How the Poor Can Save Capitalism: Rebuilding the Path to the Middle Class

by John Hope Bryant, Andrew Young (Foreword)

A successful entrepreneur and nonprofit founder shares his plan of action to help the American economy by assisting America’s poor. John Hope Bryant, successful self-made businessman and founder of the nonprofit Operation HOPE, says business and political leaders are ignoring the one force that could truly re-energize the stalled American the poor. If we give poor communities the right tools, policies, and inspiration, he argues, they will be able to lift themselves up into the middle class and become a new generation of customers and entrepreneurs. Raised in poverty-stricken, gang-infested South Central Los Angeles, Bryant saw firsthand how our institutions have abandoned the poor. He details how business loans, home loans, and financial investments have vanished from their communities. After decades of deprivation, the poor lack bank accounts, decent credit scores, and any real firsthand experience of how a healthy free enterprise system functions. Bryant radically redefines the meaning of poverty and wealth. (It’s not just a question of finances; it’s values too.) He exposes why attempts to aid the poor so far have fallen short and offers a way the HOPE Plan, a series of straightforward, actionable steps to build financial literacy and expand opportunity so that the poor can join the middle class. Fully seventy percent of the American economy is driven by consumer spending, but more and more people have too much month at the end of their money. John Hope Bryant aspires to “expand the philosophy of free enterprise to include all of God's children” and create a thriving economy that works not just for the one percent or even the ninety-nine percent but for the one hundred percent. This is a free enterprise approach to solving the problem of poverty and raising up a new America.“Economic immobility is the defining issue of America in the twenty-first century. John Hope Bryant makes an engaging case for why we must make our economy work for everyone. How the Poor Can Save Capitalism is a must-read for business leaders, policymakers, and community leaders who want to make the American Dream a reality for all our children.” —Ben Jealous, former CEO, NAACP“John and I want the same things. And the goals of this book are the same goals of my Rebuild the Dream campaign. He has provided the road map to economic recovery for this country at a time when economic inequality is at its peak. I, for one, will be following the steps laid out in the HOPE Plan.” —Van Jones, former Presidential Advisor to Barack Obama and current host of CNN’s Crossfire

Genres: Economics, Business, Nonfiction, Politics, Social Justice, Sociology

177 pages, Kindle Edition

First published January 1, 2014

About the author

John Hope Bryant is an entrepreneur, author, advisor, and one of the nation’s most recognized empowerment leaders. He is the founder, chairman, and CEO of Operation HOPE and Bryant Group Companies, and, as the author of Love Leadership: The New Way to Lead in a Fear-Based World (Jossey– Bass, 2009), is the only African-American best-selling business author in America. Mr. Bryant serves for President Barack Obama as chairman of the President’s Advisory Council on Financial Capability, Subcommittee on the Underserved and Community Empowerment.

Mr. Bryant is the cofounder of the Gallup– HOPE Index, the only national research poll on youth financial dignity and youth economic energy in the United States. He also is a cofounder of Global Dignity, with Crown Prince Haakon of Norway and Professor Pekka Himanen of Finland. Global Dignity is affiliated with the Forum of Young Global Leaders and the World Economic Forum.

Mr. Bryant is a thought leader represented by the Bright- Sight Group for public speaking and serves on the board of directors of Ares Commercial Real Estate Corporation (NYSE: ACRE), a specialty finance company managed by an affiliate of Ares Management LLC, a global alternative asset manager with approximately $59 billion in committed capital under management as of December 31, 2012.

Reviews

[Roger Smitter · Rating 5 out of 5]

John Hope Bryant uses a host of examples, statistics, and sayings to challenge many of the assumptions we—as a nation – have s used deny financial satiability for poor people. Giving money to poor people is insufficient to solve social problems. The problem will be addressed – if not achieved -- when the poor have the knowledge of how to make wise decisions about money. The core skill is understanding how banks can be an asset for families, not a threat.

Bryant sees the poor not as a problem but rather an untapped opportunity. His model is the sit-ins in the South during the 1950’s. When black people didn’t ride the buses, the community suffered economically. The economic impact drove the change of the laws.

For Bryant, change will come when all people have the economic skills to make the changes we need in society now.

