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The Color of Money - Black Banks and the Racial Wealth Gap (Hardcover)
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The Color of Money - Black Banks and the Racial Wealth Gap (Hardcover)
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"Read this book. It explains so much about the moment...Beautiful,
heartbreaking work." -Ta-Nehisi Coates When the Emancipation
Proclamation was signed in 1863, the black community owned less
than one percent of the United States' total wealth. More than 150
years later, that number has barely budged. The Color of Money
pursues the persistence of this racial wealth gap by focusing on
the generators of wealth in the black community: black banks.
Studying these institutions over time, Mehrsa Baradaran challenges
the myth that black communities could ever accumulate wealth in a
segregated economy. Instead, housing segregation, racism, and Jim
Crow credit policies created an inescapable, but hard to detect,
economic trap for black communities and their banks. The catch-22
of black banking is that the very institutions needed to help
communities escape the deep poverty caused by discrimination and
segregation inevitably became victims of that same poverty. Not
only could black banks not "control the black dollar" due to the
dynamics of bank depositing and lending but they drained black
capital into white banks, leaving the black economy with the
scraps. Baradaran challenges the long-standing notion that black
banking and community self-help is the solution to the racial
wealth gap. These initiatives have functioned as a potent political
decoy to avoid more fundamental reforms and racial redress.
Examining the fruits of past policies and the operation of banking
in a segregated economy, she makes clear that only bolder, more
realistic views of banking's relation to black communities will end
the cycle of poverty and promote black wealth.
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