Fundamental focal point of DGEP’s Racial Economic Equity by Design is recognizing the intricacies of past harm
In terms of black American’s, one of the events that substantially weakened their economic foundation, was 1-way economic integration.
There had been an assumption by many black leaders that when social integration happened as a result of the Civil Rights Era, that economic integration would happen as well. However, not only did segregation end as a result of social integration, but the economic integration was one directional – black capital left black communities and went fully into white communities – but white capital did not reciprocate. This, over the last 60 years, has hollowed out Black America to the point that a certain species of black business is nearly extinct – those black businesses with paid employees. This process has de-anchored the economic foundation of Black America to a crisis level. This is a key contributor to racial equity in the United States. Black America is the only racial demographic in business that is seeing a decline in anchoring businesses in the ecosystem (i.e. businesses with paid employees). Though much attention began to be paid to the need to support black businesses by patrons of all races in Summer 2020 follow the killing of George Floyd and other unarmed black people, in order to change the economic condition of the black community and black world, it is going to take more than a couple of “buy black initiative” days.
As a result, DGEP will nurture two additional sub-initiatives aimed at anchoring the Black America’s economic upbuilding: 1) Project to Flatten the Racial Economic Equity Curve; and 2) Reparative Justice Initiative.
Key Metrics to Flattening Curve
The Project to Flatten the Racial Economic Equity Curve will track and evaluate 6 keys metrics to upbuilding the black economic ecosystem, in order to drive a more equitable American STAMPS economic ecosystem. Those 6 metrics are:
- Measurement 1: Number/Share of Black Businesses with Paid Employees
- Measurement 2: Amount/Share of Black Business Revenue with Paid Employees
- Measurement 3: Amount/Share of Diverse Public Capital available to and invested in Black Entrepreneurs and Black Businesses
- Measurement 4: Amount/Share of Diverse Private Capital available to and invested in Black Entrepreneurs and Black Businesses
- Measurement 5: Geographic dispersion of Black Businesses Across Diverse Economic Zip Codes
- Measurement 6: Number of Black Children being introduced to innovative environments in elementary, middle, high school; college; and beyond
Reparative Justice Initiative (RJI)
As a means of reparative justice, DGEP will seek strategies to assist capital flows amongst all populations. This would help to repair the damage done over time to the black STAMPS ecosystem.
The Reparative Justice Initiative (RJI) aims to take a more comprehensive look at how BIPOC communities can receive repair for the centuries of harm they have suffered. Much of reparative justice targets National Reparations program (i.e. US House Resolution 40). This is an important conversation. However, there are also many other culpable players that engaged in oppression and suppression of BIPOC communities. RJI looks at identifying and advocating for more comprehensive reparative justice strategies for past and present harm. These may include Dr. William Darity’s work on “Baby Bonds” and other strategies.