By Thomas D Boston
This paintings brings jointly for the 1st time the guidelines, philosophies and interpretations of North America's top African American economists, demonstrating that racial inequality has had an important effect on African americans' day-by-day lives.
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Extra resources for A Different Vision: African American Economic Thought
2 per cent for black households. The second group consists of financial investments. The interest earning assets in this group include mainly money market funds, US government securities, municipal obligations, and corporate bonds. Stocks and mutual fund shares represent household ownership of corporate enterprises. Blacks’ investment in these categories was quite meager. 3 per cent of stock and mutual fund shares. 3). 9 Source: Prepared by Brimmer & Company, Inc. Data from US Department of Commerce, Bureau of the Census, “Household Wealth and Asset Ownership: 1984,” Current Population Reports, Series P–70, no.
However, over time, as their incomes rise further and as they acquire more familiarity with common stock, more blacks will include these issues in their investment portfolios. 4 Income, wealth, and asset choices The black community lags much further behind in the accumulation of wealth than one might have expected from a familiarity with the money income figures available annually. The magnitude of the deficit in black wealth could be measured for the first time in 1987, on the basis of information published by the US Bureau of the Census.
But Southern blacks spent less than either Southern whites or Northern blacks. In both the North and South, blacks spent less on “food eaten away from home” than white people in the same income categories. However, the differential was much greater in the South. The table also indicates that both Northern and Southern blacks spent much less than whites of the same income class on “automobile operations” – 40 to 60 per cent less. These summary statistics certainly suggest that blacks were less likely than whites to be patrons of cultural events, customers of restaurants, or tourists along the open road.