Bryant thinks it’s OK to be selfish IF our selfishness is grounded in “WE” and not “ME.” He says that Martin Luther King fought racism in a struggle that needed to ensure all persons could vote. Now the struggle is about class and poverty. Today the poor and the middle class must see capitalism as an opportunity, not an enemy.

Bryant has set a lengthy set of goals. Some of his calls for action could change our society for the better. His agenda is doable. For example, “Advocate federally funded financial literacy education for every child in the nation, from kindergarten through college.” Bryant says that a core of 5% of the current “poor” can bring about significant financial change in our country if they understand and then make use of the power of banks.

He also wants to “Establish access to banking as a legal human right for every American, at birth,” Such a move would seem to grow out of the other changes he calls for.

Reading the book, I could hear Bryant’s rhetoric. He packs 139 pages with a lot of challenges and goals and many powerful examples. His tone hails back to the oral rhetoric of King’s speeches.

PS: Thanks to my daughter for giving me this book. I would never have read it without her help.

[Andi · Rating 3 out of 5]

This book was a quick and easy read as I sat down late this morning started from the beginning took a nap and was finished by 1600. John Bryant gave up many facts from endless research on his end as well as others to back up his theories. Although I enjoyed the read I felt that a few of his points where sugar coated to appease the rest of America. Even though he expressed that this read wasn't just geared towards Black Americans but all Americans living in poverty, I was disappointed that the book had more examples of companies who had went along with racism which resulted in much of what he expressed throughout his read including the lack of mention of black business even if no longer around that created wealth as well.

[Michael · Rating 4 out of 5]

Author John Hope Bryant provides some valid ways to embark on a new war of poverty by using education as the main thrust. The book notes that everyone benefits when people are lifted out of poverty through training, job opportunities and financial smarts. He offers proven, practical solutions that give hope to those in the bottom tier financially in the United States. We know that capitalism thrives when it involves most, if not all, citizens. I recommend this book for those who are business and political leaders, and want concrete ideas to assist those in the straits of poverty.

[C. Hall · Rating 4 out of 5]

This book is a quick, but poignant read. It is not only a must read for business leaders, but also for those who have influence in the arena of social/child welfare policy.

I've been seriously considering how important it is to create a pipeline of opportunity for high school youth. A pipeline that directly connects what they are learning in the classroom with post-graduation employment opportunities.

Excellent read.

[Evan · Rating 4 out of 5]

This is not an in depth or economic breakdown of why upper & lower classes split, but that's not what we need. Bryant stops discussing "classes" and refers to us as humans. As family. That is a pivotal shift of perspective. Wonderful read to gain understanding into potential pitfalls of both planned and free market economies.

[Sara]

I just won this today and am excited to read it!

Update: 5/27/2014

It just came in the mail, and I really like the cover!

[Ncraddieth · Rating 4 out of 5]

Valid and inspiring points. Great subject matter for blue printing.

[Christopher · Rating 4 out of 5]

Every credit union person should read this book.

[Veronica · Rating 3 out of 5]

Not a lot of new ides here but I did like the emphasis on financial education for all students. I agree that this is important and should be included in all curriculum!

[Joan · Rating 5 out of 5]

This book really changed my thinking on how to solve the generational poverty issue.

[Wei Jiun · Rating 2 out of 5]

Great introduction to the issue and premise for solution, but seems to be contradictory in the execution?

I can see the collapse of a middle class into a teetering class that is one bad incident away from falling into poverty. I agree there needs to be a redefinition of poor - it's not just an income or wealth threshold, but the freedom to live a dignified life. And I also agree that the majority needs to be brought back into system, through financial access, literacy, and empowerment.

But then the plot twist comes when the book veers into creating more entrepreneurs, start-ups, and patent offices as the solution?! I don't believe this is a feasible path for the majority to break out of poverty, maybe just a few as seen in the examples of the book. Maybe a living wage, decent healthcare/education, and working public services/infrastructure would go a longer way than creating more American CEOs!

[Juan Romero · Rating 4 out of 5]

My impression about this book is that it is a good introduction to the premise of including the poor in capitalism. The author gives some relevant facts to support this paradigm and some general examples from his own organization (Operation HOPE). I only wished there were other examples out there or more specific ideas. However I understand that this is indeed a short book and it was intended to be introductory. Finally, John Hope Bryant promises a project for this decade (2020s), thus I look forward to seeing an updated follow-up title.

