Principles of Compensation (Malik Speaking)
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						Malik

Let me give you a concrete example. In 1950 the Federal Housing Administration and many banks discriminated against blacks when they applied for home mortgages. A white family that received a mortgage gradually came to own its own home. In most cases their wealth increased as the house appreciated. Later the house might be sold at a profit or passed on to one of the children. The kids are much better off because of that mortgage.

A black family that was denied a mortgage has exactly the opposite experience. They continue to pay rent. Their wealth does not increase. There is no house to pass on to the kids. The net effect is a major difference in wealth, all because of discrimination.

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