"Local economic development may be defined as increases in the 'local economy’s capacity to create wealth for local residents.'" - Bartik 2003
Bartik is one of the leading researchers on local economic development. So based upon his definition we can assign a value to the quality of "economic development in predominant Black communities" by virtue of measuring the increase / decrease or imbalance in the wealth levels of individuals that live in Black communities.
So if we look at the overall disparity and the decline in Black wealth in virtually all predominant Black communities in major metropolis areas, we can categorically claim that these public or private development organizations are doing an absolutely terrible job.
According to the Economic Policy Institute, "Average wealth for white families is seven times higher than average wealth for black families. Worse still, median white wealth (wealth for the family in the exact middle of the overall distribution—wealthier than half of all families and less-wealthy than half) is twelve times higher than median black wealth. More than one in four black households have zero or negative net worth, compared to less than one in ten white families without wealth, which explains the large differences in the racial wealth gap at the mean and median. These raw differences persist, and are growing, even after taking age, household structure, education level, income, or occupation into account."
In effect on of two things then need to occur or a combination thereof. A complete re-visioning of how chambers and city development offices do development in Black communities. Or new organizations get created to more effectively accomplish economic development goals.
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