What was the significance of Greenwood being nicknamed "The Black Wall Street"?

a/It promoted additional investments in the community.

b/It signified the financial success of the area.

c/It was meant to challenge white prosperity in Wall Street.

d/It inspired white business owners to invest in black-owned businesses.

Question

History

Li

30 June, 13:15

What was the significance of Greenwood being nicknamed "The Black Wall Street"?

a/It promoted additional investments in the community.

b/It signified the financial success of the area.

c/It was meant to challenge white prosperity in Wall Street.

d/It inspired white business owners to invest in black-owned businesses.

+5

Answers (1)

Know the Answer?

Dana Cohen · Answer 1

the significance of Greenwood being nicknamed "The Black Wall Street" as B) it signified the financial success of the area

Explanation:

In the early 20th century, the present-day Greenwood Avenue was known as the Black Wall Street for its thriving economy, wholly propelled by the African American community. Under the Dawes Act, 1887 many African-Americans who were former slaves of tribes acquired land in this area. Others migrated to this area, which was now considered a haven for the black community, to escape racial oppression.

OW Gurley and JB Stradford are mainly credited to kick start the economic development of this place. Schools, hotels, furriers, posh restaurants, a library and other establishments of prosperity marked the streets of Greenwood.

New businesses cropped up with assistance from the affluent black community. This ensured that the money so created circulated first within the community. This made Greenwood entirely self-contained, reliant and an economic powerhouse and thus the name - Black Wall Street.