[Ronald Newton · Rating 4 out of 5]

Many complain about the persistent poor and the decline of the middle class. John Hope Bryant provides a good analysis of the problem and they multi-pronged solution for it. He goes further by showing Operation HOPE is implementing this plan.

This should be an excellent read for anyone interested in volunteering for Operation HOPE or inspiring our government leaders and others to help with this issue of the poor – one of the most persistent and vexing problems in America.

[Gail McNair · Rating 5 out of 5]

Answered Lifelong questions and restored hope

This book was very insightful and uplifting. It provides tangible and insights as it pertains to the impoverished and underserved. I found seamless ties to the Civil Rights Movement interwoven throughout the book; however, I also got a sense this "silver movement" picking up from where Dr. King left off regarding the " Poor People's Campaign ". Very insightful, poignant and uplifting indeed!

[Mercedes Givens · Rating 5 out of 5]

This book along with seeing him speak on person expanded my vision for making an impact and propelled me into taking action immediately! As a financial services professional, this passion I had for financial education has been taken to a whole new level! Great read for historical info and ideas of what YOU can to do make an impact!

[Ben · Rating 2 out of 5]

While I agree with almost all of his goals and ideas for helping both our country, and helping the millions struggling to find their path to success, this book reads like a long advertisement for his own organizations. Just not a compelling read, especially if you didn’t already agree with his premise.

[John Willis · Rating 4 out of 5]

I have always hated that you hear things are broken for the poor and there is nothing we can do to fix it. Bryant offers suggestions on how the poor can stimulate the economy and gives ideas on how it can be done. Not just using government programs. The main focuses he uses are Seeding Hope, Investing in Hope, Nurturing Hope, and Harvesting Hope. Well worth the read for me.

[Marcus Goncalves · Rating 4 out of 5]

Excellent read, and insight, into the concept of Financial Literacy.

[Chiquita Mays · Rating 5 out of 5]

Awesome! Insightful!

[Andrea Ward · Rating 4 out of 5]

I have wanted to read this book for quite some time. I have read and completed this book. It was an enjoyable read for me. One quote from the book that resonates with me is "there is a difference between being BROKE and being POOR! Being BROKE is a temporary economic condition...being POOR is a disabling frame of mind AND a depressed condition of the Spirit." JHB
These statements are my sentiments EXACTLY!!! I have never & will NEVER refer to myself as being POOR!! I may be broke temporarily but never poor!! I was not reared with that mindset!! POVERTY in my opinion is a state of mind. The great majority of people can reverse the poverty cycle (if they feel in poverty) if they would find a plan, find a book like this one or others like it and MAKE A DECISION to improve one's financial life. I love Derrick's story at the end of the book!!! I enjoyed reading about the three young men's story who the author helped during his wedding.
The book refers to a percentage of people depending too heavily on the government...which is true.
I have learned to ABHOR debt!!! I like the plan that has been outlined in the book, however, at this stage of my life, HOMEOWNERSHIP in Southern California is nil N my world!! Not my desire!! I have come to believe that the housing industry & financial institutions in Southern California especially, desires to keep the consumer in PERM-A-DEBT!!! With sooooo many young people & baby-boomers with ridiculously high student loan debt how can one purchase a MORTGAGE & payoff ghastly loans & live daily & rear a family?? I like the idea of learning how to invest & I'm setting myself up to do just that! If I choose to purchase a home, it will be in a Southern state!!!
For the past nine years, I have learned how to live a CASH lifestyle! Don't need to worry about credit scores. My motto......I CAN NEGOTIATE WITH CASH BETTER THAN CREDIT!!! . This book really did not speak much about living a cash lifestyle, which is the lifestyle I prefer. The credit industry keeps changing the rules of *their game!!* Too many consumer are losing at that game because of NOT keeping up with the rules!! #SAVEYOURMONEY #CASHISKING #MONEYMANAGEMENT

[Faith]

This ranks at the top of my WORST books I have ever read list! This author has no idea how to rebuild the middle class. He truly doesn't. What he wants to do is give people who have already been given too much and give them more. I don't have a degreee in economics, but even I know that can't possibly be good for the country.

