The Contribution of Shareholder Primacy to the Racial Wealth Gap

Palladino, Lenore

doi:10.1177/00346446221094868

Cited by 6 publications

(3 citation statements)

References 41 publications

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“…This stands in contrast to core households where (intergenerational) social reproduction relies on financialized assets and employment-related benefits that closely align with the realization of capital accumulation in the core; and in so doing, fuel hierarchical and expansionist capitalist relations. However, while locating the structural position of households within the capitalist system requires analytical specification not only of why and how households are constitutive of core status, it also highlights variation in household "coreness" and the benefits and vulnerabilities this location provides (See e.g., Gale et al 2020;Morelli et al 2022;Palladino 2023). Finally, financial assetization of income streams is differentiated but also patterned.…”

Section: Structural Location Of Households In the World-systemmentioning

confidence: 99%

Analyzing Global Commodity Chains and Social Reproduction

Patel-Campillo

2023

JWSR

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World-systems analysts argue that households take on a structural role within the capitalist system to mediate pressures exerted by the state and economic actors. Underpinning this view is the supply of low-paid and waged labor by household members in the process of social reproduction and the role of households as sites of commodity consumption. Here, I argue that the analytical choice to use the features of low-waged households renders a partial analysis of their structural location within a multi-sited capitalist system. While acknowledging that households across the Global Commodity Chain (GCC) are neither spatially segregated (i.e., global North, global South) nor solely spaces of production or consumption, I suggest that households differ in their structural location within a multi-sited capitalist system, subject to their incidence on the instantiation of hierarchical capitalist relations. First, “core” households differ from their peripheral counterparts via their reliance on financial assetization and capital accumulation in the core for (intergenerational) social reproduction. Second, in the process of social reproduction, core household excess commodity consumption generates metabolic differentials that fuel hierarchical relations of production and place core households in a more central location within a multi-sited capitalist system compared to peripheral ones. Third, the analysis of hierarchical capitalist relations and GCCs focuses on capital accumulation and the extraction of (women’s) household unpaid labor in the periphery. I argue that to more fully capture the extraction of unpaid labor across the GCC, household fluidity and heterogeneity and associated variation in intra-household divisions of labor must be analytically considered.

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Section: Structural Location Of Households In the World-systemmentioning

confidence: 99%

Analyzing Global Commodity Chains and Social Reproduction

Patel-Campillo

2023

JWSR

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“…Several studies have emphasized the importance of racial income convergence, housing policies, or financial inclusion in closing the racial wealth gap (Aliprantis, Carroll, and Young, 2021;Gupta, Hansman, and Mabille, 2021;Boerma and Karabarbounis, 2021). 4 Others discuss the role of financial regulation, assistance to families with children, and reparations for slavery in mitigating racial wealth inequality (Palladino, 2022;Nam, Famighetti, and Hamilton, 2021;Darity Jr. and Mullen, 2020;Zewde, 2020). Our study emphasizes the outsized role played by initial conditions under slavery in determining the speed of convergence between Black and white wealth.…”

Section: Introductionmentioning

confidence: 99%

Wealth of Two Nations: The U.S. Racial Wealth Gap, 1860–2020

Derenoncourt,

Kim,

Kuhn

et al. 2023

The Quarterly Journal of Economics

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The racial wealth gap is the largest of the economic disparities between Black and white Americans, with a white-to-Black per capita wealth ratio of 6 to 1. It is also among the most persistent. In this paper, we construct the first continuous series on white-to-Black per capita wealth ratios from 1860 to 2020, drawing on historical census data, early state tax records, and historical waves of the Survey of Consumer Finances, among other sources. Incorporating these data into a parsimonious model of wealth accumulation for each racial group, we document the role played by initial conditions, income growth, savings behavior, and capital returns in the evolution of the gap. Given vastly different starting conditions under slavery, racial wealth convergence would remain a distant scenario, even if wealth-accumulating conditions had been equal across the two groups since Emancipation. Relative to this equal-conditions benchmark, we find that observed convergence has followed an even slower path over the last 150 years, with convergence stalling after 1950. Since the 1980s, the wealth gap has widened again as capital gains have predominantly benefited white households, and convergence via income growth and savings has come to a halt.

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