The catchy and promising phrase "black capitalism" became part of the language when Richard Nixon promised during his election campaign that his Administration would step up loans and other aid for Negroes to start their own businesses. As Nixon put it, the Government should act decisively to help Negroes gain their fair "piece of the action." The rather general idea that Negroes should lift themselves up through business ownership, as many other ethnic groups had done in the U.S., inspired hope and some votes among people of all races. "To the extent that programs of 'black capitalism' are successful,"...
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