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Just like the dodo and passenger pigeon before it, the affordable new car is about to go extinct as a species. The last new Mitsubishi Mirage model is expected to be sold by the end of this summerand after that, there will be no new cars available for sale in the U.S. for less than $20,000. The Mirage is a fuel-efficient compact hatchback, and until it sells out, it is the cheapest new car on the market. In June it sold for an average transaction price of $18,484. [Photo: Mitsubishi] The Mirage was able to stay so cheap by offering the bare minimum. It’s tiny. And while it has now-standard features like a touchscreen and rearview camera system, it doesn’t have much else. In Car and Drivers review of the final 2024 Mitsubishi Mirage G4, the publication gave the car a 3/10 rating, noting that it was cheap to buy but cheaply made, with a puny engine and drab driving demeanor. “Cheap? Yes. Cheerful? Not so much,” it said. This is a car that gets you from point A to point B. If you want to get there quickly, that’s extra. You get what you pay for. [Photo: Mitsubishi] Mitsubishi said last year that it was ending production of the Mirage, and now there are only some 1,700 left, according to data from the car-services firm Cox Automotive. Based on the current sales pace, the firm predicts the last Mirage will be sold by summer’s end. Buyers looking for the cheapest new car will then have to turn to the 2025 Nissan Versa S ($20,130) or 2025 Hyundai Venue SE ($21,695), per Cars.com. Inflation since the pandemic has hit the automotive industry especially hard, with the average transaction price for a new vehicle rising from about $40,000 in 2020 to nearly $49,000 in 2025, per Kelley Blue Book data. Tariffs imposed by the Trump administration have led to increased production costs, and while major automakers have yet to announce consumer-side price increases in response to new import duties, Doug Ostermann, CFO of Stellantis, said during a call on July 21 that he believes we’re coming to the end of that period.” While the Mirage is no-frills, it offered buyers an ultracheap option for when cost was the most important decision-making factor. Without it, the average price of new cars will only continue to climb.
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E-Commerce
Dr. Rachel Laryea is an asset wealth management researcher at JPMorganChase and the founder of Kelewele, a cultural lifestyle brand that creates bespoke African travel experiences and vegan plantain-based treats. She is an anthropologist and Black studies scholar specializing in race and money. Whats the big idea? We are living in unprecedented sociopolitical times that, for so many, make the elusive American Dream feel even farther out of reach. Those most disproportionately affected by the economic downturn in a highly polarized political climate are wondering how to make ends meet, take care of loved ones, and enjoy life. We are all bearing witness to the harm of capitalism as it works to pit us against one another. Black Capitalists are showing how to make the most of our broken system to secure prosperitybut not at the expense of others. They demonstrate that we can participate within capitalism from a place of power, purpose, and community. Below, Rachel shares five key insights from her new book, Black Capitalists: A Blueprint for What Is Possible. Listen to the audio versionread by Rachel herselfbelow, or in the Next Big Idea App. 1. Race makes a difference in how we participate in capitalism To many, the term Black Capitalists is oxymoronic. Black people were the labor force that built the infrastructure of American capitalism through the violent enforcement of legalized slavery, so they cannot, and should not, aspire to be the beneficiaries of it. But the persistence of Black economic striving and achievement, despite this enduring history which has produced the Racial Wealth Gap, poses a provocative question: What if there is a way to thrive within capitalism without diminishing someone elses life chances through exploitative practices? Black Capitalists are showing us how. From newly minted undergraduates who find themselves working 20-hour days to prove their worth on Wall Street to Nigerian startup founders working to build global credit scores, the stories and analysis of Black Capitalists (who are as ambitious as they are altruistic) demonstrate the resilience, creativity, and ingenuity of Black people who have long been excluded from the full benefits of the American economic system. Black Capitalists show us a more productive and inclusive way forward. 2. Black Capitalism provides a hopeful, pragmatic way forward The term capitalism comes with so much social and emotional baggage, but at its core, capitalism is a political economy in which private actors own the means of production to freely create and sell commodities with the intent to yield excess capital. Anyone can be that private actor. Whats important is how the tools of capitalism are used in restorative ways to create opportunities for collective economic thriving, rather than reproducing the harms of capitalism, such as exploitation and extraction. I define a Black Capitalist as a Black person who is a strategic participant of capitalism with the intention to benefit from the political economy to create social good. Although the term Black Capitalism has been around for several decades, I redefine it as a pragmatic theory that accounts for the ways any actorsindividual and collective, race-agnosticreposition themselves within capitalism to achieve social good. The practice of Black Capitalism means: Acknowledging the sacrifices that you make to create opportunities for yourself, but always leaving room to name the privileges inherent in your experience and the responsibility that comes with that. Using the tools of capitalism to create and own the means of production and capital, unlocking access to economic power, and using it to advance peoples life chances. Being aware that your practice of capitalism connects to someone elses practice. Using capital to produce ethical value out of an imperfect system and improve the life chances of the economic majority rather than the elite minority. 