerment in these areas, the whole community will be inspired to work together and eventually succeed economically.