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By: Skye Frank
Economics has always been a major underlying factor for political change. Buyers have the power to better distribute wealth in America and affect long-term change, with individual buying power. Not only have white business owners long had easier access to capital (See the study here https://siepr.stanford.edu/…/…/files/publications/17-003.pdf) but the effects of Covid-19 have disproportionally affected black communities.
The Washington Post reported “the number of working African American business owners in the United States plummeted more than 40%…a far steeper drop that other racial groups experienced.” If you desire to ally, this is one of the ways that you can effectively combat systemic racism. Enacting new laws and overturning old ones won’t suddenly reverse decades of biased investment decisions.
That’s why there is a push to encourage buying from Black-owned businesses. This does not in any way presume that the Black-owned businesses that you are supporting are in any way sub-par to white-owned establishments.
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