LATEST UPDATES
Card-image-cap

Market | General

The Neoliberal Hijack of the Anti-Black Racial Campaign: Timeo Danaos et Dona Ferentes

Jul 17, 2020   •   by   •   Source: Proshare   •   eye-icon 1634 views

Friday, July 17, 2020 / 07:17 AM / By Ahmed Sule*    /Header Image Credit: New York Post**

 

Below article discusses the neoliberal hijack ofthe current anti-black racism battle...

 

Following the global protests resulting from GeorgeFloyd's public lynching, there has been a systematic neoliberal takeover of thefight against anti-black racism. After a long period of racial silence, some ofthe great bastions of capitalism in the Anglo-American world such as BigPharma, Big Banking, Big Technology and billionaires have found their voices.

 

These corporate entities have adopted a plethora ofstrategies to demonstrate their seriousness in addressing anti-black racialinjustice such as the condemnation of racism, implementation of anti-biastraining for employees and committing to improving diversity. Some have taken amarket-based approach by making significant financial contributions to blackanti-racist organizations. So far, corporate America has pledged $1.7 bn to anti-racist organizations.Corporate CEOs have written letters to their staff expressing their horror atthe racial violence inflicted on black bodies. The phrase "Black LivesMatter" has been pasted on companies' websites along with links to booksabout racism. 

 

The sudden "wokeness" of these purveyorsof neoliberalism should be taken with a pinch of salt. There are severalreasons for the immediate interest in anti-black racism. Corporate entitieshave chosen the path of least resistance by effectively reading the polls ofpopular opinion. Anglo-Saxon corporates have often been uncomfortable inaddressing racism. With George Floyd's execution, the tide of the majorityopinion has now turned in favour of condemning anti-black racism. An August2015 poll conducted by Rasmussen Reports revealed 78% of likely US voters had afavourable view of 'all lives matter', and only 11% favoured black livesmatter. Another survey conducted by the same polling organization in June2020 revealed 62%of likely voters had a favourableopinion of Black Lives Matter.

 

This shift in sentiments makes it convenient tojump unto the racial justice bandwagon with little risk. With their corporatepaymasters' new-found racial epiphany, celebrities who were previously silenton anti-black racism are coming out of their shells.

 

Another reason for the sudden change is it makeseconomic sense for these organizations to follow the racial tide. With opinionpolls bending towards racial justice, firms face the risk of losing out iftheir values are not in line with its customers who may refrain from buying itsproducts. By embracing brand activism, companies can broaden their reach andincrease sales. Furthermore, self-preservation is another motive. As anti-blackracism is seared into our collective consciousness, the linkage between racismand capitalism might come to the fore. By participating in the racial justicemovement, the elites might turn the direction away from the cause of racialinequality to the symptom.

 

Black thinkers have discussed the connectionbetween racism and capitalism. Malcolm X once said, "You can't havecapitalism without racism." Martin Luther King analyzed theinterrelationship between the triplets of racism, economic injustice and militarism. Ibram Kendi, in his groundbreaking book HowTo Be An Anti-racist described racism and capitalism as conjoined twins. CedricRobinson, a professor of Black Studies, coined the term racial capitalism,which represents the social and economic gain derived from a person's racialidentity.

 

Capitalism has often thrived on a colour-codedhierarchy of winners and losers. The result of Christopher Colombus expeditionin search of gold and spices which was financed by the King and Queen of Spainwas the genocide of Native Americans. One of the key drivers of the Britishindustrial revolution was textile manufacturing. The input for the importedcotton came from the blood, sweat and tears of black slaves working on theplantations of America. Some commentators have described slavery as the foundationof American capitalism. Following the Berlin Conference of 1884, Britain,Belgium, Portugal and France became economic powerhouses on the bent and brokenbacks of black men and women in colonial Africa. A manifestation of the prisonindustrial complex is the prevalence of black and brown people caged in theprison cells of Britain and the US. Michelle Alexander, in her book The New Jim Crow, argues, "Prisons are big businessand have become deeply entrenched in America's economic and political system.Rich and powerful people ...., have invested millions in private prisons."

