The Political Economy of Black America
Inequality Issue: Description of Economic Inequality of Black Americans
African-Americans have not got a fair share of the labor market, leading to a long-time economic inequality. The aspect of economic inequality has been heightened by the rising incidences of discrimination and oppression. The topic of economic inequality among black Americans continues to raise attention because it does not get any better as manifested by more imminent gaps in the living conditions of African Americans. Most of the black Americans live in grappled conditions; they are now categorized as top minority groups living in poverty (Loury 4). The black political economy and paradigms elaborate that African Americans face various inequalities in the United States economy. The gaps are increasingly imminent, creating a wage of economic imbalance among black Americans. A retrospective review of the origin of the African Americans’ economic disparity, traces back to the seventeenth and eighteenth centuries. The division between the Whites and the Blacks took a leading toll during the era of slavery. The Blacks got limited economic space, and less exposure to economic goodwill as the White Americans dominated their economic space and continued to govern them, making the most important economic decisions.
The practice of slavery created a slave-based system in America. The system generated immense profits from the abuse of black labor. The profits generated empowered the Whites, creating more gaps between them and African Americans. Most blacks were not allowed to participate in post-civil-war economic development. According to the average per-capita property assessments for the Blacks, the value was $9.73 in 1880 as compared to that of the Whites, which indicated a value of $296.18 (Hamilton, Darrick, and William 57). Racial segregation between the Whites and the Blacks also created immense waging gaps in terms of the wealth holdings. The Blacks, therefore, continued with most enduring legacies, which have extended to the current situation of the economic niche of the African Americans in the United States. Racism took a leading role and was the basis of classifying one’s social worth and status, thus used to establish and maintain individual privilege and power.
The White supremacy created a superiority political atmosphere in the country, which shaped America’s overall economy (Loury 4). The Black Americans were thus suppressed to endure inferiority complex and have no or little economic contributions. The whites were the major investors and controlled other crucial sectors in the economy. The Blacks lacked political movements who could champion for political-economic leverage, ensuring a significant growth of the Black Americans. The disparity in wealth possession increased between the Blacks and the Whites. The White supremacy concept bread other forms of injustices that further derailed the economic landscape and niche of the Black Americans. The concepts were discrimination, prejudice, and racism. The problems escalated unfairness in the labor market. The White Supremacy affiliations have thus lowered the economic platforms of the Black Americans.
Black Americans continue to experience the widening gap of economic inequality today. A survey by the Center for Global Policy Solutions indicates that the median wealth of White households is twenty times greater than the African American households. The reason behind this widening economic disparity between the two factions is blamed on the institutions and organizations that are keeping it that way. A review of the African American families indicates that the families lack the necessary savings and other investments that would enable them to climb the economic ladder. Notably, the labor market discriminating still manifests the same pattern of profiling the Blacks. Hence, African Americans do not enjoy opportunities to improve their economic standards from the labor market. The institutions are portraying the typical stereotypic nature of rejecting the African Americans based on name, “violent” or “aggressive” behaviors (Megan 4). As a result, most Black Americans settle for low paying jobs in the country due to limited access to meaningful opportunities to climb the economic ladder.
Hypothesized Reasons for Economic Inequality among Black American
A key explanation for increasing gaps in the economic inequality between the Whiter and the Black Americans is racism. The White supremacy created by the high level of racism, orients organizations and other important economic institutions to value stereotypic management patterns. As such, most of the economic standards are set to favor the white supremacy. The labor market also favors Whites. They can easily acquire loans because of the organized system, which helps by creating a seamless flow for them. Notably, discrimination, racism, and prejudice have increased the White supremacy, leading the economic dwindling scale for the Black Americans. Surveys indicate significant gaps in the household wealth between the White Americans and the African-Americans (Megan 4). The political economy of Black America indicates that the faction still has a long way to go to achieve economic leverage with the whites. Low paying jobs the Blacks settle for are seasonal and lack properly structured human resource framework, hence longevity and job sustainability are compromised. With such, the economic wedge tends to increase. The African-Americans are thus categorized as a top minority group living below the poverty line. Bouncing back from such a trajectory is critical and requires intensive efforts to synergize good political-economic outcomes of the Black-Market economy.
