Neighborhood Economics: Cultivating Black Entrepreneurship and the Legacy of Black Wall Streets

The Mindful Marketplace with Joel Skene

Ever wondered how capitalism can evolve into a force for social good? Our latest episode features Lynier Richardson, a distinguished academic and entrepreneur with deep roots in community development and economic empowerment. Together, we dissect the complex tapestry of social enterprises, revealing how profitability and social impact aren't mutually exclusive but rather complementary facets of modern business. Lynier brings his wealth of knowledge from Rutgers Business School to the table, painting a picture of an economy where undervalued assets in marginalized communities are recognized and harnessed, inspiring a new generation of ethical investors and entrepreneurs.
The conversation takes a turn as we scrutinize the traditional measures of business success, suggesting a paradigm shift where long-term gains for both community and environment are paramount. Lynier and I share our reservations about practices like payday lending and discuss the need to balance respect for capital with accountability for its broader implications. It's a discourse that bridges the gap between the academic and the practical, examining the ethical nuances that must be navigated to foster inclusive economic growth.
Wrapping up our exploration, we celebrate the resilience and innovation of black entrepreneurship, focusing on the historical significance and potential revitalization of Black Wall Streets. We reflect on the transformative power of local economies and the role of conferences like the Neighborhood Economic Development Conference in connecting capital to community projects. As a professor, I share my encouragement for students to apply their business skills to societal challenges, making this episode not just a conversation, but a call to action for listeners to rethink success and engage in impactful economic practices.
https://www.business.rutgers.edu/faculty/lyneir-richardson

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Chapter

1. Investing in Impactful Social Enterprises (00:00:00)

2. Capitalism and Social Impact (00:11:58)

3. Redefining Capitalism (00:17:35)

4. Building Inclusive Economies for Success (00:27:43)

5. Rebuilding Black-Owned Businesses, Stimulating Growth (00:34:21)

6. Neighborhood Economics and Inclusive Economic Growth (00:39:54)