3. Black Capitalism is a unique form of fugitive planning The undercommons is a term coined by theorists Fred Moten and Stefano Harney and used to describe a subversive space wherein marginalized groups within an institution resist and challenge power structures without fighting for inclusion or attempting to reform these institutions. In what these scholars call fugitive planning, members of the undercommons discover ways to exist beyond the grip of institutional power to evade capture. If this concept seems abstract, consider the creation of the Underground Railroad as one concrete example of fugitive planning in action. As people (enslaved and free) realized that they could not upend the system, they created an undercommons within itthe Underground Railroadwhere activists became conductors and carried out the work of fugitive planning to liberate themselves and each other. Similarly, the practice of Black Capitalism serves as a blueprint for how we can break free from the version of capitalism that aims to trap us. 4. The tools of capitalism utilized by Black Capitalists During the antebellum period, Black entrepreneurship required enslaved men and women to double as bondsmen who hired their own time and depended on human capital to support their nascent businesses. During the War of 1812, an enslaved man named Free Frank McWorter contracted his time to build a saltpeter factory in Kentucky (saltpeter being a key ingredient in the creation of gunpowder). By 1817, he was able to purchase the freedom of his wife, and then his own two years later. He expanded his enterprise and went on to purchase freedom for 16 of his enslaved family members. Examples of Black ingenuity and resilience in capitalism were on full display then and now. In the recent past, a Black couple in Northern California whitewashed their home (i.e. removed all evidence that a Black family lived there, including swapping their family photos for photos of a white family and having white friends front as the homeowners) all in an effort to have their home appraised for what its worth$1,482,500almost half a million dollars more than the $995,000 estimation they initially received from a white appraiser. Black Capitalists are finding meaningful ways to redesign capitalisms house in various sectors, including industry, entrepreneurship, academia, the arts, and more. In corporate America alone, these visionaries are volunteering their time to recruit and retain Black talent in predominantly white institutions, leading the crucial conversation on Black ownership, consumerism, and communal methods to unlocking generational wealth, building grassroots programs to increase cultural competency across industries, democratizing access to financial and investing literacy, establishing special purpose credit programs to grant access to lending opportunities otherwise inaccessible to many, and allocating millions of dollars worth of capital to communities most affected by systemic inequality. Black Capitalists are finding meaningful ways to redesign capitalisms house in various sectors, including industry, entrepreneurship, academia, the arts, and more. In the entrepreneurial sphere, founders like Wemimo Abbey are striking the balance between profit and social good. Having been born in Nigeria and immigrated to America as a young adult, Wemimo is the cofounder of Esusu Financial, a U.S.-based fintech company that automates credit building by reporting monthly rent payments to credit bureaus. Esusu was built to unlock access to better credit health or a new credit history entirely for millions of people. Those best positioned to benefit from Esusus technology are the economically disenfranchised. Due to the racial wealth gap in this country, the people in question are disproportionately people of color. Today, this 7-year-old fintech company has a valuation of more than $1 billion. By December 2023, Esusu had reported the creation of over 107,000 new credit scores and more than $21.9 billion in capital unlocked for renters through new tradelines. More than 8,000 evictions were prevented. Mortgages totaling more than $14 billion became accessible, in addition to thousands of student and car loans for people who were once financially invisible. Wemimo describes his work as bridging the racial wealth gap by leveraging technology to create a permanent bridge to financial access and inclusion. Wemimo is using the tools of capitalism anew to build a bridge to economic access, namely for immigrants and minorities in America. This is Black Capitalism. 5. Black Capitalism is a global and scalable practice that prioritizes profit and social good. The story of Sangu Delle and his Ghana-based venture is a perfect example. Having been born in Ghana but professionally trained in the U.S., Sangu built CarePoint, a real estate, financial services, and healthcare business designed to create value for African consumers across the continent. A proponent of Pan-Africanism (a movement that aims to build solidarity between indigenous people and diaspora of the African continent), Sangu realized that the remittances of African diaspora in America are a large market and funder of economic activity on the African continent. In 2023 alone, migrant workers remitted $95 billion to their communal networks in Africa. One way Sangus firm is capitalizing on this phenomenon while producing social good is through the development of a product akin to health insurance. The diaspora pays a monthly fee, and physicians on the ground conduct regular check-ups on family members and provide access to the best medical care. As Sangu argues, If the African Union represents 54 African countries, $2 trillion, and a billion people, its a different bargaining situation . . . .If Black purchasing power can move with one voice, it suddenly has tremendous economic power. This is Black Capitalism. This article originally appeared in Next Big Idea Club magazine and is reprinted with permission.
