Belknap Press
The Color of Money: Black Banks and the Racial Wealth Gap
Key Metrics
- Mehrsa Baradaran
- Belknap Press
- Hardcover
- 9780674970953
- 9.5 X 6.4 X 1.3 inches
- 1.5 pounds
- History > African American & Black
- English
Secure TransactionBook Description
Read this book. It explains so much about the moment...Beautiful, heartbreaking work.
--Ta-Nehisi Coates
When the Emancipation Proclamation was signed in 1863, the black community owned less than one percent of the United States' total wealth. More than 150 years later, that number has barely budged. The Color of Money pursues the persistence of this racial wealth gap by focusing on the generators of wealth in the black community: black banks. Studying these institutions over time, Mehrsa Baradaran challenges the myth that black communities could ever accumulate wealth in a segregated economy. Instead, housing segregation, racism, and Jim Crow credit policies created an inescapable, but hard to detect, economic trap for black communities and their banks.
The catch-22 of black banking is that the very institutions needed to help communities escape the deep poverty caused by discrimination and segregation inevitably became victims of that same poverty. Not only could black banks not control the black dollar due to the dynamics of bank depositing and lending but they drained black capital into white banks, leaving the black economy with the scraps.
Baradaran challenges the long-standing notion that black banking and community self-help is the solution to the racial wealth gap. These initiatives have functioned as a potent political decoy to avoid more fundamental reforms and racial redress. Examining the fruits of past policies and the operation of banking in a segregated economy, she makes clear that only bolder, more realistic views of banking's relation to black communities will end the cycle of poverty and promote black wealth.
Author Bio
Mehrsa Baradaran is a professor of law at UCI Law. Previously, she was the Robert Cotten Alston Chair in Corporate Law and Associate Dean for strategic initiatives with a focus on diversity and inclusion efforts and national and international faculty scholarship recognition at the University of Georgia School of Law.
Baradaran writes about banking law, financial inclusion, inequality, and the racial wealth gap. Her scholarship includes the books How the Other Half Banks and The Color of Money: Black Banks and the Racial Wealth Gap, both published by the Harvard University Press. The Color of Money: Black Banks and the Racial Wealth Gap was awarded the Best Book of the Year by the Urban Affairs Association, the PROSE Award Honorable Mention in the Business, Finance & Management category. Baradaran was also selected as a finalist at the 2018 Georgia Author of the Year Awards for the book in the category of history/biography.
Baradaran has also published articles including "Jim Crow Credit" in the Irvine Law Review, "Regulation by Hypothetical" in the Vanderbilt Law Review, "It's Time for Postal Banking" in the Harvard Law Review Forum, "Banking and the Social Contract" in the Notre Dame Law Review, "How the Poor Got Cut Out of Banking" in the Emory Law Journal, "Reconsidering the Separation of Banking and Commerce" in the George Washington Law Review and "The ILC and the Reconstruction of U.S. Banking" in the SMU Law Review. Of note, her article "The New Deal with Black America" was selected for presentation at the 2017 Stanford/Harvard/Yale Junior Faculty Forum.
Baradaran and her books have received significant national and international media coverage and have been featured in the New York Times, the Atlantic, Slate, American Banker, the Wall Street Journal and Financial Times; on National Public Radio’s “Marketplace,” C-SPAN’s “Washington Journal” and Public Broadcasting Service’s “NewsHour;” and as part of TEDxUGA. She has advised U.S. Senators and Congressmen on policy, testified before the U.S. Congress, and spoken at national and international forums like the U.S. Treasury and the World Bank.
She earned her bachelor's degree cum laude from Brigham Young University and her law degree cum laude from NYU, where she served as a member of the New York University Law Review.
Source: University of California, Irvine School of Law
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