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Abstract
Marcus Mosiah Garvey was a pivotal figure in the economic development of African Americans. After his arrival in the United States in 1916, he utilized his phenomenal oratorical skills to gain financial support to foster capitalistic risk investments. He sought to achieve economic self-sufficiency for African Americans by creating a strong economic base and financial independence. Although most of his entrepreneurial efforts failed, his ill-fated business investments became the structural foundation for future achievements in African American economic development.
Introduction
Marcus Garvey directed the largest mass-based movement among African Americans in the history of the United States. His phenomenal success came at a time when African American confidence was low and unemployment was considered a way of life. Garvey harnessed these conditions to build momentum for his cause. While his worldwide accomplishments and controversies have been analyzed by numerous scholars (Rogoff and Trinkaus, 1998), this paper investigates the economic thoughts of Marcus Garvey. Specifically, it visits Garvey's capitalistic approach to the economic development of African Americans in the United States. It was suggested by W.E.B. DuBois (1940) that Garvey's business ventures failed because of incompetence and economic ineptitude. However, Marcus Garvey's plan for African American capitalism was an enormous contribution because his ill-fated business enterprises became the procedural and conceptual model for future achievements in African American economic development.
Economic Self-Sufficiency
On March 23, 1916, after corresponding with Booker T. Washington, Garvey arrived in the United States to connect his movement to Washington's movement in Tuskegee, Alabama (Stein, 1986). However, Washington died before Garvey arrived. Stein (1986) noted that Garvey came to the U.S. at a time when a new economic order was anchored to American prosperity. A sweeping increase in technological innovations of mass production techniques and new machinery increased American output 13 percent while consequently reducing the workforce 8 percent. Profits were soaring as a 29 percent increase in worker productivity was complemented by only a 4.5 percent increase in real wages. Organized African American unions were suffering as the power of the American capitalists increased.
Garvey had admired Washington's business ownership approach toward self-reliance. He agreed that other forms of advancement would follow economic development. However, he saw a flaw in Washington's approach. Specifically, he believed that focusing primarily...