The Real Roots of ‘Black Capitalism’

#Racialliteracy #Economics

Not In Our Town Princeton

Professor of Law Mehrsa Baradaran explains how Richard Nixon [President of the United States from 1969 to 1974] ignored “meaningful economic reforms proposed by black activists” for housing integration, reparations or both, because “[a]greeing to demands for federal spending or reparations in the ghetto was anti-capitalist.”  “[W]ith the assistance of Alan Greenspan, the Nixon campaign’s economic adviser (and future Federal Reserve chairman)”, Nixon devised “black capitalism,” tax and credit policies that were repeated under different names and in one form or another in virtually every administration since.  Baradaran concludes by saying “These programs fail because the benefits of capitalism always accrue to the owners of the capital, not to the people living in enterprise zones or promise zones. Using capitalism to fix the racial wealth gap will work only if there is a means to transfer capital, assets, wealth or housing.”  Read the entire op ed by clicking here.

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