Closing Racial Gaps

McKinsey Global Institute Report Highlights Economic Impacts of the Racial Wealth Gap

Structural racism and oppression are ever present obstacles in the pursuit of an economy that works for good. In McKinsey Global Institute’s June 2021 report on racial wealth gaps, the authors highlight the structural barriers that Black laborers, business owners, and entrepreneurs face as they compete in the labor market and the economy in general.

Limited access to high wages, stable employment, and critical resources have significant consequences for people and communities of color in the United States. By continually failing to access the workforce and intellectual talent that exists in these groups, the US economy as a whole is unable to reach its full potential. By allowing structural exclusion to persist, we limit our own potential to deliver necessary opportunities resources across our whole society.

The message of the McKinsey report is that investment in Black laborers and entrepreneurs, as well as Black-owned businesses, is both a moral and an economic imperative. Intentional efforts by powerful institutions to reverse structural exclusion is necessary to uplift historically underserved communities and advance the economy as a whole.