 

Neoliberal tenets such as deregulation, venerationof property rights, privatization, globalization, automation, tax cuts, austerity,labour flexibility and free trade have led to increased inequalities which havesignificantly impacted people of colour in the Anglo-Saxon world. On socio-economic issues such as education, health care, policing,criminal justice, wealth disparity, and housing, blacks have found themselvesat the bottom of the socio-economic totem pole. There is a paradox when thesebastions of neoliberalism advocate for racial justice while at the same timesupport an ideology that reinforces this inequality.

 

Big Banking has taken the lead in the clamour forracial justice. Jamie Dimon, the CEO of JPMorgan Chase knelt to show his support for the Black LivesMatter movement. Bank of America pledged $1bn over four years to help communities ofcolour and minority-owned businesses address economic and racial inequality.Goldman Sachs established a $10 million fund for racial equity. Morgan Stanley's CEO James Gorman was somoved by the protests that he decided to promote two black women to the bank's operating and managementcommittees. Black senior executives in financial institutions who had beenreluctant to discuss racism have begun to speak out. Citigroup's CFO Mark Masonwrote a blog detailing the dangers black Americans face intheir daily lives while a Goldman Sachs black managing director wrote an email on race which went viral.

 

Though these gestures might come across asaltruistic, it is crucial to carry out a racial cost/benefit analysis. MalcolmX once said, "When someone sticks a knife into my back nine inches andthen pulls it out six inches they haven't done me any favor. And if they pullthat knife which they stuck in my back all the way out they still have not doneme any favor. They should not have stabbed me in the back in the first place."Nine years before Jamie Dimon knelt in support of Black people killed by thepolice, JP Morgan Chase, under his leadership donated $4.6 million to the New York City Police Foundation. Commentators described the gift (used topurchase patrol car laptops and security monitoring software) as the "Largestin the history of the foundation."

 

Financial institutions have been involved inpredatory lending practices which target people of colour. In 2011, Citigroup granted loans to blackAmericans with rates 3.38-times more than other borrowers while Wells Fargo & Co and JPMorgan Chase charged blacks borrowers 2.28 times and 2.21 times higher thanother borrowers. In 2017, the Department of Justice fined JP Morgan Chase $55million for charging 53,000 Black and Latinoborrowers higher rates and fees on mortgage loans relative to whiteborrowers. Bank of America, Wells Fargo and Citigroup have also settled lawsuits for discriminating against AfricanAmerican and Hispanic customers. Financial institutions spent $2 billion duringthe 2018 election cycle on lobbying and campaign contributions to overturn regulations meant toprotect customers from predatory lending practices and risky financialdecisions.

 

The global pharmaceutical industry is alsoaddressing anti-black sentiments. Johnson & Johnson, Novartis, Pfizer, andAstraZeneca CEOs have all voiced their concern about racism. Johnson & Johnson and Regeneron pledged$10 million and $3 million respectively to address racial inequality.Paradoxically, Big Pharma is one of the leading lobbying industries and has been in opposition tohealthcare reforms and lowering of drug prices, which could benefit people ofcolour who are on the wrong side of the health inequality divide. An investigation by Bath University revealed Big Pharmapoured 57m Euros into UK patient charities which could influence NHS drugdecision-makers.

 

In its short history, Big Technology has spoken upon several social causes. Silicon Valley's presence has been felt in theongoing quest for black racial justice. Airbnb donated $500,000 to NAACP and the Black LivesMatter Foundation. On Twitter, Amazon wrote, "Amazon stands in solidarity withthe Black community." It also made a $10m contribution to 11 blackhuman rights organizations. Nextdoor CEO, Sarah Friar, in a blog wrote, "Let me say itunequivocally: Racism has no place on Nextdoor." Twitter's CEO JackDorsey made a $3 million donation to Colin Kaepernick's Know Your Rights Camp.On Linkedin, the social media professional networking platform, people havebeen posting images of themselves holding cardboards with inscriptions like #Iam positive grateful hopeful #TalkAboutBlack.

