by Dr Boyce Watkins
One of the most important books for you to read on the history of black economics is the book, “Black Labor, White Wealth,” by Dr Claude Anderson. In this book, Dr Anderson breaks down the legacy of wealth in America and how black people are the primary reason that America is now one of the richest countries on earth.
One way in which the wealth gap came to be is due to what Dr Anderson refers to as “The Doctrine of Unequal Exchange.” This is where black people are often sold worthless consumer goods with little to no long-term value, in exchange for valuable resources that whites have used to invest in their communities.This trend started in Africa and it continues till this day. As a result of black financial addiction, we not only spend most of our money during holidays like Black Friday, we also end up giving our money away to people who do not have our best interests at heart. Even worse, these individuals are often selling us things that don’t make our lives better.The factors that lead to economic exploitation often link to a lack of understanding of economic systems, a lack of hope, low self-esteem, a lack of organization or commitment to a core mission and many other factor that continue to plague the descendants of slaves in this country.Because we don’t see ourselves as worthy, we don’t understand the value of what we are giving away. When we don’t understand all that we can build with our $1.1 trillion in spending power, we are effectively donating these resources to those who are building institutions for themselves and their children.This trend should cease to exist. Black power of all forms links first and foremost to the economic decisions we make individually and collectively. We must wholeheartedly commit ourselves to the principles of Black Economic Intelligence in order for other communities to respect our power and be forced to acknowledge the contributions that we’ve made to American society and to life around the world.My hope is that if you spend heavily during the holidays or any other season, you do all you can to a) buy black and b) buy things that will improve the condition of your family and community, like shares of stock, books and educational materials for your children. Just by doing these two things on a regular basis, we can rise from among the downtrodden and find ourselves among the most advanced, most prepared and most unified groups of people on the planet. Not everyone is going to get the memo, but those who commit to being builders will find their families in the driver’s seat.Never fail to be at your absolute best. You deserve it.Dr Boyce Watkins is a Finance PhD who has taught at several major universities, including The University of Kentucky, Indiana University, The Ohio State University and Syracuse University. He is the founder of The Black Business School, The Black Wealth Bootcamp, and the Black Millionaires of Tomorrow wealth-building program for children. To learn more about Dr Watkins and his programs, please visit BlackFinancialLiteracy.com