Malcolm X advocated for economic autonomy as a weapon of liberation. From Detroit to today’s neighborhoods, his message about Black entrepreneurship remains powerfully relevant. A spotlight on a militant economic legacy, encompassing boycotts, business creation, support for Black-owned shops, and financial sovereignty. A cornerstone in the fight for dignity and independence.
“The economic philosophy of Black nationalism only means that we should engage in a program of re-education—educating our people to the importance of knowing that when you spend your dollar out of the community in which you live, the community in which you spend your money becomes richer and richer, and the community out of which you take your money becomes poorer and poorer.”
— Malcolm X, “The Ballot or the Bullet,” King Solomon Baptist Church, Detroit, Michigan – April 12, 1964
Malcolm X’s influence on black economics
Malcolm X deeply believed in the power of Black economics. In his speech “The Ballot or the Bullet,” he clearly explains how buying Black benefits us. Conversely, he emphasized that refusing to buy Black or failing to create our own opportunities can lead to the downfall of our communities. According to Malcolm:
“When you spend your dollar out of the community in which you live, the community in which you spend your money becomes richer and richer; and the community out of which you take your money becomes poorer and poorer.”
— Malcolm X, “The Ballot or the Bullet,” King Solomon Baptist Church, Detroit, Michigan – April 12, 1964
Black entrepreneurship and economic equality
To prevent the Black community from becoming increasingly impoverished, Malcolm X proposed that we create our own shops. Once established, he encouraged us to grow these into larger operations. In his speech, he referenced how companies like Woolworth and General Motors started small and expanded significantly. Woolworth ceased operations in 1997, but General Motors is still going strong.
After giving these examples, the political activist and African American human rights advocate encouraged us to create our own businesses. And where was the best place to start, according to him? Within our own community—where we could generate job opportunities for our brothers and sisters.
Challenges and successes
Malcolm X envisioned us creating job opportunities for our own communities by building our own businesses. With Black purchasing power reaching $20 billion per year in the 1960s, he believed that his fellow Civil Rights Movement leaders should have taught the African American community to pool their wealth and start their own enterprises.
Once they had their own businesses, African Americans would no longer have to “beg” white people for jobs. In today’s France, are we better off than our brothers and sisters in 1968 America? While our histories are not identical, the masses of France’s Black community still find themselves at the bottom of the socioeconomic ladder.
We don’t need a PhD in economics to assess the economic conditions of working-class neighborhoods, where the majority of Black people in France reside. Across the country, we find urban areas with a shortage of opportunities but an abundance of subsidized housing (HLMs) and despair. These problems will persist unless we decide that this situation has lasted long enough. We already know the solution. The time for speeches is over—what we need now are concrete economic actions!
Malcolm X’s legacy today
Malcolm X would be proud of us for creating businesses like Bao – Le marché du soleil, Groomers, and Nofi Store. When we buy products from these companies, we’re telling Malcolm X that we heard and understood his message! More importantly, we carry on his legacy by founding more Black-owned businesses.
Summary
- Malcolm X’s influence on Black economics
- Black entrepreneurship and economic equality
- Challenges and successes
- Malcolm X’s legacy today
