The Myth of Black Buying Power

Economic Update with Richard D. Wolff

Democracy at Work

Coops, Economics, Economy, Workercooperative, Capitalism, Politics, News, Government

4.8 • 1.9K Ratings

🗓️ 10 April 2024

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

[EU S14 E14] Economic Update: The Myth of Black Buying Power

This week’s Economic Update Professor Richard Wolff discusses how the capitalist political economy can explain the Baltimore bridge disaster, we explain why raising minimum wages helps big vs small businesses. We highlight the recent court rulings in New York and how cities can lower rents for their citizens as Kingston, NY just did, (if tenants mobilize to do so).

Finally an Interview with Professor Jared A. Ball on the myths of black buying power and black capitalism and the role such myths play in supporting capitalism.

Jared A. Ball is a Professor of Communication and Africana Studies at Morgan State University in Baltimore, MD. and author of The Myth and Propaganda of Black Buying Power. Ball is also host of the podcast “iMiXWHATiLiKE!”, co-founder of Black Power Media

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Transcript

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0:00.0	Welcome friends to another edition of Economic Update, the weekly program devoted to the economic
0:16.8	dimensions of our lives and those of our children.
0:20.5	I'm your host Richard Wolf.
0:23.0	I want to remind you that Charlie Fabian is ready and waiting to take whatever suggestions
0:28.7	you have regarding future segments of this program. You can reach him via email at Charlie dot info 438 at gmail.com once again Charlie dot info 438 at gmail.com.
0:48.8	In today's program we're going to be talking about the Baltimore Bridge disaster, about minimum wages in the United States,
0:57.6	and about cities able, willing, and now having done successful rent reduction for the people living there,
1:08.0	something that concerns Americans struggling with
1:15.0	Professor Jarett Ball, a professor of communications in African
1:17.0	the program will have an interview with Professor Jared Ball,
1:20.0	a professor of communications in Africana studies, who's going to be talking about black buying power and black capitalism here in the United States.
1:33.0	Okay, I'm sure all of you have seen the pictures that are really striking of that freighter loaded with containers that crashed into the Francis Scott Key Bridge outside of Baltimore, Maryland, a few weeks ago.
1:52.0	It was a terrible disaster. There was loss of life. There was
1:57.2	terrible damage and there was real destruction of trade routes and schedules and economic losses and all the rest.
2:08.0	A genuine catastrophic accident that happened here in the United States. And it led people to comment yet again
2:17.1	that much of the infrastructure of the United States, the roads, the highways, the bridges, the tunnels, all those things without
2:26.4	which a modern economy cannot exist.
2:30.2	Why they are so poorly maintained, why they are so poorly maintained, why they are so poorly attended to.
2:37.0	In the case of the bridge in Baltimore, everyone wants to know. Why were there no barriers around the pillars that held the bridge up?
2:47.0	Why was no attention given to these super large cargo ships that have trouble navigating various rivers and bridges
2:56.4	which were built when shipping was much smaller and much less heavy and so forth. Why are there not reviews of all the old bridges, especially when the government
3:09.1	of the United States has a ranking that indicates that tens of thousands of bridges in the United States
	...

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