The Business Case for Racial Equity
Striving for racial equity—a world where race is no longer a factor in the distribution of opportunity—is a matter of social justice. But moving toward racial equity can generate significant economic returns as well. When people face barriers to achieving their full potential, the loss of talent, creativity, energy, and productivity is a burden not only for those disadvantaged, but for communities, businesses, governments, and the economy as a whole. Initial research on the magnitude of this burden in the United States, as highlighted in this brief, reveals impacts in the trillions of dollars in lost earnings, avoidable public expenditures, and lost economic output.
Racism in the United States has left a legacy of inequities in health, education, housing, employment, income, wealth, and other areas that impact achievement and quality of life.
While significant progress has been made in eliminating legal discrimination, disparities by race and ethnicity remain imbedded in societal institutions and manifested in lending practices, hiring practices, law enforcement and sentencing, and other policies. Further, the implicit, or internal, biases carried by both whites and minorities and perpetuated by the media and other cultural representations subtly but powerfully influence how we view ourselves and each other.
Achieving greater racial equity will become even more critical in the United States due to demographic shifts that are already underway. According to the US Census Bureau, children will be “majority minority” by 2018, and, overall, people of color will surpass 50 percent of the US population by 2043.
Click here to read the full article from National Civic Review