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Minority usiness: Where
are our u ff alo? Il
The boss
Readers respond to issues of African American economy
By Prof. McKinley Burt
Last week’s article certainly got
a resounding response from some
o f the readers: First, I was pointedly
reminded that in my book, “ Black
Inventors o f America,” I devoted a
chapter to a discussion o f so-called
“ Black Capitalism” and an optim is
tic forecast that even give the cited
economic and social disabilities ot
the times (1969), there appeared to
be enough movement to spark a f i
nancial “ Renaissance.” (B uffalo re
turning?)
And almost an equal number have
asked i f I saw the Associated Press
article last week stating that the buy
ing power o f L a tin o consum ers
“ is s lo w ly g a in in g on A fric a n
A m e ric a n p u rc h a s in g p o w e r:
$348 b illio n th is year fo r an I I
percent sector o f the p o p u la
tio n ." We had cite d blacks at
$450 b illio n fo r 12 percent o f
the p o p u la tio n . T h is in fo rm a tio n
from the S elig C enter fo r Eco
nom ic G ro w th ’ defines purchas
ing power as "the total personal in
come available after taxes for spend
ing on goods and services."
I did indeed and was as impressed
as the readers who noted “ the phe
nomenal rate o f growth o f the Latino
economy” and the fact that Hispan
ics have a national “ chamber o f com
merce in Washington, D.C.” These
comments centered around our
reader’s concerns about “ a lack ot
structure and direction in today’s
African American thrust to gain eco
nomic parity in Am erica,” - which
took many back to an earlier query
in these pages: “ So just what was the
'M illio n -M a n -M a rc h ' a ll about,
where are the returns on the invest
ment o f all that social capital’ ?”
There were several references to
the international “ G-7 Economic
Conference” held in Denver this past
weekend, w ith one black business
woman saying: "Y ou would think by
this time. African Americans would
be holding regional economic con
ferences around the county, assem
bling and making available for our
own use’ the incredible talent and
wisdom o f the black technological
geniuses you cite d last week.
Shouldn’t that have been what the
’ M arch’ was about...a determ ¡nation
and commitment to return home and
develop /implement our abundance
o f resources, from Neighborhood
C apital’ on up?”
A woman w ith two sons in col
lege asks “ are we not still educating
our children for sale to the highest
bidder, industry or new black mar
ket men?'...ratherthan designing and
fin a n c in g co m m un ity econom ic
structures whereby their talent and
vigor can be channeled into enter
prises to enrich our lives. She cites
the church/food market connection
featured in a recent edition o f the
Portland Observer.
Others point out that governmen
tal support o f 'M in o rity Business'
and Set-aside' contracts are under
heavy fire and phenomenal attrition
- paralleling the attacks on "race-
based structures” in the educational
sector And some point out. sensi
bly, “ it may all very well be our own
fault” - an African American view
p o in t being in cre a sin g ly heard
around the country
Among other cities, the Reader
Columns’ in Atlanta and Milwaukee
com m unity newspapers have re
flected a growing admission ot a
naivete that permitted politicians to
play a'race hand” from singing along
w ith the Freedom Marches - to the
Great Society - to Model Cities -
and finally to Urban Renewal (Re
moval) and the death throes o f any
hopes o f a functional African A m eri
can business comm unity that would
be uncontrolled and directed by the
Federal Government.
Last week’ s report o f a Native
American CEO and his tribe's in
dustrial conglomerate (casino -fi
nanced) prompted such inquiries as
“ Why d id n ’t we continue or resume
the real estate development suc
cesses o f earlier black Portlanders0
- their financing came from com
m unity-ow ned investment clubs,
monies pooled from their salaries
to provide housing and business. "
Next week we continue our
search for the buffalo
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Clean rivers and streams begin with each of
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to protect your neighborhood stream and our
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Scoop up after your pet! Dispose of pet
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823-1266