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The Political Economy of Education, Financial Literacy, and the Racial Wealth Gap

18 Pages Posted: 16 Feb 2017 Last revised: 16 Sep 2017

Darrick Hamilton

The New School - Department of Economics

William A. Darity Jr.

University of North Carolina (UNC) at Chapel Hill - Department of Economics; Duke University - Department of Economics

Date Written: 2017

Abstract

This article examines the mismatch between the political discourse around individual agency, education, and financial literacy, and the actual racial wealth gap. The authors argue that the racial wealth gap is rooted in socioeconomic and political structure barriers rather than a disdain for or underachievement in education or financial literacy on the part of Black Americans, as might be suggested by the conventional wisdom. Also, the article presents a stratification economic lens as an alternative to the conventional wisdom to better understand why the racial wealth gap persists.

Keywords: J15, Z13

Suggested Citation

Hamilton, Darrick and Darity, William A., The Political Economy of Education, Financial Literacy, and the Racial Wealth Gap (2017). Review, Vol. 99, Issue 1, pp. 59-76, 2017. Available at SSRN: https://ssrn.com/abstract=2918735 or http://dx.doi.org/10.20955/r.2017.59-76

Darrick Hamilton (Contact Author)

The New School - Department of Economics ( email )

65 Fifth Avenue
New York, NY 10003
United States

William Darity

University of North Carolina (UNC) at Chapel Hill - Department of Economics ( email )

Chapel Hill, NC 27599
United States
919-966-5392 (Phone)

Duke University - Department of Economics ( email )

213 Social Sciences Building
Box 90097
Durham, NC 27708-0204
United States

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