ECONOMICS

• Slavery (1619–1865): Enslaved Africans generated enormous wealth for America, but had no access to wages, property, or capital.

• Reconstruction (1865–1877): Brief opportunities for land ownership and political participation, but destroyed by violent backlash and Jim Crow laws.

• Jim Crow Era (1877–1960s): Black communities built their own economies (e.g., “Black Wall Street” in Tulsa, Durham, Richmond), but many were destroyed by racist violence or systemic exclusion.

• Great Migration (1916–1970): Millions moved to northern cities, gaining factory jobs but facing segregation in housing, banking, and unions.

• Wealth Gap:

  • Median Black household wealth: ~1/8th that of White households.

  • Causes: historical exclusion from land/home ownership, discriminatory lending (redlining), wage gaps, and limited generational wealth transfer.

• Income Gap: Black workers earn about 70–75 cents per dollar compared to White workers.

• Unemployment: Historically double the rate of White Americans, regardless of education.

• Business Ownership: Black-owned businesses are growing but still only about 2–3% of U.S. businesses. Many face limited access to loans and venture capital.

• Housing & Land: Redlining, predatory lending, and displacement have made it harder for Black families to accumulate wealth through property.

• Booker T. Washington (late 1800s): Advocated vocational training, entrepreneurship, and self-reliance.

• Marcus Garvey (1920s): Promoted Pan-African economics, Black-owned businesses, and global trade among African-descended people.

• Black Panther Party (1960s–70s): Economic self-sufficiency programs (free breakfast programs, health clinics, co-ops).

• Contemporary Movements:

  • “Buy Black” campaigns to circulate dollars within Black communities.

  • Reparations advocacy, addressing centuries of unpaid labor and wealth extraction.

  • Cooperative economics (Ujamaa from Kwanzaa principles) as an alternative model.

• Tech & Startups: Growing number of Black entrepreneurs in tech, though still underfunded.

• HBCUs (Historically Black Colleges & Universities): Key role in building Black middle class and leadership.

• Policy & Reparations: Some cities (like Evanston, IL) experimenting with reparations programs.

• Wealth Building Strategies: Increasing focus on financial literacy, real estate, crypto, and cooperative investment clubs.

✅ So, in short: African American economics is both a struggle and a story of resilience. Despite centuries of exclusion, African Americans have continually built economic systems, businesses, and cultural wealth — while still fighting against structural barriers.