While the author states a belief in hard work and accomplishment leading to self-esteem, his models are ridiculous. His mentoring programs for kids in middle school have them working with mentors and coming up with a business model for things like lemonade stands that they then present to the community and ask for community backing to get it up and running. Then they are to get the start-up funds from networking family members and businesses in the community to get start-up cash. Is it realistic to think this will happen in urban ghettos where these kids live? Mr. Bryant himself acknowledges the lack of business in these neighborhoods and the lack of funds within the family. Where does the money come from then? From tax-paying citizens who have children who can't find jobs?

Mr. Bryant is correct. We need to help each other. We need to create jobs to replace those that have been taken overseas and left a country bereft and in need. He doesn't show a workable model for assisting in this effort. What his model does is put more moeny into the hands of those who have been given too much already. That does not build character or hope. And it certainly doesn't build a broken economy.

This book offers help and hope to no one. Don't waste your time looking for solutions here, there aren't any. It will just waste time better spent helping yourself or someone else.

[Book · Rating 4 out of 5]

"‘How the Poor Can Save Capitalism"’ written by John Hope Bryant is the book you will quickly and easily read, work that radiates with optimism, book that puts hope of something better above all, as a way to truly become better.

John Hope Bryant speaks about the need to create a new middle class out of poor people who only need to be taught ways how, who needs to be provided with right tools and procedures they need to follow.

The author didnÂ’t choose word hope accidentally; Bryant at the same time is mentioning hope in the real and metaphorical sense, given that he is founder of non-profit organization that bears that name and successful businessman who grew up in neighborhood full criminal and poverty.

On the pages of his book Bryant succeeds to present in an interesting way how the society itself fails to make life easier for itself -– instead of preventing money and information access to poorer people, we should just do the opposite in order to allow these people to get out this same society from the abyss into which it had fallen in recent years. Providing them financial support, fair evaluation of their work and access to mechanisms with which they will be able to improve yourself, that would not only mean help to those people, but also to society as a whole.

And though he chose catchy title to attract the audience of those unfamiliar with his work, John Hope Bryant'’s actually shows how poor can help to save the capitalism.

[Naomi · Rating 3 out of 5]

Seeing Mr. Bryant interviewed on the news, I expected more from this book. I found myself highly disappointed with this book for numerous reasons.

1) The majority of ideas were old and regurgitated. I have been hearing these ideas for as long as I can remember.

2) Those that aren't really felt like they had an aura of "pipe dreams" to them. I think that they would be highly difficult to integrate at an adult level. I didn't see the discussion of financial education in early grade school on up.

3) The author (unless I missed it) failed to discuss out of wedlock births in the inner city and its impact on single mothers to remain poor.

[David Marshall · Rating 5 out of 5]

This was an easy book to read in one sitting. John Hope Bryant maps out a clear course for how at-risk youth in urban areas throughout America can redirect their entrepreneurial skills honed in gangs and other non-sustainable activities to building local businesses with help from participating national financial institutions. His Hope-in-a-Box program is spreading to high schools across the country with support of local business leaders and national associations. Way to go, John!

[John · Rating 5 out of 5]

Of course I love it -- i'm the author! But seriously, it's actually the best thing I have written. Some may complain that it is written in simple language, but frankly, that's the point. It should not take 700 pages and $100 words to communicate something of value to people. I actually like my own book, and I cannot say that about everything I have written. This is simply, my best work. Hope you agree.

Blessings,

JHB

[Ardena Garth Hicks · Rating 5 out of 5]

Hope Sails

John Hope Bryant does't just hold out hope, he lets it fly. Fresh, cogent and practical approaches to financial viability for everyone through economic empowerment of the American populous, especially the poor, is not only possible, it is viable and essential. Read this book!

[Wm. A. · Rating 5 out of 5]

Very thought provoking...a detailed roadmap on how the underserved communities may take responsibility of their lives with financial resources and mentors to guide them. Educating our youth about money is important and how best to use it.

[Joseph Robbins · Rating 3 out of 5]

"And precisely because people in my neighborhood didn't understand this thing called capitalism, we feared it. We assumed it must be evil and wrong or else why were we being excluded?"

[Rony]

Great book... Go for it!!

[Amy]

Great book with practical solutions for poverty and people.