Opinion: Is Black Capitalism a Mistake?

The Nixon Administration's effort to foster black capitalism has not yet resulted in the establishment of many Negro businesses. Critics have generally faulted the Administration for failing to provide a coordinated program of loans and other help to would-be black entrepreneurs. Actually, the difficulty may be much more fundamental. Last week in Manhattan the nation's most prominent black economist contended that encouraging Negro-owned business in city ghettos is a mistaken strategy for promoting racial equality.

Andrew Brimmer, a governor of the Federal Reserve System and a former Assistant Secretary of Commerce, offered his view in a paper presented to the American...

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