Economic Inequality & Wealth Gap Flashcards

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Wealth

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The accumulation of valuable economic resources measured in terms of real goods or monetary value.

Assets minus Liabilities = Wealth

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Net Worth

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The value of all physical and intangible assets owned, minus all debts.

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Racial Wealth Gap

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The disparity in assets and wealth between households of different races and ethnicities.

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Freedman's Bank

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A bank chartered by the federal government in 1865 to serve newly emancipated African Americans.

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Redlining

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A discriminatory practice where banks and insurance companies refuse to offer mortgages or loans in certain neighborhoods, often based on race.

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40 Acres and a Mule

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A proposed redistribution of confiscated Confederate land to newly freed slaves after the Civil War, which was ultimately reversed.

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Intergenerational Wealth Transfer

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The passing of wealth from one generation to the next, often through inheritance.

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Tulsa Race Massacre

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A violent attack on the Greenwood district of Tulsa, Oklahoma, in 1921, which destroyed a thriving Black community known as "Black Wall Street."

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Subprime Loans

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High-interest loans offered to borrowers with poor credit histories, often associated with predatory lending practices.

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Black Capitalism

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A set of policies aimed at encouraging Black entrepreneurship and corporate support of Black-owned businesses as a means of addressing economic inequality.