▶︎ racism in economics
Embedded Files
The Economic Cost of Racism
When you think of the word "racism" what's your first thought? Someone calling someone else a rather derogatory word? A person of color getting dragged through an unimaginable hate crime just because the color of their skin? What about families of minorities struggling to live under their own roof while non minorities success just because the color of their skin? This is real and it is called systemic and structural racism and while it's blind to nearly everyone, it's just as important as blatant racism.
Systemic and Structural Racism are forms of racism that are pervasively and deeply embedded in systems, laws, written or unwritten policies, and entrenched practices and beliefs that makes it unfair for people of color, with adverse health consequences. Some examples that will be touched upon today are residential segregation, schools' dependence on local property taxes, biased policing and sentencing of men and boys of color, as well as many more.
One example of systemic and structural racism is redlining, or the illegal discriminatory practice in which a mortgage lender denies a loan or an insurance provider restricts services to a house or a community due to the applicant's neighbourhood that is often sheded in a racist light. Redlining also includes unfair and abusive loan terms for borrowers, deception, and penatles for prepaying loans which can cause harm for people of color due to those neighbourhoods and residents often falling behind other non-redlined neighbourhoods.
The history of this racist practice can be dated back to the 1930s
Page updated
Report abuse