by Ugonma Okoroafor, NPJ Intern
The unveiling of wealth goes back to ancient times – from the royals, the king, queen, nobles, peerages, sultans, and so forth. Research shows, “For all of human history, hierarchies have existed in societies, from the very first prehistoric tribes right through to empires that spanned continents.” Civilization was governed by monarchy, during the early renaissance it was said that the church controlled a percentage of wealth because of their influence on society.
The term generational wealth transfers signify the gradual shift in demographics and finances. Leading to the historic root of money even to before it was even invented. It was not until around 5,000 years ago the dealings of barter for goods and services were changed. People had to learn the exchange of money. Money was something throughout history that caused currency wars. Notably, the geographic distribution of wealth belonged to the wealthy, middle class, and the poor. During the African diaspora the distribution of money had a lasting effect on the experiences of Black people in America and around the world.
The American viewpoint of wealth dealt with a great amount of privilege and systemic development. The cultural shift, and the understanding the distorts of money changed the reality of wealth. It was due to a generational gap in the American society. Pew Research Center, showed, “a diversity explosion in the United States, which began in 2011 when, for the first time in the history of the country, more minority babies than white babies were born in a year. Soon, most children in the U.S. will be racial minorities: Hispanics, blacks, Asians, and other nonwhite races.” That was the beginning of transformation in what was a baby-boom of many whites. The new group of adults also, developed an interest in economy and politics.
In 2016, a study done by Pew Research Center, showed three African nations, Nigeria, South Africa, and Kenya, stating that the U.S. and China were the world’s largest economies. Some of the highest reasons given behind their theory were jobs, education, technology, and products. Those three African nations believed that the U.S. and China were the most developed economies because of the resources and the impact they had on investments. Something the older generation said to be continued. It appeared that the system created by these diverse groups were creating a more developed economy in America and throughout the world.
Brian Kahin and Dominique Forary said it best, “Developed nations, and developing nations, are in the midst of transforming their economies from industrial economies to knowledge economies.” Developing an understanding in human capital, technology, innovation, and valued network, created an advantage. So that people would better manage, live, and thrive in these new economies. The so called “advancing knowledge”, allowed issues to be uncovered and communicated to transform issues worldwide. Outlining these patterns created discussions for policies to create improvement.
The focus on personal qualities and professional skills were required to teach the next generation to be better citizens. Lessons on discipline, responsibility, humility, and loyalty. Some have lived through the greatest economic crisis created to kill, destroy, and shake people out of their roots. John Warner, on the Greatest Generation piece says, “we learn that sacrifice can be good for us, that discipline is required of us, that humility is necessary for us, and that loyalty must guide us, there is no reason why any generation cannot be called the greatest.” If we continue a unproblematic economy everyone will prosper.
Reaping the benefits of your hard labor is considered success and the essence of the American Dream – by creating the idea that each generation will do better. Education, both formal and experiential, was shown to be the economic mobility for success. Our participation in an equitable labor force is meant to create financial security. The study shows that both parents or partners working will or should bring in more earnings, of which the intent is to increase higher family income. As society develops a strong ladder for civilians to move up, we must enforce the importance of education, income, and (shared) wealth.
Infoplease. (n.d.). Noble titles and ranks in a monarchy. Infoplease. Retrieved March 20, 2023, fromhttps://www.infoplease.com/world/social-statistics/whos-who-monarchy.
FROM ME TO YOU: The Power of Storytelling and Its Inherent Generational Wealth–An African American Story. (2022). Kirkus Reviews, 90(11), N.PAG.
Frey, W. H. (2018, January 26). Old versus young: The cultural generation gap. The Pew Charitable Trusts. Retrieved March 23, 2023, from https://www.pewtrusts.org/en/trend/archive/winter-2018/old-versus-young-the-cultural-generation-gap
Poushter, J. (2020, May 31). In three African nations, U.S. and China seen as best examples of a developed economy. Pew Research Center. Retrieved March 23, 2023, from https://www.pewresearch.org/fact-tank/2016/11/15/in-three-african-nations-u-s-and-china-seen-as-best-examples-of-a-developed-economy/
Desouza, K. C. (2008). Advancing knowledge and the knowledge economy. Journal of the American Society for Information Science & Technology, 59(2), 331–333. https://doi-org.oclc.fullsail.edu/10.1002/asi.20741