Dr. Delman Coates is senior pastor of Mt. Ennon Baptist Church in Clinton, Md., and founder of the Our Money Campaign. He is a graduate of Morehouse College, Harvard Divinity School, and Columbia University.

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No More Economic Malpractice

by Delman Coates 09-13-2019
African-American Faith Leaders Take on the Establishment

"The Fearless Girl" statue facing Charging Bull in Lower Manhattan, New York City. Credit: Shutterstock

As African-American faith leaders committed to the social justice tradition of the Black Church, we would like to raise our voices to point out that it is not lost on us that Larry Summers and the establishment economists have done immense damage to the communities we serve, as well as to the broader American public, via their influence on economic policymaking. We recognize in the new school of economic thought, called Modern Monetary Theory (MMT), a credible, highly impressive, and genuinely public-spirited alternative to the disastrous economic stewardship offered by the old guard. MMT also offers a powerful theoretical defense of the Federal Job Guarantee, a proposal that was pioneered by America’s first black economist, Sadie Alexander, and a centerpiece of the activism of civil rights icon, Coretta Scott King.