Colloquy - How Slavery's Legacy Lives on in the Racial Wealth Gap

How Slavery's Legacy Lives on in the Racial Wealth Gap

02/01/24 • 27 min

In 2022, white residents of the Greater Boston area had about 19 times as much wealth as Black residents, $214,000 to $11,000, according to the Urban Institute. While the gap is particularly large in this part of the country, it's an issue across the US. In 2019, Black Americans held just $0.17 on average for every white dollar of wealth.

Much has been written about the racial wealth gap, but how has it evolved since emancipation? Why has it been so stubbornly persistent over the past 160 years? And what role does this country's original sin of slavery continue to play in its perpetuation?

The Princeton University Economist Ellora Derenoncourt takes these questions on in "The Wealth of Two Nations," a paper published last year in the Quarterly Journal of Economics. Beginning with the Civil War, Derenoncourt and her coauthors chart the way the racial wealth gap narrowed, stalled, and started to widen again in recent years. She writes, "While policies that address racial gaps in savings and capital gains can be a complement, only the redistribution of large stocks of wealth, like reparations, can immediately reduce the racial wealth gap."

This month on Colloquy: the history of the racial wealth gap.

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How Universities Can Address the Crisis in Democracy

According to the 2023 Democracy Report of the VDEM Institute based at the University of Gothenburg in Sweden, the advances and global levels of democracy made over the past 35 years have been wiped out. Seventy-two percent of the world's population now live in autocracies. Freedom of expression is deteriorating in 35 countries. Government censorship of the media is worsening in 47 countries. Government repression of civil society organizations is worsening in 37 countries. And the quality of elections is worsening in 30 countries.

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