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Economics Archives - Institute of the Black World 21st Century

People await help with unemployment claims at an event in Tulsa, Okla., on July 24.

The Top 1% of Americans Have Taken $50 Trillion From the Bottom 90% — And That’s Made the U.S. Less Secure

By COVID-19 (Coronavirus), News & Current Affairs

A new report shows that a $50 trillion redistribution of income to benefit the richest has made America less healthy, resilient, and secure. By Nick Hanauer and David M. Rolf, TIME — Like many of the virus’s hardest hit victims, the United States went into the COVID-19 pandemic wracked by preexisting conditions. A fraying public health infrastructure, inadequate medical supplies, an employer-based health insurance system perversely unsuited to the moment—these and other afflictions are surely contributing…

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Dr. Ron Daniels and Ronald W. Galvin, Jr.

Repaying the debt owed to Black people requires a democratic and reparative economy

By Commentaries/Opinions, Reparations

The entire racial capitalist system that extracts labor and blood from Black lives must go. By Dr. Ron Daniels and Rev. Ronald Galvin — America owes Black folks. The modern-day prophet Ta-Nahesi Coates, drawing on the wisdom and generations-old fight of Black freedom fighters such as Mother Callie House, James Forman, Randall Robinson, and the Malcolm X grassroots movement, cogently made the case in his seminal article, “The Case for…

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Commentary, Articles and Essays by Dr. Julianne Malveaux

Both the Economy and the Senate Stumble

By Dr. Julianne Malveaux

By Dr. Julianne Malveaux — On the same day we learned that the US economy contracted by 9.5 percent in the second quarter of this year, the United States Senate adjourned and went home, even though the economic contraction is the largest since growth data has been collected.  They left without passing the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act.  They left without continuing the $600 per week…

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Money

Reparations as Racially Progressive Economics

By Commentaries/Opinions, Reparations

By Ajamu Brown — The international outcry over police brutality and racial injustice towards Black Americans have amplified a myriad of underlying issues, from the lingering effects of slavery and Jim Crow laws to modern mass-incarceration and high unemployment. The severity of the financial impact on the entire nation is still unknown. But with each economic shock millions of workers of color, particularly Black people, will have little bargaining power…

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Commentary, Articles and Essays by Dr. Julianne Malveaux

No Economic Victory Lap

By Dr. Julianne Malveaux

By Dr. Julianne Malveaux — The June Employment Situation report, released on July 2, showed a continued decline in the unemployment rate.  Thanks to coronavirus, the rate shot up to 14.7 percent in April and declined to 11.1 percent in June.  About 4.8 million more people were on payrolls in June than in May.  Just about every sector of the economy saw job gains, including the troubled leisure snd hospitality…

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People march towards the Washington Monument at the Black Lives Matter protest in Washington DC 6/6/2020

Why racism is an essential tool for maintaining the capitalist order

By Editors' Choice

By Richard D. Wolff, Independent Media Institute — U.S. capitalism survived because it found a solution to the basic problem of its instability, its business cycles. Since capitalism never could end cyclical downturns and their awful effects, its survival required making those effects somehow socially tolerable. Systemic racism survived in the post-Civil War United States partly because it helped to achieve that tolerability. Capitalism provided conditions for the reproduction of…

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BET founder calls for $14 trillion of reparations for slavery

By Reparations, Video/Audio

Robert Johnson, founder of RLJ Companies and BET, tells CNBC’s “Squawk Box” America must make reparations for slavery in order to address racial inequality. Robert Johnson, founder of Black Entertainment Television, told CNBC on Monday the U.S. government should provide $14 trillion of reparations for slavery to help reduce racial inequality. The wealth divide and police brutality against blacks are at the heart of protests that have erupted across the…

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Vantage Point: Check Black On the Census • Life and Legacy of Dick Gregory

By Vantage Point Radio, Video/Audio

Vantage Point Radio May 25, 2020 — On this African Liberation Day edition of Vantage Point, host Dr. Ron Daniels aka The Professor talks with guests Laurie Daniel Favors, Esq. and Rev. Mark Thompson. Premium Dick Gregory Compilation CD from Pacifica Archives Topics Check Black on the Census The Life and Legacy of Dick Gregory Guests Laurie Daniel Favors, Esq. Interim Director, Center for Law and Social Justice, Medgar Evers,…

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Commentary, Articles and Essays by Dr. Julianne Malveaux

What About the Children?

By Dr. Julianne Malveaux

By Dr. Julianne Malveaux — Do you see the light at the end of the coronavirus tunnel? With all 50 states and the District of Columbia) either lifting “shelter in place” orders or relaxing them, with restaurants opening, albeit at half capacity, things seem to be slowly returning to “normal” whatever that is.  Many of us are still “social distancing,” as defined by the Centers for Disease Control as staying…

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Armed protesters provide security as demonstrators take part in an "American Patriot Rally," on the steps of the Michigan State Capitol in Lansing, on April 30, 2020

For many cautious African Americans, the move to reopen America is not a ‘black friendly’ campaign

By COVID-19 (Coronavirus), News & Current Affairs

“Nothing about this movement is really black friendly.” By Nick Charles, NBC News — As protests erupt over stay-at-home orders and the clamor to reopen the economy becomes louder, the coalition of people storming state Capitols — some armed with semi-automatic weapons and most not wearing masks or observing social distancing guidelines — have had one thing in common: Almost all of them are white. African Americans, for the most…

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