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Can I Get Some CHANGE?: The Brilliance of the Black Dollar

Writer's picture: MiDian HolmesMiDian Holmes

The Black dollar is not merely currency—it is a revolutionary force, a testament to the resilience, innovation, and brilliance of our people throughout history. From the early days of emancipation to the modern era, our economic contributions have shaped industries, transformed markets, and inspired the world. Yet, the full potential of the Black dollar remains untapped, hindered by systemic inequities, skewed media, and a persistent undervaluing of our worth. The history of Black wealth, the patterns of Black spending, and the unyielding brilliance that continues to define our economic impact is the epitome of stewardship, but we don’t see the celebration of our wisdom in mainstream platforms. No matter if you are ready or not, we are faced with a call to action—to reclaim, redirect, and amplify the power of our economic prowess.


A Legacy of Black Wealth

The roots of Black wealth stretch deep into the soil of ingenuity and self-determination. Despite the shackles of enslavement and the oppressive forces of Jim Crow, Black Americans built thriving economies. In the late 19th and early 20th centuries, communities like Tulsa’s Greenwood District, also known as "Black Wall Street," flourished with self-sufficiency and prosperity. Black-owned businesses, banks, and institutions provided vital services to our communities and demonstrated the untapped potential of collective economic action. But we often talk about and celebrate the brilliance of Tulsa, which we should, AND we should become wise on how widespread this success was. Sadly, communities like Durham, North Carolina’s Hayti District are rarely discussed. Yet; these ancestors flourished as well. Hayti boasted hundreds of Black-owned businesses, including banks, insurance companies, schools, and hospitals and that is just one of many examples that we don’t talk about enough, and it is simply because the proverbial “they” don’t want us to remember.


These legacies were not shaped without resistance. Time and again, white misanthropic violence sought to destroy what we built. From the burning of Black Wall Street in 1921 to the “urban renewal” that wiped out a value of $300 million dollars in business in Hyati, discriminatory policies excluded us from homeownership and wealth-building opportunities and systemic racism continues to be a persistent adversary. Yet, our brilliance endures.


Patterns of Black Spending

Today, the spending power of the Black community is undeniable. In the United States alone, Black consumers wield over $1.8 trillion in annual purchasing power. Yet, much of this wealth flows out of our communities, benefiting corporations and industries that often fail to invest in or respect us.


Historically, Black spending has influenced cultural and economic trends. In the mid-20th century, Black consumers played a pivotal role in saving the Cadillac brand from financial ruin. During a time when Cadillac’s reputation was waning, Black buyers embraced the luxury vehicle as a symbol of success and resilience. This surge in sales revitalized the brand, proving once again that the Black dollar has the power to sustain industries, and this was during the Great Depression. How you may ask? Because Black people were forbidden to place their money in banks that the FDIC protected, our community was not as impacted as the white community during that economic crisis.


Despite this influence, Black communities have faced predatory practices, redlining, and a lack of reinvestment. The pattern is clear: our dollars build wealth for others while our communities remain underfunded and underserved. This is both a reflection of our spending habits and a testament to the systemic barriers we face in achieving economic equity.


Brilliance Across Industries

From agriculture to technology, fashion to finance, Black brilliance shines in every industry. We are the innovators, the trendsetters, and the culture-makers. Yet, our contributions are often co-opted, monetized, and credited to others. This is not new. Historically, Black inventors and entrepreneurs have driven progress despite systemic efforts to erase their contributions.


Consider Madam C.J. Walker, the first self-made female millionaire in America, who revolutionized the beauty industry with her line of hair care products. Or George Washington Carver, whose agricultural innovations transformed farming practices and demonstrated the boundless potential of Black ingenuity. Today, figures like LeBron James, whose I PROMISE School redefines educational support, Ava DuVernay, who reshapes Hollywood with stories centering Black excellence, and Arlan Hamilton, a venture capitalist investing in underrepresented founders, carry this legacy forward. These leaders show the world what is possible when Black brilliance is fully realized.


Resolutions for Economic Justice

To translate the history of our economic prowess into actionable resolutions, we must take deliberate steps:


  1. Invest in Black-Owned Businesses: Redirecting our dollars to support Black-owned enterprises keeps wealth circulating within our communities and strengthens our economic foundation.

  2. Demand Accountability from Corporations: Use our collective spending power to hold companies accountable for equitable hiring practices, fair treatment, and meaningful reinvestment in Black communities.

  3. Educate and Empower: Financial literacy and education are critical tools for breaking generational cycles of economic disenfranchisement. Equipping our community with knowledge ensures that wealth-building strategies are accessible to all.

  4. Organize and Advocate: Collective action amplifies our voice. Joining and investing in organizations that champion economic justice and systemic reform ensures that our demands are heard and met.


The Future of the Black Dollar

The Black dollar is a force to be reckoned with, a symbol of our enduring power and potential. By honoring the legacy of those who came before us and embracing strategies for collective economic action, we can rewrite the narrative. We can demand respect, equity, and reinvestment in our communities. We can ensure that our brilliance is not only recognized but rewarded.


The Black dollar is not just currency—it is a movement. It is a testament to our past, a reflection of our present, and a path for a REAL future. Can you imagine what it would look like if we harnessed this power to transform commerce, challenge inequity, and build a legacy of wealth that honors the brilliance of our ancestors and inspires generations to come? That dream may seem unattainable because it is tethered in “inconvenience”, but what is the proverbial cost if we continue to only conceptually envision this, and not put practical steps in place to make CHANGE - pun intended!

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