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History of Freedman's Savings and Trust Company in Washington, D.C.
About Freedmen's Savings and Trust Company in Washington, D.C.
Generally, books addressing the early history of African American banks have done so either within the larger construct of African American business history and economic development, or as a starting point to explore current issues related to financial services. Focused considerations of these early institutions and their founders have been relatively rare and somewhat scattered. This publication seeks to address this issue.
The everyday lives of enslaved people were filled with the backbreaking tasks that their enslavers forced them to complete. But in spare moments, they found time in which to earn money and obtain goods for themselves. Enslaved people led vibrant economic lives, cultivating produce and raising livestock to trade and sell. They exchanged goods with nonslaveholding whites and even sold products to their enslavers. Did these pursuits represent a modicum of freedom in the interstices of slavery, or did they further shackle enslaved people by other means? Justene Hill Edwards illuminates the inner workings of the slaves’ economy and the strategies that enslaved people used to participate in the market. Focusing on South Carolina from the colonial period to the Civil War, she examines how the capitalist development of slavery influenced the economic lives of enslaved people. Hill Edwards demonstrates that as enslavers embraced increasingly capitalist principles, enslaved people slowly lost their economic autonomy. As slaveholders became more profit-oriented in the nineteenth century, they also sought to control enslaved people’s economic behavior and capture the gains. Despite enslaved people’s aptitude for enterprise, their market activities came to be one more part of the violent and exploitative regime that shaped their lives. Drawing on wide-ranging archival research to expand our understanding of racial capitalism, Unfree Markets shows the limits of the connection between economic activity and freedom.
“Read this book. It explains so much about the moment...Beautiful, heartbreaking work.” —Ta-Nehisi Coates “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.” —The Atlantic “Extraordinary...Baradaran focuses on a part of the American story that’s often ignored: the way African Americans were locked out of the financial engines that create wealth in America.” —Ezra Klein 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, 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.” —Los Angeles Review of Books “A must read for anyone interested in closing America’s racial wealth gap.” —Black Perspectives
The autobiographical story of the White House doorkeeper from the Lincoln presidency to the administration of Theodore Roosevelt.
Racism and discrimination have choked economic opportunity for African Americans at nearly every turn. At several historic moments, the trajectory of racial inequality could have been altered dramatically. But neither Reconstruction nor the New Deal nor the civil rights struggle led to an economically just and fair nation. Today, systematic inequality persists in the form of housing discrimination, unequal education, police brutality, mass incarceration, employment discrimination, and massive wealth and opportunity gaps. Economic data indicates that for every dollar the average white household holds in wealth the average black household possesses a mere ten cents. This compelling and sharply argued book addresses economic injustices head-on and make the most comprehensive case to date for economic reparations for U.S. descendants of slavery. Using innovative methods that link monetary values to historical wrongs, William Darity Jr. and A. Kirsten Mullen assess the literal and figurative costs of justice denied in the 155 years since the end of the Civil War and offer a detailed roadmap for an effective reparations program, including a substantial payment to each documented U.S. black descendant of slavery. This new edition features a new foreword addressing the latest developments on the local, state, and federal level and considering current prospects for a comprehensive reparations program.