The Black Social Economy is a concept centered on improving Black wealth. The good news is many countries already have certain parts of this in place. Here are some tips to consider to help better the Black economy and become more self-sustainable.
#1. Forming a Rotating Savings and Credit Association (ROSCA)
ROSCAs have been used in cultures around the world. These are general funds where participating members contribute on a consistent basis and each member is scheduled to withdraw funds if needed at fund meetings.
#2. Contemporary Feminism
In 1969, civil rights activist Fannie Lou Hamer purchased 40 acres of land with the help of donations, and was able to establish shelter, jobs, and food from the cultivated land. This allowed women who had weaker political power to thrive on the land Hamer purchased instead of being disposed to the outside world and the potential hindrances it brings.
#3. The Social and Solidarity Economy (SSE)
An SSE is where organizations are focused on accomplishing economic and social improvement through cooperative relationships that build solidarity among everyone involved. Every person has an equal say in decisions.
A Black Social Economy is possible. It’s going to take us reimagining what it means to work together and to support each other with our dollars.