Top Black Business and Economic Stories for June 8th to 14th

Top Five Stories

Protest Related

  • Designer Aurora James has started the “15% Pledge” to get large business to committed to spending more money with Black businesses. They also pledged to carry more products and give more shelf space to Black Business. (Vanity Fair)
  • Sephora has committed to allocating more shelf space to Black owned brands (WWD)
  • 15% Pledge calls on retailers to dedicate shelf space to black-owned businesses (CNN)
  • Five things businesses can do to help Black America (CNN)
  • Corporations pledge $1.7 Billion to fight racism and injustice (NY Times)
  • Pay pal commits $530 Million (Crowdfund Insider)
  • Everyone is trying to figure out how the protests will affect the economy. Maybe we can learn from Hong Kong (Forbes)
  • Connie Evans, from the Association of Enterprise Opportunity, discusses the protest and how society undervalues Black lives (The Hour)
  • The impact of being looted on one Black Owned Businesses (NY Post)
  • Tennessee Urban League Proposes help for Black Businesses (WSMV TV)

Coronavirus

  • Corona has ruined the best Black job market ever (Wall Street Journal). The job market was so good that we even saw wages rise faster than inflation.
  • Black Businesses drop by 41% because of lockdown (Bloomberg)
  • Black community may be affected by mass evictions due to virus (Politico)
  • Kamala Harris wants to give $2000 for rent payments or a tax subsidy for rent above 30% of income (Sacremento Bee)
  • Study: 440,000 Black businesses close during Covid-19 crisis (Vox)

Corporate and Big Business

  • Big business has to try to fix racial injustice (Barron’s)
  • Ariel’s John Rodgers steps corporations could take to address structural racism and inequality (Bloomberg)
  • A Black money manager discusses conversations about race in the workplace (Bloomberg)
  • Byron Allen and Comcast reach a deal to broadcast channels (Philadelphia Inquirer)
  • Corporations have a poor record of supporting Black employees (Washington Post). A nice read on lack of follow through by corporate America.

Black Business Lists and Directories

Racism and Discrimination

  • Infosys, a large outsourcer, faces another racial discrimination suit (The Economic Times of India)
  • Systemic racism slows economic growth says Dallas Fed chief Kaplan (WHTC)

Income and Wealth Inequality

  • The Black wage gap is the problem: Racial economic inequality should sicken our consciences (The New Republic).
  • The Role Of Higher Education In Economic & Racial Inequality on (Poets & Quants). What can business schools do to address racial inequality?
  • Black Americans face huge inequalities (Business Insider)
  • “We’ve Never Had a Purely Capitalist Economy—We’ve Had State-Subsidies for Some and Exclusion for Others.” (ProMarket – Booth) which has Mehrsa Baradaran’s (The Color of Money), comments on racial wealth inequality.

Corporate

  • Black Lives Matter is about both race and class (Financial Times). Low wages contribute to inequality.
  • Blacks are excluded from the Economics field (Houston Chronicle)
  • Steve Ballmer, a Microsoft billionaire, urged CEO’s to close racial economic gaps (CBS News)
  • Corporations Now Love ‘Black Lives’—But What About Their Own Black Workers? (Labor Notes)
  • Jack Daniel’s launchs initiative to increase diversity in American whiskey industry (Pittsburgh Courier)

Politics

  • Biden discusses racism (USA Today). Biden wants to “undo economic racism” and “reform the police.” He also wants to promote Black home ownership.
  • Homeownership gap between Black and White Americans is the larger than in the 1960s (Austin Statesman)

Straight Up Econ

  • To be successful in America, it’s better to be born rich than smart (CNBC) (Center on Education and the Workforce)
  • Dr. Lisa Cooks Paper on Patents and Racial Violence from 1870 to 1940 made (NPR). She had trouble getting the paper published in top journals. The paper is called “Violence and economic activity: evidence from African American patents, 1870–1940” (IDEAS – Economic paper database).  Racial violence led to a decline in patents by Blacks a d lost economic output.
  • Black workers face racism and inequality (Economic Policy Institute). Through, detailed and comprehensive picture of the effect of the coronavirus on Black workers. Highly recommended.
  • Bill Spriggs’ letter to the economic profession (Minneapolis Fed / Howard University).  This one is very powerful. Race is a social construct and discrimination is built in to the system.

Reparations and Affirmative Action

Opinion

  • We can fix poverty and police killings. Why won’t we? (USA Today). What’s lacking is political will.

Good News

  • Black Doctors Covid-19 Consortium won a $1.3 million dollar contract from the city of Philadelphia to offer testing (Philadelphia Tribune)
  • Long Island African American Chamber of Commerce stays active (Patch NY)
  • Community efforts raise almost $1 million dollars for Black Businesses in Oakland (San Francisco Public Press)
  • Ten Black Architects that shaped American cities (Town and Country)

History

  • Economic research documents black Americans’ struggle for equality. History shows that progress towards equality is followed by a racist backlash. (Economist)

Old but good

Bob Herbert’s “Against all odds” on PBS.

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