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.

Treasure Troves from the Past

“That’s where it all started,” begins Steven Watts, pointing to the bust on his bookshelf. “I was born and grew up in Springfield, Illinois, in the shadow of Abraham Lincoln.” Inspired at such a young age, the MU professor of history pursued his interest in American history. Concerned with the emergence of capitalist culture, Watts’ early research explored ideas about profit, success, and “the shaping of Victorian culture in the 19th century.” About 15 years ago, however, Watts became more interested in modern American history and eventually completed a series of biographies on issues related to consumer capitalism in a culture obsessed with self-fulfillment, entertainment, and leisure.