The black political economy paradigm fought various injustices and discrimination against the African-Americans. Notably, the black political economy paradigm denotes that a racial identity is a crucial form of property, and it is applied as a deliverable for determining income and other wealth characteristics. In as much as the black political economy paradigm meant structural changes and shaping of the Black American’s economic involvement, its interpretations did not give the correct impression for the African-Americans (Hamilton, Darrick, and William 59). Some of its components justified the stereotypic nature of institutions and organizations that favored Whites economically than the Black Americans. The paradigm identifies race as a central argument point that determines the collective identity and economic behavior of various groups in the United States. The race is an incredible source of the Black American economic inequality. It creates more disparity between the two factions. The political might of the rich is affiliated to White supremacy, hence, the reason behind the waging economic classes between the whites and black Americans.
Black Americans have suffered limited economic goodwill, which has limited their economic freedom. Notably, the period of slavery created a new wave of economic liberation for the Whites while it suppressed those of Black Americans. The Black American’s suppression during the transition periods limited their scope of economic knowledge. The political economy of the blacks showed gaps that required proper realignment both politically and within the important social structures to better their living conditions (Hamilton, Darrick, and William 57). As indicated, the stereotypic nature of the employing institutions is creating the waging difference in the economic and household wealth of the African-Americans. The stringent rules of the institutions limit most of the blacks in the country, thus dwindle their influences in the economic decision-making patterns. The political economy of the black needs proper transitioning into a more favorable one to upscale the economic status of the Black Americans. Slavery had initially widened the gap, racism and white supremacy further pushed it to the edge, while the current stereotypic operations of institutions continue to create an economic disparity of the Black American population.
Proposed Solutions
Racism and white supremacy are the most common causes of the falling economic status of the Black American population. The white supremacy has infiltrated the society and economic system, they thus determine the management systems adopted by the institutions and agencies regulating the formal employment sector. The government must thus create competitive markets to eliminate discrimination. The competitive markets should feature all deliverables required for an all-round economic balance, thus creating a conducive and inclusive environment for the Black American population (Marable 6). The economic value and worth of the Whites are far apart from that of Blacks, such disparity should be reduced by the government when they ensure proper deliverables and structural changes are made in the competitive markets. A significantly reduced discrimination will lower the aspects of white supremacy and create a conducive political economy for Black Americans.
The government intervention of providing education and training for Blacks is needed. The training should enlighten the Black Community to improve their skills and settle for the well-paying profession. The training should also encompass various ways of dealing with racism scenarios on an employment basis. The government through training and education should extend this to the institutions and agencies dealing with various formal employment of the Black community. An aspect of inclusivity is key in enhancing proper structural orientation and alignment of the new policies. Making education available to the African American community will significantly improve their living standards and incomes. When education is made affordable to the black community, the majority will utilize the chance to accomplish their dreams, thus have a better chance of entering the labor market and economically progress with high good jobs (Okonofua, Jason, and Jennifer 617). The Bureau of Labor Statistics indicated that there is a higher number of white individuals with a higher level of education. Hence, they settle for most of the higher-paying jobs. The majority are occupying managerial positions while the rest enjoys well-paying professional jobs captured in the American system. Such inequality of education and professional alignment leads to a widening economic gap between the Blacks and the Whites.
Globalization is another factor argued to be a crucial cause of economic inequalities for the Black American community. Globalization is known for creating economic prosperity; however, the minority face the negative effects of the process. The rise of technology in the service and manufacturing sectors create labor market inequality. The capitalist corporations are thus used by the Whites to gain profits. Conversely, the black community feels the gap of lack of proper integration into the system. The majority of the population is not timely exposed to the changing technology and the corporate economic culture to fit into the market matrix. Therefore, the majority of the African-Americans have to work extra hard to again economic milestones. The government should develop a universal economic transition process for its citizens. Notably, the Black Community needs to be integrated into using technology to achieve economic leverage.
Work Cited
Gannon, Megan. “Race is a social construct, scientists argue.” Scientific American 5 (2016).
Hamilton, Darrick, and William A. Darity. “The political economy of education, financial literacy, and the racial wealth gap.” (2017): 59-76.
Hamilton, Darrick, and William Darity Jr. “Can ‘baby bonds’ eliminate the racial wealth gap in putative post-racial America?” The Review of Black Political Economy 37.3-4 (2010): 207-216.
Loury, Glenn C. “Why Does Racial Inequality Persist? Culture, Causation, and Responsibility.” (2019).
Marable, Manning. How capitalism underdeveloped Black America: Problems in Race, political economy, and society. Haymarket Books, 2015.
Okonofua, Jason A., and Jennifer L. Eberhardt. “Two Strikes: Race and the disciplining of young students.” Psychological science 26.5 (2015): 617-624.