Small Business Administration Quotes

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In the inner cities of all the major metropolitan areas across the United States, ethnic Koreans represent an increasingly glaring market-dominant minority vis-à-vis the relatively economically depressed African-American majorities around them. In New York City, Koreans, less than .1 percent of the city’s population, own 85 percent of produce stands, 70 percent of grocery stores, 80 percent of nail salons, and 60 percent of dry cleaners. In portions of downtown Los Angeles, Koreans own 40 percent of the real estate but constitute only 10 percent of the residents. Korean-American businesses in Los Angeles County number roughly 25,000, with gross sales of $4.5 billion. Nationwide, Korean entrepreneurs have in the last decade come to control 80 percent of the $2.5 billion African-American beauty business, which—“like preaching and burying people”—historically was always a “black” business and a source of pride, income, and jobs for African-Americans. “They’ve come in and taken away a market that’s not rightfully theirs,” is the common, angry view among inner-city blacks.
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At a December 31, 1994, rally, Norman “Grand Dad” Reide, vice president of Al Sharpton’s National Action Network, accused Koreans of “reaping a financial harvest at the expense of black people” and recommended that “we boycott the bloodsucking Koreans.” More recently, in November 2000, African-Americans firebombed a Korean-owned grocery store in northeast Washington, D.C. The spray-painted message on the charred walls: “Burn them down, Shut them down, Black Power!”
― Amy Chua, World on Fire: How Exporting Free Market Democracy Breeds Ethnic Hatred and Global Instability