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When the African National Congress (ANC) came to power in 1994, the new government's priorities included redressing apartheid's legacy of economic exclusion. Under apartheid, legislation and practice had restricted the access of non-Whites to job opportunities, capital, business and property ownership, and other forms of economic advancement, leaving vast racial inequalities in wealth and ...
In the United States, Black-owned businesses (or Black businesses), also known as African American businesses, originated in the days of slavery before 1865. Emancipation and civil rights permitted businessmen to operate inside the American legal structure starting in the Reconstruction Era (1863–77) and afterwards.
Black entrepreneuralship has been traced back to Africa itself. University of Texas economic historian Juliet E. K. Walker has argued that the African elites who collaborated in the supply side of slavery lived in kingdoms where agriculture, construction, fishing, craft and merchant guilds were well established, and that the marketability of kidnapped Africans was also linked to their ...
Today, Black-owned businesses span a range of industries, with healthcare social assistance services being the most common. In 2021, Black-owned businesses provided jobs for around 1.4 million ...
In 2021, Black- or African-American-owned businesses brought in an estimated $183.3 billion in annual receipts, according to data from the U.S. Census Bureau.
Black is a racialized classification of people, usually a political and skin color-based category for specific populations with a mid- to dark brown complexion.Not all people considered "black" have dark skin; in certain countries, often in socially based systems of racial classification in the Western world, the term "black" is used to describe persons who are perceived as dark-skinned ...
In what was known as the Red Summers of 1917-1919, many Black-owned businesses in Washington, D.C., Chicago, St. Louis, Houston, Tulsa, and Omaha were decimated during mob violence and racial ...
To counter this, Black people like James Forten developed their own communities with Black-owned businesses. Black doctors, lawyers, and other businessmen were the foundation of the Black middle class. [83] Many Black people organized to help strengthen the Black community and continue the fight against slavery.