The Color of Money: Black Banks and the Racial Wealth Gap (Paperback)
by Mehrsa Baradaran
A deep accounting of how America got to a point where a median white family has 13 times more wealth than the median black family.
When the Emancipation Proclamation was signed in 1863, the Black community owned less than 1 percent of the total wealth in America. More than 150 years later, that number has barely budged. The Color of Money seeks to explain the stubborn persistence of this racial wealth gap by focusing on the generators of wealth in the black community: Black banks.
With the Civil Rights Movement in full swing, President Nixon promoted "Black capitalism," a plan to support Black banks and minority-owned businesses. But 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. In this timely and eye-opening account, legal scholar Mehrsa Baradaran challenges the long-standing belief that Black communities could ever really hope to accumulate wealth in a segregated economy.
Black capitalism has not improved the economic lives of Black people, and Baradaran deftly explains the reasons why.
About the Author
Mehrsa Baradaran is Professor of Law at UCI Law and a celebrated authority on banking law. In addition to the prizewinning The Color of Money, she is author of How the Other Half Banks. She has advised US senators and representatives on policy and spoken at national and international forums including the World Bank.
Category: Economic Justice
Book Condition: New
Publisher: Belknap Press
Date Published: March 11, 2019
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