Open Daily: 10am - 10pm | Alley door pickup 10am - 7pm 3038 Hennepin Ave Minneapolis, MN
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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
The Myth of Black Capitalism: New Edition

The Myth of Black Capitalism: New Edition

Hutchinson, Earl Ofari

Paperback

Business GeneralGeneral Political ScienceGeneral Racism & Ethnic Studies

Currently unavailable to order

ISBN10: 1685900313
ISBN13: 9781685900311
Publisher: Monthly Review Pr
Published: Jan 1 2024
Pages: 136
Weight: 0.35
Height: 0.50 Width: 5.40 Depth: 8.10
Language: English

Deciphers the history of Black capitalist rhetoric-- and how it serves to enrich a minuscule few at the expense of the many

In his 1970 book The Myth of Black Capitalism, Earl Ofari Hutchinson laid out a rigorous challenge to the presumption that capitalism, in any shape or form, has the potential to rectify the stark injustices endured by Black people in America. Ofari engaged in a diligent historical review of the participation of African Americans in commercial activity in this capitalist country, demonstrating conclusively that the creation of a class of Black capitalists failed to ameliorate the extreme inequity faced by African Americans. Even Buy Black campaigns which aimed to keep resources in the community, he showed, reinforced a Black bourgeoisie which often enough exploited the Black underclass to increase their own wealth. Whether Black capitalists dared to go up against, or merely tried to find their place amongst, giant monopoly corporations, Ofari argued they would make little substantive progress in the lives of Black people. And whether calls for Black capitalism came from within the Black Power movement for Black economic autonomy, or were appropriated by the old-line Black elite, in the end the promotion of the myth of Black capitalism was a project of the Black elite which solely served the interests of the capitalist managerial class.

It was Richard Nixon who first introduced the notion of Black capitalism into mainstream American discourse, coopting the term at a time when African Americans comprised only 3% of the nation's employers. That number dwindled thereafter, and yet the term only gained cachet following the election of Barack Obama and the increased visibility of the Black elite. Thankfully, just as the rhetoric of 'Black capitalism is being resuscitated, it is being confronted once more. In this second edition of Earl Ofari's pathbreaking book, a Monthly Review Press classic, the author adds a new Introduction, which shows both the enduring strength of the ideology of Black capitalism and its continued inability to change the nature of what has always been a racialized system of production and distribution. Ofari reveals Black capitalism for what it really is: a diversion from the struggle for liberation that works at cross purposes with the fight against exploitation, and a fantasy which enriches a minuscule few at the expense of the many. The Myth of Black Capitalism argues definitively that only a direct assault on the oppression of Black people and the capitalist system itself can bring this exploitation to an end.

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