New Books in Economic and Business History
Justene Hill Edwards, "Savings and Trust: The Rise and Betrayal of the Freedman's Bank" (Norton, 2024)
Nov 3, 2024
Justene Hill Edwards, an associate professor at the University of Virginia and author of 'Unfree Markets', discusses her latest book on the Freedman's Bank, a pivotal institution for freed African Americans post-Civil War. She reveals how the bank was intended to foster economic independence but ultimately collapsed due to mismanagement by its white financiers. Through powerful narratives, she connects this historical betrayal to ongoing issues of inequality in America, emphasizing the importance of financial education in advocating for economic justice.
42:00
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Quick takeaways
- Enslaved individuals possessed a profound awareness of economic forces, influencing their transition to freedom and shaping their banking aspirations.
- The collapse of the Freedman's Bank due to mismanagement profoundly affected African Americans' trust in financial institutions and their path towards economic autonomy.
Deep dives
Understanding Enslaved Peoples' Economy
Enslaved individuals possessed a rudimentary understanding of banking and finance, primarily shaped by their experiences as property. Through narratives, they expressed awareness of how their lives and those of their families were commodified, illustrating a painful recognition of their economic position. For instance, in the narrative of William and Ellen Craft, William reflects on how his family's value was assessed based on age and marketability, highlighting a stark awareness of economic forces even amidst oppression. This foundation of knowledge influenced their transition from slavery to freedom, emphasizing the complex relationship between personal experience and economic understanding.
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