She is Associate Dean for Strategic Initiatives and Robert Cotten Alston Associate Chair in Corporate Law at the University of Georgia School of Law and has advised a number of politicians on postal banking, including Senators Kirsten Gillibrand and Elizabeth Warren."Read this book. Examining the fruits of past policies and the operation of banking in a segregated economy, she makes clear that only bolder, more realistic views of banking’s relation to black communities will end the cycle of poverty and promote black wealth.Ībout the Author: Mehrsa Baradaran is the author of "The Color of Money" and "How the Other Half Banks" (both from Harvard) and is a celebrated authority on banking law. These initiatives have functioned as a potent political decoy to avoid more fundamental reforms and racial redress. Not only could black banks not “control the black dollar” due to the dynamics of bank depositing and lending but they drained black capital into white banks, leaving the black economy with the scraps.īaradaran challenges the long-standing notion that black banking and community self-help is the solution to the racial wealth gap. 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. Instead, housing segregation, racism, and Jim Crow credit policies created an inescapable, but hard to detect, economic trap for black communities and their banks. Studying these institutions over time, Mehrsa Baradaran challenges the myth that black communities could ever accumulate wealth in a segregated economy. "The Color of Money" pursues the persistence of this racial wealth gap by focusing on the generators of wealth in the black community: black banks.
More than 150 years later, that number has barely budged.
Join us for a discussion with Mehrsa Baradaran, author of "The Color of Money: Black Banks and the Racial Wealth Gap." A Q&A and signing will follow the discussion.Ībout the Book: When the Emancipation Proclamation was signed in 1863, the black community owned less than one percent of the United States’ total wealth.
“Baradaran…provides 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.”― Gillian B. Free and open to the public More Information
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