Black Capitalism is a name for a movement among African Americans to build wealth through the ownership and development of businesses. African Americans or Black Americans are citizens or residents of the United States who have origins in any of the black populations of Africa African American history is the portion of American history that specifically discusses the African American or Black American ethnic group in the United The Atlantic Slave trade, also known as the transatlantic slave trade, was the trade of African people supplied to the Colonies of the New World The word Maafa (also known as the African Holocaust or Holocaust of Enslavement) is derived from a Swahili word meaning disaster terrible occurrence or Slavery in the United States began soon after English colonists first settled Virginia in 1607 and lasted until the passage of the Thirteenth The Military history of African Americans spans from the arrival of the first black slaves during the colonial history of the United The Jim Crow laws were state and local laws enacted primarily but not exclusively in the Southern and border states of the United States between 1876 and 1965 Redlining is the practice of denying or increasing the cost of services such as Banking, Insurance, access to jobs access to health care or even Supermarkets The American Civil Rights Movement (1955–1968 refers to the reform movements in the United States aimed at abolishing racial discrimination against African Afrocentrism or Afrocentricity is a World view that emphasizes the importance of African people in culture philosophy and history Reparations for Slavery is a proposal by some in the United States that some type of compensation should be provided to the descendants of enslaved people in African American culture in the United States refers to the cultural contributions of African ethnic groups to the culture of the United States either as part of or distinct from African American studies is a subset of Black studies or Africana studies. 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See also Protests of 1968 Historically the civil rights movement was a concentrated period of time around the world of approximately twenty years (1960-1980 in However, much in these movements were financed by the wealth of African Americans.
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Historical roots
Roots of Black Capitalism can be found in the lives of "Free Negroes" during times of the American Enslavement. Many records exist reporting the development of economic wealth by these "Free Negroes".
The earliest recorded words touting the economic upliftment of African Americans by an African American was written by Lewis Woodson under the pen name "Augustine" in the Coloured American newspaper. African Americans or Black Americans are citizens or residents of the United States who have origins in any of the black populations of Africa Lewis Woodson (January 1806 &ndash 1878 was an educator minister writer and abolitionist Woodson helped found Wilberforce University and the first AME Theological seminary, Payne Theological Seminary and was an early teacher and mentor of Martin Delaney. Martin Robison Delany ( May 6, 1812 January 24, 1885) was an African-American abolitionist, arguably the first proponent
A prominent southern affluent Black was A. G. Gaston who was, at times, instrumental in the civil rights movement. Arthur George Gaston ( July 4, 1892 &ndash January 19, 1996) was an African American businessman who established a number of businesses in Galston was influenced by Booker T. Washington, who was an early leader at the Tuskegee Institute. Booker Taliaferro Washington (April 5 1856 &ndash November 14 1915 was an American educator orator author and leader of the African-American community Tuskegee University is a private, historically black university located in Tuskegee, Alabama, United States. Another wealthy African American was Robert Reed Church, who founded the nation's first Black-owned bank, Solvent Savings, in 1906.
There are many historical and current examples of neighborhoods of prominent and affluent Blacks in American history. Some include the historical Highland Beach, Maryland and more recently Mount Airy in Philadelphia, Pennsylvania, Prince George County, Maryland and DeKalb County, Georgia. Highland Beach is a town in Anne Arundel County, Maryland, United States. For other uses see Mount Airy. Mount Airy is a neighborhood of Northwest Philadelphia in the U Philadelphia (ˌfɪləˈdɛlfiə The Commonwealth of Pennsylvania ( often colloquially referred to as PA (its abbreviation by natives and Northeasterners is a state located in the Northeastern Prince George's County is located in the US state of Maryland located immediately north east and south of Washington D DeKalb County is located in the US state of Georgia. In 2000 the population of the County was 686712 The State of Georgia ( is a state in the United States and was one of the original Thirteen Colonies that revolted against British rule Mainstream media identifies this with some interest. [1]
A more focused movement of Black Capitalism can be found in the popular magazine Black Enterprise. Black Enterprise is a monthly US Magazine which describes itself as "the premier business news and investment resource for African Americans
Strands of Black Capitalism
Group success
One strain of Black Capitalism is immersed in the ethic of African-Americans building wealth together, as exemplified in the Kwanzaa value of "ujamaa" meaning 'cooperative economics'. Kwanzaa is a week-long holiday celebrated primarily in the United States, honoring African-American heritage A prominent proponent and example of this cooperative economics is Russell Simmons who can be seen advocating the building of not only individual black businesses but communities of black businesses. Russell Simmons (born October 4, 1957 in Queens New York) is an American entrepreneur and philanthropist Simmons has made the comment that Black MBA students and graduates have the notion that they want to own their own businesses, not to simply be employed in someone else's business.
