Blacks were only extended credit when there was collateral, which in historical credit contracts was easy for the lender to repossess.https://www.cambridge.org/core/journals/journal-of-economic-history/article/when-your-word-is-not-enough-race-collateral-and-household-credit/D2E52122527DB8A1A8B6F7E3619114E8 …
We get into very tricky territory when we start deciding which preferences are irrational. Especially in a majoritarian system. Jim Crow, after all, was just society’s way of saying that a preference for desegregated lunch counters was irrational and thus invalid.
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A much safer truce is to say that we don’t understand one another’s preferences, but won’t judge some of them invalid (assuming they don’t impose externalities, natch)
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