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The Color of Money: Black Banks and the Racial Wealth Gap, by Mehrsa Baradaran
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Review
“Baradaran…provides a deep accounting of how America got to a point where a median white family has 13 times more wealth than the median black family.â€â€•Gillian B. White, The Atlantic“Black capitalism has not improved the economic lives of black people, and Baradaran deftly explains the reasons why…Banking today already offers low interest loans and free services to the wealthy, while reserving payday lending and check cashing for those with the least resources. Baradaran’s lesson is that a separate system of black capitalism would intensify, rather than ameliorate, this dynamic along the lines of race.â€â€•Armond Towns and Carolyn Hardin, Los Angeles Review of Books“Baradaran’s point is to show how white and Black Americans effectively live in two separate economies… As a work of history, the book contains a disturbingly coherent narrative of racist plunder spanning from the Freedman’s Bureau bank to today’s payday lenders… Baradaran’s book is a must read for anyone interested in closing America’s racial wealth gap.â€â€•Guy Emerson Mount, Black Perspectives“Extraordinary… Baradaran focuses on a part of the American story that’s often ignored: the way African Americans were locked out of the financial engines that create wealth in America, and the way the rhetoric of equal treatment under the law was weaponized, as soon as slavery ended, against efforts to achieve economic equality.â€â€•Ezra Klein, The Ezra Klein Show“Baradaran has produced an important, sobering assessment of historic and contemporary African American banks… [She] provides an overview of American and African American economic history from the era of slavery to the present.â€â€•Robert E. Weems, Jr., American Historical Review“Combining a rich historical sweep with in-depth analysis of the mechanics of banking, Baradaran unpacks the brutal dilemma facing black banks―how to create black wealth in the context of a segregated and unequal ‘Jim Crow’ economy. Baradaran’s brilliant and devastating analysis leads to an irrefutable conclusion: the racial wealth gap is the product of state law and public policy, and will only be reversed when the same governmental tools that created segregation and discrimination are deployed to end it.â€â€•Beryl Satter, author of Family Properties: How the Struggle over Race and Real Estate Transformed Chicago and Urban America“Observers as different in time and ideology as Frederick Douglass, Malcolm X, and Ronald Reagan have argued that black banks represent perhaps the best hope for securing a just society. As Baradaran powerfully maintains, however, any effort to restrict responsibility to banks alone or black people alone will always be doomed to failure. A swift, beautiful, and chastening book, The Color of Money reminds us, yet again, that black poverty is not really an economic problem, but rather a political problem requiring political solutions.â€â€•N. D. B. Connolly, author of A World More Concrete: Real Estate and the Remaking of Jim Crow South Florida“Baradaran provides a pivotal understanding of how our racialized history structured the disparity between the black and white share of the nation’s wealth and how it continues to inhibit the development of black capital and black banks. Her book puts to rest, once and for all, the trope that self-help, buying black, and black banking are the panacea to black prosperity.â€â€•Darrick Hamilton, The New School for Social Research“In this important book, law professor Mehrsa Baradaran uses the history of black banking from emancipation to the present as a vehicle for exploring the origins and persistence of the racial wealth gap in America. This is more than a history of financial institutions, though. It is a probing, revelatory study of racism and capitalism in the making of modern America, one that reveals how segregation, racial prejudice, and black economic disadvantage became mutually reinforcing.â€â€•Andrew W. Kahrl, University of Virginia
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About the Author
Mehrsa Baradaran is the author of The Color of Money and How the Other Half Banks and a celebrated authority on banking law. She is Associate Dean for Strategic Initiatives and Robert Cotten Alston Associate Chair in Corporate Law at the University of Georgia School of Law and has advised a number of politicians on postal banking, including Senators Kristen Gillibrand and Elizabeth Warren. The Color of Money was a finalist for the Georgia Author of the Year Award.
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Product details
Paperback: 384 pages
Publisher: Belknap Press: An Imprint of Harvard University Press; Reprint edition (March 11, 2019)
Language: English
ISBN-10: 0674237471
ISBN-13: 978-0674237476
Product Dimensions:
5.5 x 1 x 8.2 inches
Shipping Weight: 15 ounces (View shipping rates and policies)
Average Customer Review:
4.9 out of 5 stars
37 customer reviews
Amazon Best Sellers Rank:
#50,035 in Books (See Top 100 in Books)
"to be a poor man is hard, but to be a poor race in a land of dollars is the very bottom of hardships."- W.E.B. DuBoisEvery few years there is a book that is so powerful it turns me into a book nerd, policy evangelical. I go out and buy several copies and press them into friends hands with the fervor of a recent convert and tell them they "NEED" to read it. I think the last nonfiction book to do this for me was 'Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right' or maybe 'The Big Short: Inside the Doomsday Machine.' Usually, the book has both a financial angle and a policy tint. It usually also explores unfairness. That makes sense. In my previous life I was a policy analyst and I now work in the finance industry as a financial planner. Most days, I'm a pretty mellow guy. I meditate, read, drink tea, Netflix and chill. But reading about inequality and unfairness, for me, catalyzes me for action.If the last few political cycles have taught us anything, it is America still struggles with its "original sin" of slavery and the ugly descendants of slavery: discrimination, segregation, inequality, despair. We have seen, just this week (actually for the last few years), protests about the way Black Americans are treated by police officers. That subject deserves its own space, so I wont dwell too much on that here, other than to say the interaction of Black Americans and police officers ISN'T simple. It isn't a subject that can easily be explained just by saying police are racists, or unarmed Black Americans should behave differently (different from whom?). There are structural, geographic, economic, historical, and political forces that all contribute to awful outcomes.Just like blue on black violence isn't easily explained in a tweet or a FB post, the interaction between