Jordan and Harris' When Markets Fail: Race and Economics

by Emma Coleman Jordan, Angela Harris

This book provides the foundation for thinking “outside the box” of conventional legal strategies and arguments to make visible new and more creative paths toward racial justice. For example, how are familiar legal debates like the one over “affirmative action” transformed when seen from a perspective incorporating a sophisticated understanding of the relationship between race and class, and a vision enriched by both efficiency and justice concerns? Will market competition do away with racial discrimination? How does the empirical evidence of persistent discrimination fit with neoclassical economic claims that over time markets are race neutral? This book provides the resources for developing a multifaceted approach to racial justice. Race and class have long been inextricably intertwined in American society. From this perspective, neither political struggles nor economic strategies alone can dissolve the knot of racial inequality. Belief systems, everyday practices, and social norms undergird the operation of all institutions, public and private; and in the United States, race has historically played an important role in shaping these beliefs, practices, and norms. Thus, serious students of inequality should understand the strengths and weaknesses of both market and government regulation. Moreover, students should understand that both market and government institutions are rooted in culture. This book is the answer for faculty teaching courses about discrimination and looking for materials that take seriously the problem of racial subordination and provide in-depth, rigorous analyses of economic frameworks contributing to inequality.

716 pages, Paperback

First published November 1, 2005