The Economics of Race

For two decades Robert E. Weems, Jr. has been studying interrelated aspects of African-American business and economic history at levels both local and national. The MU professor of History observes that the history of black economic development in Columbia, Missouri, with its once-thriving black business district, stands as a microcosm of national trends. “For a variety of social and economic reasons,” he notes, “we literally see black businesses disappearing from the landscape of America.” Weems’ first book, Black Business in Black Metropolis: The Chicago Metropolitan Assurance Company, 1925-1985 (1996), based on his dissertation research, explored the factors underlying this change. The history of this now-defunct black insurance company in Chicago has implications for the economics of race in America in general.