“I think being able to understand that African American communities were once thriving centers with cultural institutions and banks and theaters, places of worship, schools and homes and beyond, has set a blueprint for restoring that sense of community and the ability to To create healthy and lively neighborhoods, ”he says.
Fairchild has spent a great deal of time looking into how black communities can be financially revitalized. Although segregation is illegal, most Americans remain segregated, live in neighborhoods, and go to school with people who look like them. According to Fairchild, this leads to low social and economic incomes for black Americans as this financial inequality begins practically at birth.
One way to fill this gap is to set up financial institutions like banks and credit unions in low-income communities run by blacks or members of other marginalized groups.
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“The presence of financial institutions in places where people live and work becomes important as these financial institutions are mechanisms for raising capital for the local entrepreneur,” says Fairchild. “They are mechanisms that enable people living in these communities to gain access to savings or credit products.” But perhaps most importantly, says Fairchild, Americans are realizing that society is largely segregated and taking steps to end it.
“I call it the illusion of inclusion,” he says. “I tend to believe that companies will begin to reflect on the environment in which people live and work. Since we live in separate communities and attend separate schools, I would expect the businesses we run to remain separate unless we intend our recruiting, development, and promotion. “(VOA)