By Thomas D Boston
This paintings brings jointly for the 1st time the tips, philosophies and interpretations of North America's prime African American economists, demonstrating that racial inequality has had a tremendous impression on African american citizens' day-by-day lives.
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Additional resources for A Different Vision: African American Economic Thought
2. 1 per cent of blacks’ total wealth. 9 per cent for white households. As one would expect, the equity accumulated in their homes represented the most important form of wealth held by blacks. 4 per cent of the value of all homes in the nation. For blacks, homeownership accounted for 65 per cent of their total wealth compared with 40 per cent for whites and for all households in the country. 5 per cent of the vacation homes and other real estate. 4 per cent of the wealth of all households combined.
Black capitalism In the early 1970s, it became fashionable to stress a strategy of “black capitalism” as a means of stimulating economic development for blacks. This strategy had an intuitive appeal to varying shades of political opinion. To the black militant it was appealing because it promised community ownership of property and an end to “exploitation” by outside merchants. The strategy was appealing to white conservatives because it stressed the virtues of private enterprise capitalism as the path to economic advancement instead of reliance on public expenditures, especially for public welfare.
The greater margin of saving has enabled blacks to enlarge 16 BLACKS IN THE AMERICAN ECONOMY their accumulation of assets. However, blacks’ share of wealth is much smaller than their share of income. The profile of asset accumulation by blacks generally parallels that in the economy at large. Yet, a few striking differences in asset preferences – distinguished by the degree of risk involved – are evident when blacks’ portfolios are compared with those held by whites. Members of the black middle class have made the most progress in improving both their income and wealth.
A Different Vision: African American Economic Thought by Thomas D Boston