The mentality of group success is highlighted and examined in the book Black Power Inc. by Cora Daniels. In her writings, Ms. Daniels says that the ethic of individual success is exemplified by African-Americans born before and during the civil-rights movement, while proponents of group success are born after the civil rights movement.
A recent effort to standardize black capitalism as a movement was introduced in two books: Black Labor: White Wealth and the more recent book Powernomics by Dr. Claud Anderson. In these two books Dr. Anderson outlines a schema on which black wealth can be coordinated and developed through a nine-issue plan.
Some see this group success strain of Black Capitalism as a form of Social entrepreneurship which aims to build businesses that are oriented around providing services and goods that benefit the community in which they were built. Social entrepreneurship is the work of a social entrepreneur. Others see this as an outgrowth of the communal and tribal ethic attributed to traditional African cultures.
Individual success
A parallel, but seemingly opposing, strain of Black Capitalism stems from the American ideal of building individual wealth. Prominent examples of this can be popular figures such as Oprah Winfrey, Robert L. Johnson and so forth. Oprah Gail Winfrey (born January 29 1954 often referred to simply as Oprah, is an American Robert L Johnson (born April 8, 1946) is an American businessman and the founder of Black Entertainment Television (BET and is its former The complaint leveled against the adherents to individual succes from advocates of group success is that individually wealth African Americans have made millions of dollars and that in and of itself has made very little contribution to the plight of African Americans in general.
In general, African Americans and the media sometimes point to this phenomenon as "black flight" or "selling out" where affluent blacks move out of predominately black neighborhoods into affluent white neighborhoods. A history of some of this was documented in the book Our Kind of People: Inside America's Black Upper Class by Otis Graham.
Issues facing Black Capitalism
As distinct from racial integration
The notion of racial integration is such that African Americans should be able to move and operate in a predominately white society safely. Racial integration, or simply integration includes Desegregation (the process of ending systematic Racial segregation) This effort at racial integration concerns mostly public spaces and private hiring practices. It is thought that attempts and movements supporting racial integration are efforts to enable blacks to assimilate into white institutions.
Black Capitalism is an effort to position Blacks as the owners of land, the means of production, and businesses that own either or both. The aim of Black Capitalism is to bolster self-reliance, both individually and communally.
Black Anti-Capitalism
There are also two strands of thinking in African America, and specifically Black Nationalism, that is against Capitalism as an economic system in all of its forms. One strand is against capitalism on the basis of the historical treatment of Africans and the African Diaspora, i. e. slavery, subjugation and colonization. Another strand is against capitalism through strict political critiques, i. e. socialist. Many critics of capitalism from within the Black community blend the two positions, however the reasoning behind them are distinct. A prominent Black political critic was C. L. R. James. Cyril Lionel Robert James ( 4 January 1901 &ndash 19 May 1989) was an Afro- Trinidadian Journalist Two of the most popular black anti-capitalist books are How Capitalism Underdeveloped Africa by Walter Rodney and How Capitalism Underdeveloped Black America by Manning Marable. These books give analysis on how capitalism as an economic system has not raised the quality of living for the African Diaspora.
Violence against Black Capitalism
Examples of the explicit and public opposition to African American economic success has diminished since the Civil Rights movement. However, before this period of American transition, there are a few notable violent attacks against prosperous African American communities including the Tulsa Race Riot and the Rosewood massacre. The Tulsa race riot, also known as the 1921 race riot, The night that Tulsa died, the Tulsa Race War, or the Greenwood riot, was a massacre Rosewood was a small community of nearly 350 people mostly black in Levy County in central Florida, USA.
Economic disparity
Blacks on average have a lower net worth than Whites in America. This is especially pertinent in the creation of new businesses. One of the most common forms of collateral for loans to open businesses is home equity. With the historical and current differences in lending patterns toward blacks and whites, the option of using home equity to borrow against in order to open a business is diminished.
Related magazines and books
- Black Enterprise Magazine
- Black Power Inc.: The New Voice of Success by Cora Daniels
- BlackProsperity:An African American Guide To Building Generational Wealth
References
- ^ Article in USA Today from 07/08/2001. Retrieved on 2007-07-01. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. "July 1st" redirects here For the Ayumi Hamasaki song see H (song.
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