African Americans: The Golden Age Of Capitalism

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This “Golden Age of Capitalism” did not enable everyone to take equal part in as divisions along race were created as a result. The white suburban middle class had the ability to choose and compare prices, buy clothes on credit, finance cars, mortgage a house whereas the black ghetto’s retailors still had a ledger, collected money from door to door, access to credit cards was blocked, and mortgages to the suburbs were not granted. Whites were extended large amounts of credit to finance their movement to the suburbs and purchase homes. Also to durable goods like cars, radios, and televisions. While blacks had to pay under a much larger interest charge and they could be denied access to credit all together. This forced them into ghettos …show more content…

Even though blacks’ “annual spending power of between $250-300 billion [could not halt] the steady decline of urban America”. This presented that institutional barriers prevented blacks from having neither respect nor power. The eventual outcome was a black centered economy where blacks shopped at stores that hired blacks. The new black economy came from both the creation of credit and Jim Crow style segregation. In many instances as credit was not extended to blacks they focused on shopping at black only stores, “[forging] an alternative ‘Black Metropolis’ which rejected white economic control without rejecting capitalism”. We can see this campaign for a ‘Black Metropolis’ in Harlem where the “Don’t buy where you can’t work” campaign took root. This protest arose from middle class blacks losing their jobs to white workers. The overarching goal was to increase job opportunities for blacks in white-collar positions. It grew to be a diverse coalition as poor blacks later joined in hoping that increased access to skilled jobs would on day enable them to work in these white-collar positions. “The 1935 riot in Harlem alerted the white community to the economic discrimination practiced against blacks”. This realization further cements the argument that Jim Crow created a two-tier consumer society one for whites and another for blacks. The politicization of consuming was made abundantly clear in Harlem and it presented a narrow way where African Americans could impact the inequality. The remains of segregation were still seen as “by 1944, the majority of salespeople in Harlem were black” yet the low wages and rampant unemployment of blacks persisted . The larger issue was that the strategy deployed in Harlem was mildly successful overall as the ‘Black

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