The Importance of Group Economics
By NaTyshca Pickett
If you’ve been following Pinky Cole, the founder of Slutty Vegan, on Instagram, about a week ago, she started a group economics experiment to see if the Black community can put its money together to support another Black owned business.
Not only did the community come together, but exceeded her expectations of helping a business make over $50,000 in three days.
Group economics plays a crucial role in the Black community and has been instrumental historically in fostering economic empowerment and resilience. Here are several key aspects highlighting its significance:
Wealth Creation and Circulation: Group economics involves pooling resources, such as finances, skills, and knowledge, within the community. This collective effort enables wealth creation, which in turn circulates within the community rather than being predominantly spent outside of it. By supporting Black-owned businesses and initiatives, community members contribute to the economic growth and stability of their own neighborhoods.
Entrepreneurship and Job Creation: Encouraging entrepreneurship within the community fosters job creation and economic independence. Black-owned businesses not only provide employment opportunities but also cater to the specific needs and preferences of the community. This cycle of entrepreneurship can uplift individuals and families by offering avenues for economic self-sufficiency.
Building and Sustaining Institutions: Group economics supports the development and sustainability of community institutions such as banks, credit unions, and cooperatives. These institutions can provide financial services tailored to the needs of the community, including access to capital for aspiring entrepreneurs and homeowners.
Resilience and Self-Determination: By practicing group economics, the community reduces reliance on external systems that historically may have excluded or disadvantaged Black individuals. This fosters resilience and a sense of self-determination, empowering community members to shape their economic future collectively.
Cultural Preservation and Innovation: Group economics often involves supporting cultural enterprises and initiatives that celebrate Black heritage. This not only preserves cultural identity but also stimulates innovation and creativity within the community.
Political and Social Influence: Economically empowered communities can wield greater political and social influence. By controlling resources and wealth within the community, Black groups can advocate for policies that address systemic inequalities and promote equitable economic opportunities.
Group economics serves as a powerful tool for fostering economic empowerment, self-reliance, and community development within the Black community. It is both a strategy for addressing historical economic disparities and a pathway towards greater economic resilience and prosperity.