The Mission of selective choice is to awaken the minds of African Americans, that the solution to our major problems are in our hands, and to prolong the turnover of the dollar in the black community.
Our Vision is to empower and uplift the Black community by fostering robust economic development, equitable opportunities, and sustainable prosperity. We envision a future where every Black individual and business thrives, and economic disparities are eradicated. Through strategic initiatives, inclusive policies, and collaborative efforts, we strive to create an ecosystem that promotes wealth creation, fosters entrepreneurship, and ensures equal access to capital, education, and resources. By building strong networks, cultivating talent, and dismantling systemic barriers, we aim to forge a path toward economic self-determination, generational wealth, and lasting socioeconomic advancement for the Black community. Together, we will champion economic justice, cultivate innovation, and create an inclusive economy that reflects the diversity and strength of the Black experience.
A study by the Selig Center for Economic Growth found that money circulates one time in the African American community, six times in the Latino community, and nine times in the Asian community. In white neighborhoods, money circulates an unlimited number of times. In part, this explains the wealth gap for Black communities.
Buying Power vs. Money Circulation
Although Black people have more buying power than ever before, their economic prosperity is still limited. Buying power, or the amount of income someone must spend does not equate to economic growth. Although Black people have $1 trillion gross national income, only 2 percent is reinvested into Black communities.
The key is that income needs to stay in the Black community for longer. Currently, a dollar circulates six hours in an African American community, compared to 20 days in a Jewish community and 30 days in an Asian community.
The Importance of Supporting Black Businesses
To have higher money circulation, Black communities need to reinvest their money into Black businesses. There needs to be a greater effort to purchase from Black-owned retailers instead of White-owned chains.
Another way to circulate money is for African Americans to start their own businesses. This helps to generate wealth and pass it to the next generation.
Learn about Black Wall Street history.
The Empowerment Experiment
Maggie Anderson, the author of “Our Black Year,” decided to only buy from Black-owned businesses for a year. Though she and her husband expected to have some challenges, the Empowerment Experiment revealed a stark reality. For example, they only found one Black-owned dry cleaner in the entire Chicago area.
The Decline of Black Businesses
Part of the reason for the lack of Black businesses is due to a lack of customers. Black businesses have found it hard to survive in recent years. Researchers think that this is due to a feeling of Black inferiority towards other Black people that dates to slavery and segregation.
Integration might be one of the causes of the decline of Black businesses. During segregation, Black-owned companies had customers who had no other choice but to frequent their stores. Once segregation ended, those same Black customers may have felt that White-owned businesses were superior.
It is important to note that while empowering individuals is crucial, addressing major problems requires a multifaceted approach that involves various stakeholders, including government institutions, community organizations, and allies from diverse backgrounds. Working together, these groups can support initiatives that promote equality, justice, and the overall well-being of Black Americans.
Overall, the mission of selective choice aligns with the idea that individuals and communities have the power to shape their own destinies and contribute to positive societal change.