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

Author: Darrick Hamilton, William A. Darity Jr.
Topic: Financial literacy
Publisher: Federal Reserve Bank of St. Louis
Location: United States
Format: Report
Content Type: Research
Publication Date: March 31, 2017