Chapters Summary: “Black Asset Poverty and Enduring Racial Divide”

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Chapter Summary: Exploring Asset Poverty

The objective of this section is to highlight a social issue within the context of the United States and it is related to inequalities of holding assets among Black people. Due to the recent changes in economic climate of the state, it is not possible for people to maintain large volume of assets. Furthermore, mostly Black people are suffered from asset poverty and some of them have low value assets as compared to the Whites. Economic statistics of the US is continuously reporting the decline in the assets management value among Blacks especially in the New York City where the populations of Blacks are considerable higher. Therefore, it has been an established fact that social inequalities are still the part of the US social system. The major reason for social inequalities is the attribution of differences among people on the basis of race and ethnicity. Historical evidences have reported that Black population during their migration in the US in 1990s faced violence in terms of economic and social context in the form of paying higher rents and mortgage payments. The racial development with respect to the sociological aspects has been increasing day by day, which results in economic and wealth discrimination among Blacks that do not encourage them to invest in terms of assets. Since, economic crises has made hard for Whites for holding large value assets but it has totally created impossibilities for Black in order to own even considerable profits for their economic sustaining.

However, it is a bitter fact but still discrimination among people on the basis of race and ethnic issues are still alive in the US socialization system that needs to be changed in order to establish equalities among Black and Whites since, the effective social system can be only obtained when Black populations receive the same opportunities for resources and treated equally in terms of providing equal rights for proper living with freedom and economic prosperity (Palmer & Little, 1993).

Chapter Summary: Historical Perspectives

This session is covering the chronological aspects of assets acquisition and its poverty among Black population. The ownership of assets in Blacks established between 1860s till 1940s. Blacks as minority group have been facing wealth inequality issues from many years where they lack the rights for holding their assets for specific time period in order to meet ...