One, One Full Basket: The Case for Contemporary Cooperative Economics

Chico Rey and His Kingly Character
Last week, On the Money, ushered in a two-part discussion on the profitability of cooperative economics during the height of slavery in the Western Hemisphere. In particular, "One, One Full Basket: Chico Rey and Cooperative Economics" chronicled the financial acumen and leadership of Chico Rey, an enslaved African king who secured the freedom of his court, family, and himself through the practice of pooling money, resources, and abilities amongst community members.

Even though the canonized financial exploitation of Africans saw its end at the close of the 19th century in the Americas, 1865 and 1888, in the United States and Brazil, respectively, conditions of utter and outright economic despair continued as a reality for the African-American. Instead of fighting their way out of slavery, the chief priority shifted slightly, and only in the way of semantics. The experience of the African-American from 19th century until now has been one of overcoming abject poverty. And in similar suit, employing cooperative economics can and has been proven to be both socially and monetarily rewarding.

George Subira's Special Note to Black Women

The struggle to financial stability has especially been difficult for black women given the economic inequity of white pathriarchy, which often manifests itself in women shouldering the bulk of financial responsibility of single-parent parenthood. With the prevalence of female-headed households in our community, investing our time and effort to financially organize and empower this demographic may be one of our collective saving graces.

Well-respected money guru and Afrocentrist GeorgeTrower-Subira appealed to low-income black women to strengthen social networks as a means to individual prosperity in Black Folk's Guide to Making Big Money in America. In particular, he encouraged black single mothers to purchase real estate and provides a feasible model:

"Suppose two black women, each with three kids, wanted to own their own house. If each in working a day job and selling some comestics on the side, why can't they apply for a mortgage together to buy a three family house? They can rent two floors and live together on the first. A year or two later they get themselves in a position to buy another three family house, again buying it together. They rent all three units and the house just pays for itself..."

You Can't Run Away From Yourself

Trower-Subira's advises it for black women in the 'hood. .It's what founder of Kwanzaa, Dr. Maulana Karenga, labeled "Ujamaa," --Swahili for cooperative economics-- and championed its cultivation during the Black Power Movement. This principle, in particular, focused on the building, maintaining, and patronizing black-owned profit-generating institutions and businesses.

It's alive and well in the Caribbean as well. It's what Antiguans call "susu" or "box" Jamaicans refer to as "partners", Dominicans consider "san", those from Martinque call " sousou" and Haitians label, "sangue," "solde" and "comble". The practice is "esusu", a community-based form of mutual finance originating from the ancient Yoruba in Nigeria. In its simplest form, a number of people add a fixed amount of money to a common fund at specific intervals for a set period a time allowing rapid capital accumulation, interest-free loans, and forced savings.

This thing that we do, this thing that we practice, and this worldview that we hold--sharing, understanding the inextricable link of the social and the financial-- has its roots in the African principle of communal solidarity. Let's continue to build financial wealth through principles of mutuality, community accountability, and complementarity.