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What is Group Economics?
The current economic condition of the Black American community is in critical condition. Challenged by police brutality, poverty, economic instability, domestic terrorism and systemic racism the Black American community has been unable to craft an effective action plan to counteract these negative forces. In crafting an action plan, Group Economics within the Black American community would be the first bullet point.
What is Group Economics? While there is no formal definition, Group Economics can be defined as one group of people who have a common economic interest. That group agrees to actively and consciously pursue that economic interest together to create a sustainable and secure economy for themselves.
Group Economics is not new, many communities in America practice this strategy; the Jewish community, Italian community, asian communities all use Group Economics. It is a form of self-preservation. Group Economics was also used very successfully by the many thriving black communities from 1890s – 1920s (Tulsa Oklahoma, Redwood Florida & Wilmington NC are the 3 most popular yet there were many others) in America. Black Americans need to revisit group economics immediately.
The urban Black community is ground zero for a Black Group Economics movement. The dire conditions in Black urban neighborhoods were created by federal and state supported policies (Red lining, Block Busting, discriminatory insurance practices and legal housing discrimination created “slums” and “ghettos”) used in the northern cities from 1900s to 1960s. These government supported policies deliberately formed the Black urban phenomenon of “ghettos” and “slums”. The configuration, density of Black Americans and economic frustrations make these distressed neighborhoods an ideal origin for Black Group Economics .
5 Facets of Black Group Economics
1.) Businesses: Provide black owned and run businesses (existing or new) for the Black consumer to purchase from. There must also be plans to replace those businesses owned by people out side of the Black Community with equal or better quality options.
2.) Hiring from Group: Business owners must hire from the local community. Part of effect Black Group Economics is improving your community. These jobs will reduce the high rate of unemployment.
3.) Accountability & Quality: The businesses must be of the highest quality and be willing to be held accountable by Black patrons for their services and/or products.
4.) Marketing: Black businesses must market themselves actively to the Black community to make sure their services & products are known. Marketing is also important for creating success modeling for aspiring entrepreneurs.
5.) Consumer Loyalty: The community of Black consumers must be committed to patronizing great black businesses. Black consumers must also be willing to respectfully hold black businesses accountable to maintain their high standards of products and service.