America has it hard for capitalism. There’s this notion that capitalism is the only system that works. But here’s the thing, other economic systems are far more beneficial to the Black community, and one of them will probably sound familiar.
Cooperative economics is a system in which the people involved own and control an organization. The goal of a co-op is to “meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically controlled business (enterprise).”
There are six main types of cooperatives: consumer, producer, marketing, housing, credit, and agriculture. Each offers a different approach, but ultimately, each has the same goal - to benefit those involved. Black people have used cooperative economics since we were first brought here as enslaved people.
Our ancestors quickly saw that banding together was critical for survival.
Studies have shown that cooperative societies have more positive impacts on the lives involved with them than more traditional economic systems, like capitalism. Cooperatives are based on and in a community; therefore, there are meager poverty rates, homelessness, or starvation.
Our community has always found its strength when we act together. Cooperative economics helped many of our ancestors to survive and thrive when white supremacy tried to keep us down. What’s stopping us from prospering by banding together like this again?