 

But a fanciful hashtag should not be used glossover the role these organizations played and are still playing in perpetuatingracial inequality. There have been numerous instances whereby blacks havebeen racially profiled on Airbnb and Nextdoor platforms.Employees at Amazon have complained about the stringent targets they face,which leads to them urinate in bottles or forgo toilet breaks. Amazon, IBM andMicrosoft only recently decided to stop selling facial recognitionsoftware to the police. Amazon has frustrated attempts by its workersto unionize. According to a report by Action Center on Race & theEconomy, Amazon has used its platform to spread white supremacy, anti-semitism,and Islamophobia. People of colour residing near technology hotspots like thebroader Bay Area and Silicon Roundabout have found themselves priced out dueto gentrification.

 

Some billionaires have also been inflicted with the"wokeness" bug. Bill Gates has vowed to fight systematic racism and saidblack lives matter. Jezz Bezos, the world's richest man, has been transformedinto a race man. He made headline news when he called out a customer for racism. It is onething to talk the talk to end racial discrimination, but another to walk thewalk to end racial and social inequality. Gates and Bezos don't appear to be ina hurry to support the reconstruction of an economic system which has resultedin their combined wealth exceeding the total wealth of 47.8 million AfricanAmericans. Paradoxically, Gates, who now says black lives matter alsosees  Africa's population growth as a challenge. When Elizabeth Warren,the former US Presidential candidate announced her plan to create a moreequitable society by unwinding tax cuts and imposing a wealth tax, she camewithin the crosshairs of the billionaire class. Lloyd Blankfein, the seniorchairman at Goldman Sachs, responded to Warren in a racially insensitivemanner, "Maybe tribalism is just in her DNA." Other billionaires like Bill Gatesand Jamie Dimon also expressed concerns.

 

Where do we go from here?

 

The gesture from corporations and the ultra-rich isnot a vice, and it might be good intended. However, those on the forefront inthe fight against anti-black racism need to beware of Greeks bearing gifts.Activists receiving funds from these purveyors of neoliberalism need toexercise caution and ensure that s/he who pays the pier does not dictate thetune. There should be proper accounting for the funds from corporate andindividual donors, and it should be used for its original purpose. Failure todo so would bring the struggle into disrepute.  

 

The anti-black racial campaign should continue tobe a bottom-up mass movement as opposed to a top-down led one. Campaignersshould draw the link between capitalism and racism and not allow it to behijacked by deep-pocketed benefactors who may try to downplay the role ofneoliberalism in perpetuating racial inequality. Big Pharma, Big Technology andBig Banking should collectively make a public apology for their role inchampioning an enabling environment that allows racial inequality andanti-black racism to thrive. They should put their money where their mouth isby putting pressure on government officials to create a conducive atmospherefor racial equality and also call for a radical redistribution of wealth. Firmslike Goldman Sachs should use the influence of its alumni working in governmentto bend public policy towards racial and economic justice. Firms should stopobstructing healthcare and campaign lobbying reforms. The recent move bycorporates to boycott organizations like Facebook due to hate speech is a stepin the right direction. They should put pressure on media houses and thinktanks to refrain from promoting racial hatred and racial inequality. Bigtechnology organizations that gentrified communities of colour should invest inaffordable housing for those impacted.

 

A clear distinction needs to be made betweencorporate diversity and racial equality. With the ongoing protest, corporatesare adopting token solutions towards racial equality by promoting a few blackfaces in their organizations to showcase the progress they are making. Symbolicgesture solves nothing other than creating a class of black faces in highplaces. The current approach of diversity training, which is not challenging tothe status quo should be discontinued. Anti-black diversity training should beseparated from other strands of diversity, including racial diversity. Blackneoliberal minded professionals piggybacking on George Floyd's death to furthertheir career should question their motives and advocate for real change thatbenefits all across the black social strata.

