Practicing group economics and recirculating wealth is a key and crucial component in the development of the Black community. About 43 million people of African decent are living in America; Out of 43 million, $1 Trillion dollars is spent annually, out of $1 trillion, only 3% is spent with black owned businesses. Without any prosperous black owned businesses in our community we lack all the elements needed to thrive such as Jobs, Capital, institutions, and political power. The absence of political power and capital forces us to be dependent on the same oppressive government that was always been dominate in our struggle.
A member of the Jewish Business Network gave a speech about how important it is for the Jews to support one another. She went on to say that it is very important for the Jews to only buy from members of the Jewish family; even if they pay more than they would somewhere else, ideally, they must buy from each other. They practice group economics and understand that if they don’t support there no one else will. The Asians set another good example of practicing group economics being that 87% of the capital stays within their community. The Shakopee Mdewakanton native tribe in Minnesota pays $1 Million a year to each of its 480 members, (that’s $84,000 a month to each member) from the funds they receive from their luxury casinos. Because of these communities recirculating the wealth with their own, things such as police violence, poverty, foreclosure, and proper education departments is not a concern with in their population. They are dependent on themselves and no one else.
A little over 100 years ago, Marcus Garvey was one of the first to encourage people of African descent to “buy black”. We cannot limit our possibilities to American standards he once said in a speech he gave in 1924 entitled “Look for Me in A Whirlwind or A Storm”. As a seral entrepreneur, himself, owning A chain of restaurants, Grocery stores, Schools, a Doll Factory, a steam Laundry shop, a hotel, as well as four steamships in which he only employed black people. His example and model is one that we all should follow to maintain the revenue in our society. Just imagine, spending just 10% more with black owned business could yield $11 Billion in profit for our community, 11,000 Black Millionaires, and 275,000 jobs where each employee makes 40k a year; then, we could elect our own city officials, build our own schools & institutions, and most importantly we won’t have to rely on government assistance for us to be comfortable and dominate in our own community.
For us to take our community back we must change our way of thinking instead of trying to change the minds of our oppressors. Brothers such as Jay Morrison, Dr. Boyce Watkins, Dr. Claud Anderson, and Brother Delxino Wilson de Briano are all enthusiastic in trying to change the financial mind state of the Black Community. Enterprises such as Recycling Black Dollars, The Buy Black Movement ran by Brother Delxino, and the Empowerment Experience are also programs trying to motivate the African American community to support each other but we all must be on one accord and want better for ourselves and our children.