What can a vilified community do today ?
How a vilified community can be respected by wider society
What can a vilified community do today ?
According to Thomas Sowell, a renowned economist covering economic inequalities, suggests economic mobility can significantly increase with strong cultural capital[1]. We understand cultural capital as values and norms within a family or society which are likely to lead to economic mobility – hard work, curiosity, empathy, intellectual honesty, ability to think abstractly, patience, drive to make societal change and being part of a tight-knit community.
One potential way to speed up this process is by providing opportunities for families to encourage these norms to proliferate. Such initiatives to support such a goal can vary from creating a tight knit community (a stellar example are the Afrikanners broederbond who were able within a generation transform from being oppressed by the English in South Africa in the early 20th century to running a draconian apartheid state with significant economic growth by the mid 20th century). Other initiatives include encouraging a strong worth ethic and drive where lessons can be learnt by model minorities in the US such as East Asian who would have arrived in the US in the 20th century with little money or being able to speak English. Yet, with their drive they are considered one of the most affluent groups (in terms of household wealth) in the US.
Another potential way is to build an eco-system for a vulnerable community to start and grow businesses. An example of a venture could consist of a non-profit foundation that invests in individuals that advance the mission where private markets would not touch as deemed to risky. Whilst the proceeds of such an investment are spent on similar types of ventures.
Examples of such investments could include initiatives that create specific value which increases a community’s cultural capital whilst such a non-profit capturing a portion of the value created.
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[1] https://www.moderntreatise.com/opinion/2021/2/11/the-path-forward-thomas-sowell