 

Finally, anti-black racial campaigners shouldensure that the current movement does not in the words of Professor Cornel Westbecome sterilized and santaclausified for a neoliberal audience. When MartinLuther King was alive, he was a thorn in the flesh to the racial and economicstatus quo. Upon his death, Big Business and politicians stripped his legacy ofits revolutionary fervour and converted it to a 35-word soundbite made inWashington and now used to justify a colourblind world. If we let down ourguards, this movement could be sterilized and santaclausified to a slogan, ahashtag, a knee, a token, a selfie and a fashion accessory - TimeoDanaos et Dona Ferentes. 

 

Proshare Nigeria Pvt. Ltd.

 

About The Author

Ahmed Olayinka Sule isa CFA Charterholder, photojournalist and social critic. He is anAlumnus of the University of Arts, London; where he obtained a Certificate inPhotojournalism. He has worked on various photojournalism projectsincluding Obama: The Impact, Jesus Christ: The Impact, The WilliamsSisters etc. He can be contacted via e-mail at [email protected] and viaTwitter @Alatenumo

 

PictureCredit

** Jamie Dimon drops intoMt. Kisco Chase branch, takes a knee with staff https://trib.al/4ZxP2sG 

 

Proshare Nigeria Pvt. Ltd.


Previous Articles by The Author

1.     BAME Cabinet Ministers: Modern-day Courtiers or Jesters? Jun 22, 2020

2.    Why the Global South Should Temper Expectations ... Ahmed Sule  Apr 29, 2020

3.      The CaseAgainst Nigeria's Big Philanthropy Industrial Complex (NBPIC)   - AhmedSule, May 27, 2020

4.    An Appeal tothe Soul of VP Yemi Osinbajo: Please End the Climate of Tyranny - Ahmed Sule - Dec 08, 2019

5.    An OpenLetter to Theresa May by Ahmed Sule, CFA - Mar 03, 2019

6.    TheBetrayal of The 21st Century NigerianIntelligentsia - Jan14, 2019

7.    Timefor A Revolution says FT Editor; Publishes Ahmed Sule's... - Oct18, 2018

8.    It's Time forthe Financial Times to Discover the Rest of the World - Oct 12, 2018

9.    Re:Commonwealth Head of Government Meeting (CHOGM) 2018 - Apr 23, 2018

10.  The Big Read:How to Spot The 21st Century UncleTom - Proshare - Nov03, 2017

11.  #SharapovaGate:A Case Study on White Privilege - Proshare Mar 10, 2016

12.  AreNigerian Banks Committing Crimes Against Humanity? - Oct 01, 2012

13.  Why PovertyContinues to Prevail in Our World... - Apr 17, 2012 


 Proshare Nigeria Pvt. Ltd.

 

RelatedNews

  1. Key Takeaways from the CBN GSI Guidelines and the Case for a New Approach
  2. CBN Issues Operational Guidelines on GSI to Facilitate Improved Credit Repayment Culture
  3. CBN Orders Seizure of Loan Defaulters Funds Across Banks

4.     DG, NAPTIP toSpeak on Addressing Sexual Violence in Nigeria on WebTV

5.     President KagameGives Food, Free Electricity to Every Rwandan Household During Lockdown

6.     IWD2020: WomenShould Adopt A Paradigm Shift from Competition To Collaboration - Alero Awoyemi

7.     Traffic LockdownSlows Socio-Economic Activities Along Lagos-Ibadan Expressway Corridor

8.     828,502Employees Employed By 1,110 Registered Private Guard Companies in 2018 - NBS

9.     15 Million BritsSuffer in Silence As They Lack Confidence To Complain

10.  Time for A Revolution says FT Editor; Publishes Ahmed Sule’sLetter On 'Lack Of Diversity'

11.   Nigerian PressCouncil Bill 2018: 5 Things to Note

12.  OAuGF 2017 Audited Annual Report;Auditor-General's Qualified Report

 

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Get the App

apple-store  play-store

Connect with us


Proshare is a professional practice focused on delivering research and information services to bridge the gap between investors and markets; by delivery on credible, reliable, and timely engagements through the following areas — Impact Research, Market Intelligence, Strategic Advisory, Stakeholder Relations & Digital Media.