Wealth Building Lessons of Booker T. Washington for a Black America.The African American African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. community has yet to build up its supply of capital into the critical mass needed to make a substantial impact on the nation's economy. T. M. "Ted" Pryor wrestles with that problem in his book, Wealth Building Lessons of Booker T Booker T may refer to
Pryor explains how black America can finally put its $360 billion annual income to work for black Americans using three components--the National Business League (NBL NBL National Basketball League (Australia) NBL National Bicycle League NBL Neutral Buoyancy Laboratory NBL Neuroblastoma NBL New Brunswick Laboratory NBL Not Bloody Likely NBL National Baseball League NBL Nothing But Love ), an investment corporation and the black press. He advocates industry building, a concept proposed by Booker T. Washington, the founder of Tuskegee University Tuskegee University, at Tuskegee, Ala.; coeducational; chartered and opened 1881 by Booker T. Washington as Tuskegee Normal and Industrial Institute. It became Tuskegee Institute in 1937 and adopted its present name in 1985. . The crux of Pryor's strategy involves unifying the already existing 450,000 black businesses under the NBL, an umbrella organization
An umbrella organization is an association of (often related, industry-specific) institutions, who work together formally to coordinate activities or founded by Washington in 1900. The NBL would be an administrative center to finance the struggles against unemployment, political marginalization mar·gin·al·ize tr.v. mar·gin·al·ized, mar·gin·al·iz·ing, mar·gin·al·iz·es To relegate or confine to a lower or outer limit or edge, as of social standing. and injustice. The book also outlines a Capital Accumulation Most generally, the accumulation of capital refers simply to the gathering or amassment of objects of value; the increase in wealth; or the creation of wealth. Capital can be generally defined as assets invested for profit. Plan that would finance the black economic base by starting an investment corporation. For example, there are at least 100,000 members of each of the eight black sororities and fraternities. Pryor says that if the national offices invested their dues, then set up an investment corporation, each office could then open the floor to individual investors. If each member were to invest $10 a share for 500 shares, the investment corporation could accumulate about $40 million initially. Finally, Pryor says that the black press can be used to unite African Americans around the cause of collective wealth building. As a result, black America would finally be in a position to embrace what has long been absent in its communities: power. The book's ideas are not new. They were most recently discussed at the Million Man March in Washington in October. The BE reader can use this book to gain an understanding of wealth-building principles. |
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