Every August, Black Business Month calls on us to support and appreciate the contributions of Black-owned businesses. It’s also a time to reflect on the history of these businesses and to acknowledge the challenges Black communities have faced—challenges that continue to shape society today.
On May 31, 1921, a thriving Black entrepreneurial community in Tulsa, Oklahoma, known as Greenwood or “Black Wall Street,” faced devastating destruction. White mobs attacked, burning over 1,400 homes and commercial buildings, killing or injuring hundreds of Black residents, and leaving nearly 10,000 people homeless. This brutal assault, now known as the Tulsa massacre, stands as one of the worst instances of racial violence in U.S. history.
While the term “Black Wall Street” has since become synonymous with senseless violence, it’s crucial to recognize the broader context of economic and geographic racism that fueled this tragedy.
The Bigger Picture
Beyond the visible acts of violence, systemic policies have continually eroded Black generational wealth. Housing policies, urban renewal projects, and resource allocation decisions have disproportionately harmed Black communities. Even seemingly mundane choices—such as where to place highways or subway lines—have often had devastating effects on Black neighborhoods.
Tulsa’s Black Wall Street wasn’t the only district of Black entrepreneurship with a rich history. Durham, North Carolina’s Hayti community, home to many thriving Black-owned businesses in the late 1800s and early 1900s, also faced significant challenges. Although Durham is home to M&F Bank, the oldest minority-created bank in the U.S., much of Hayti’s legacy was lost due to urban renewal initiatives.
Similarly, Jackson Ward in Richmond, Virginia, is another example of a Black Wall Street. Newly freed slaves settled there, and the community quickly grew into a vibrant Black economic hub. However, like many others, its decline was orchestrated through city improvement plans developed by all-white committees.
Another lesser-known Black Wall Street is the Jackson Ward district of Richmond, Virginia.
Similarly, Jackson Ward in Richmond, Virginia, was another Black Wall Street. Newly freed slaves settled there, and it quickly grew into a vibrant Black community. However, like many others, its decline was orchestrated through city improvement plans developed by all-white committees.
Reflecting During Black Business Month
This Black Business Month, it’s essential to reflect on the history of Black entrepreneurship in districts like Greenwood, Hayti, and Jackson Ward. The rise and fall of these communities have directly shaped today’s economic landscape. Generations of Black Americans were denied wealth and opportunity, systematically marginalized, and excluded from redevelopment.
Understanding the legacy of Black Wall Street communities is essential for fostering true economic and social growth. Black and Brown people continue to face systemic racism in the United States. The absence of the Tulsa massacre from many history books reflects this enduring bias. Yet, the spirit of Black Wall Street lives on—in cities across the country, online, and within the mindset of Black entrepreneurs.
This August, as we celebrate Black Business Month, let’s honor the resilience of Black entrepreneurship and commit to supporting their continued success.
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