Black Americans and banks has a long, ugly, and painful history. It is a history that is important to understand if one REALLY wants to explore topics like income inequality, segregation, credit, crony capitalism, corruption, exploitation, state power, wealth, etc... Mehrsa's book explores the policies, laws, programs, politics, economics, and history of black banks AND the history of Black Americans with banks. She points a fairly bleak picture of the fault/chasm that exists between the two financial markets that exist in America. One is the banking structure that exists for a majority of Americans and doesn't need to be explored. But for years that economic structure, that allows people to save (AND BORROW) didn't exist for a large segment of Americans. And when it eventually did, it was skewed heavily. Separate was never equal in banking. Blacks paid a heavy price to save, to borrow (if they could). Even laws that were designed to help pull Americans out of poverty, accumulate wealth and avoid taxes through home ownership, benefited one segment of America while ignoring or fleecing the other.It is a painful read. It is also necessary. Unlike Mehrsa Baradaran's* previous book, 'How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy', this one spends little/less time on prescriptions. She is laser focused on what is wrong, what went wrong, and why. It is a dense (without ANY of the negative connotations typically associated with that word) book. One that required me to open THREE different post-it flag packages. I was marking things that were new, quotes that amazed, items I didn't want to forget and I often found myself marking 3 or 4 times a page.A few caveats before I end. This isn't a perfect book. It isn't as exciting as a Michael Lewis book (this probably won't get made into a movie) and the prose isn't as pretty as Robert Caro's LBJ series. But it is important. It is a labor of both love and skill. Reading some chapters in it, I could tell Mehrsa spent months in presidential libraries. Well researched books give me a thrill. Especially when you recognize that a certain nugget of data or quote may never have seen the light of day if it wasn't for the doggedness of a skilled lawyer/historian. 'The Color of Money' deserves to be in the library of anyone who deals with or seriously thinks about income inequality, race, banking, inner cities, etc.As a white, upper-middle, male who has benefited from educated parents, stability, wealth, and every advantage American history and politicians have blessed me with, it is difficult and humbling to realize just how many of the economic realities I take for granted every day weren't available to the parents of my black friends. Hopefully, more of these same financial realities WILL be available to the children of ALL my friends. Hopefully we can begin to cover both the scars of the disadvantaged, and the economic and social chasms that separate (unfairly) us. This book is both a bridge and a battle cry.
This book was shocking and powerful. As someone who does not generally read books about banking, I found it enthralling and heartbreaking. The author writes with an exceptional clarity that makes the material accessible and poignant. Before reading this book, I had never considered the connection between banking and racial injustice in America. Now, it’s hard to imagine any discussion of race that does not involve banking policy. Anyone interested in creating a more just society needs to read this book.
I absolutely cannot say enough good about this book. I deal with these issues for a living, and this is, hands down, one of the best books I have ever read on putting together, dot, by dot, why we are where we are in 2017. How the author made it so compelling, readable, interesting and accessible is beyond me. The only negative thing I have to say is that the title does so little to belie the real significance of this book. It has a title that will turn off some because a book about banking sounds boring, and a book about a racial wealth gap would scare away those who would think it is too "radical." It is so neither!!! In a tremendously interesting way, the author does an incredible job of telling the story, step by step, of where we all find ourselves in 2017 and why. The factual, but not dry, story, is one that EVERYONE can learn from. It is truly, truly, an awesome book. I'm on my second read and I have recommended to everyone from my Uber driver to the head of the Finance department of a major university. Do yourself a favor and read it. You will NOT regret it!
Others have reviewed the content and importance of this book. I just want to add a note about the reader experience:This is a smartly written book, yet completely accessible to the general readers without a background in economics. Ms. Baradaran writes a human story, about people and events. This is history, not mathematics. If you want history, and race, and humanity, and politics, this is for you -- the economics comes with the story.
One cannot read Mehrsa Baradaran’s examination of Black Banks and the Racial Wealth Gap without feeling rage or guilt. As an American Citizen, whose American Citizen grandmother was depatriated during the Depression (1.2 Mexican and Mexican American Citizens were deported), and whose family felt the devastating reality of redlining in Los Angeles during the 50’s, this book unearthed a deep pain in me.The devastation of segregation, the internalization of failure and poverty without an understanding of the system that not only created but benefited from the anguish. This book left me exhausted and yet I like others who will read it will be left ultimately empowered.As James Baldwin once said, “The American Soil is full of the corpses of my ancestors. Why is my freedom or my citizenship, or my right to live there, how is it conceivably a question now?†When will America repay its debt.
WOW!!!!!!! Once you open the book it becomes the tool you've been looking for to connect the dots. Thank you Dr. Baradaran
This is the most important book I’ve read since The New Jim Crow. As NJC answered the simple question, “why are so many black people locked upâ€, this book answers, “why don’t black people have any money?†TCOM also brilliantly peels back layers of racially charged dogma to reveal the government policies that led to generational plunder. Hopefully TCOM also sparks a national conversation because any attempts at racial reconciliation that don’t address the racial wealth gap are woefully insufficient. #FireRead #PickItUp
Love reading this book despite how horrific the treatment of African Americans vis a vis the American banks and USA government is painstakingly discussed! Still, the truth is powerful and Black Banks demonstrate the strength of us as a people! Read and learn how systemic racism continues to keep African Americans in a racial poverty gap! #ShameontheUSA!
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