An eloquent, prize-winning historian chronicles the rise of Black enterprise in America.

Entrepreneurs like Booker T. Washington and Madam C. J. Walker are familiar figures in the history of Black business. But from the hopeful dawn of emancipation to the crucible of Jim Crow, from rural Mound Bayou, Mississippi, to the bustling blocks of Harlem, many others built extraordinary businesses in pursuit of prosperity and freedom. Nevertheless, their efforts to pursue the American Dream were steadily undermined by people intent on profiting from their innovations and reining in their opportunities. Award-winning historian Shennette Garrett-Scott reveals the everyday genius of the people who refused to accept exclusion as identity: former slaves turned cotton mill owners, washerwomen turned financiers, and self-taught visionaries who built banks, real estate empires, and grocery store chains. Their successes were real, but ventures that promised economic independence often provoked backlash as white elites, politicians, and vigilantes tried to contain Black success. Even the boldest dreams often buckled under the combined weight of limited resources and state obstruction.

A daring tale, lyrically told, The Business of Freedom reveals the history, strengths, and weaknesses of Black capitalism as a strategy for both individual and collective empowerment and shows why free enterprise alone could never deliver the freedom its champions promised.