Saturday, December 29, 2007
BLACK CAPITALISM During the national presidential campaign of 1968, the term "black capitalism" repeatedly was used in reference to an economic panacea which would uplift the black masses by encouraging black ownership of business and industry in predominantly black areas. Black ownership, in turn, would automatically result in a high degree of racial pride and self-sufficiency. The concept itself, of course, is not new. Booker T. Washington's emphasis upon self-help, thrift and industriousness during the late nineteenth century, for example, is indicative of the fact that the typical African American leader has historically recognized the importance and desirability of black capitalism. Similarly, nearly every twentieth century black protest movement or organization, including Garveyism, the Black Muslims and Black Power, has advocated or (in the case of Garveyism) has put into practice the idea of black capitalism.