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Economy Archives - Institute of the Black World 21st Century

Commentary, Articles and Essays by Dr. Julianne Malveaux

When Will Workers Get A Break?

By Dr. Julianne Malveaux

By Julianne Malveaux — Now that the impeachment trial of the 45th President is over, perhaps our legislators can turn their attention to working people, or more accurately, those who used to work and are not now working. There were 18 million more unemployment insurance claims now than a year ago, and nearly 10 million fewer jobs than before the pandemic. The first Friday report that the unemployment rate has…

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The decline and fall of the American Empire

By Editors' Choice

Instead of opening doors for American big business or supporting America’s diplomatic position in the world, the U.S. war machine has become a bull in the global china shop, wielding purely destructive power to destabilize countries and wreck their economies. By Medea Benjamin, Nicolas J.S. Davies— In 2004, journalist Ron Suskind quoted a Bush White House advisor, reportedly Karl Rove, as boasting, “We’re an empire now, and when we act, we…

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Eric Yuan became a billionaire 2019 for zoom

Even in a Pandemic, the Billionaires Are Winning

By Commentaries/Opinions

While many Americans suffered, the richest among us kept getting richer. By Farhad Manjoo— When I called up Chuck Collins on Tuesday afternoon, I found him glued to one of the grimmest new metrics documenting America’s economic and social unraveling. Collins is a scholar of inequality at the Institute for Policy Studies, a progressive think tank, and since March he has been tracking how the collective wealth of American billionaires has…

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CARICOM’s economic recovery and transformation – Need for serious collaboration and coordination

By News & Current Affairs

By: Kendol Morgan— G20 Summit Declaration: We remain determined to support all developing and least developed countries as they face the intertwined health, economic, and social effects of COVID-19, recognising the specific challenges in Africa and small-island developing states. Many of us remain fascinated by the ongoing crisis of democracy and governance which is taking place in the USA as COVID-19 is increasing there unchecked. President-elect Joe Biden has named his…

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Commentary, Articles and Essays by Dr. Julianne Malveaux

COVID Halts Women’s Workplace Progress

By Dr. Julianne Malveaux

By Dr. Julianne Malveaux — Economic recovery will be a long time coming. The Federal Reserve Bank says our corona recession will last into 2021, and perhaps even into 2022. If a vaccine is developed, a distribution plan still needs to be worked out, and there is still so much we don’t know about COVID. We do know that our economy has slowed and is only inching toward normalcy. We…

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Small Business

National Small Business Leaders Release Five-Point Plan to Save the Small Business Sector

By News & Current Affairs

Leading nonprofit executives, former senior federal officials and top public policy experts release the most comprehensive analysis of small business ever undertaken in the US and lay out a five-step plan that over 10 years would generate a net new 1.5 million small businesses and grow small businesses’ share of U.S. employment by 25%. WASHINGTON, D.C. — With Congress at an impasse on a new stimulus package and permanent business…

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Stressed Black Man

White Workers Are Getting Hired Back Twice As Fast As Black Workers

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

Nearly all the improvement in the unemployment rate over the past few months has been for white workers. By Emily Peck, HuffPost — At first glance, the unemployment rate seems a lot less terrible than it did a few months ago. In April, at the start of the COVID-19 shutdown, the jobless rate was a record-high 14.7%. This month, the Labor Department announced that the unemployment rate had dropped to 8.4%. But…

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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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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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