Racism in America by Annette Gordon-Reed

Author:Annette Gordon-Reed
Language: eng
Format: epub
Publisher: Harvard University Press

The Color of Money: Black Banks and the Racial Wealth Gap

2017

MEHRSA BARADARAN

When the Emancipation Proclamation was signed in 1863, the Black community owned less than 1 percent of the United States’ total wealth. More than 150 years later, that number has barely budged. The Color of Money probes 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 idea that Black communities could ever accumulate wealth in a segregated economy. In this excerpt, she examines banking in a segregated economy and the political and economic hurdles faced by Black-owned banks in the early twenty-first century.

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