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E-Commerce
Lets face it, work can be a slog. And while you might be struggling to engage personally, theres also evidence that youre in good company. All over the world were more disengaged than weve been in years. But even as youre not inspired, motivated, or energized, you know you still have to show up and perform well. So how can you be effective when engagement eludes you? There are some unexpected, but powerful strategies that can help you through. WE ARE DRAGGING Evidence from Gallup shows engagement is at a 10-year low, globally. In fact, only 31% of employees say they are engaged. These are the people who feel enthusiastic about their work. Only 42% say they know whats expected of them at work. And 17% of people are actively disengaged, meaning they feel negative and resentful about their work. It’s reasonable that were not jumping out of bed every morning to show up in the office or onscreen. Were overwhelmed and fearful, and this can make it difficult to throw ourselves fully into our work. In a survey of 32,000 people in 28 countries Edelman found that 88%61% of people were afraid of everything from inflation and economic concerns to climate change, nuclear war, or information war. In addition, theres a lot of uncertainty today. According to DDI, which studied 11,000 leaders, fully 42% of CEOs were concerned about uncertainty. Moreover, in a GlobeScan survey of almost 30,000 people across 31 countries, 78% said they felt that things were changing so fast, they couldnt cope and struggled with anxiety as a result. Its tough to stay engaged when were feeling overloaded, disoriented, or disheartened by so many stressors, but there are ways we can overcome the challenges and bring our best to our work. THINK LONG TERM One of the best ways to perform well, despite feeling disengaged, is to keep the long term in mind. Todays environment might not be great, but doing your best will pay off for a better future. When you perform well, others will notice, and youll be more likely to be selected for the exciting new project or be on the radar when promotion opportunities emerge. In addition, tough times can be great for learning. If you have a subpar manager, you can observe, reflect, and cement your opinions about how not to lead (or how youll lead better someday). Or if your work doesnt fully consume your capacity, you may have extra time to take a class or join an association. You can look at challenging times as opportunities to build your knowledge and resilience for the next phase. Focus on how the work and learning you do today will be an investment in your future. LINK WORK TO YOUR IDENTITY Another lesser-known way to enhance your performance is to link your activities to your sense of yourself. Its healthy to get a sense of identity from your work. In addition to your family, friends, volunteer activities, and personal pursuits, work is one of the ways you express your talents, make a contribution, and reinforce what makes you unique and important. By focusing on who you are, you can find more meaning in your daily tasks. You dont have to do the project just because your boss said you must, youre completing it because youre a brilliant performer. You dont show up for the meeting just because youre on the team, but because youre an innovative thinker and they need your ideas. Thinking of who you are and linking it to why youre taking action, can help you feel motivated by what you value, the value you deliver, and who you are. CULTIVATE A SENSE OF TEAMWORK Another way to increase your motivation to perform well is to remind yourself of how your work impacts others. Its one thing to complete a task and check it off your list, but knowing how it will feed others work can be make a difference to your morale. Even if your responsibilities are largely individual, all work includes some aspects of interdependence. Your coworker is waiting for output from you so she can take the next step. Your colleague needs your input to work on his project. Or theres a customer down the line who will benefit from your portion of the process. We all have an instinct to matter, and knowing we have obligations to others can be motivational when we consider our impacts. MANAGE YOUR WORKFLOW You can also ensure you perform well in the face of less-than-ideal engagement by using tactics that make the work seem more manageable. For example, you can break down a larger responsibility into smaller tasks. Instead of simply telling yourself you have to write the report, consider sub tasks that youll need to accomplish. Give thought to how youll need to research the key topic, summarize the primary ideas, write each chapter, and create recommendations. By separating work into components, youll make it feel less daunting and more doable. You can also be sure that youre focusing on one thing at a time. We lose a lot of time with pings, dings, and interruptions, because multitasking creates the need to reset repeatedly as we shift from one thing to another. But if you can, turn off notifications or change your status to do not disturb, for a period of time. Doing so will help you focus and get things done more effectively. Another surefire way to enhance performance is to plan your tasks based on your own rhythms. Many people are better at analytical or detailed work at the start of their day, when theyre fresh. And then they are stronger with creative or divergent work in the afternoons when theyve been at it for a while. Consider how you work and, as much as possible, plan your tasks based on your energy levels and your assessment of when you can do your best work. You can also boost your performance by taking breaks. Getting away from their desks or taking short brain breaks after finishing key tasks improved productivity for people in studies published in both the Journal of Applied Behavioral Analysis and in the Journal of Applied Psychology. And breaks can also increase your energy and reduce fatigue, based on another study that was published in Psychological Reports. REDUCE THE PRESSURE Overall, we may put pressure on ourselves to be always-on and supereffective all the time, but were wise to reduce the burden we impose on ourselves. No one is perfect, and its unrealistic to think that well be constantly achieving. This expectation can cause us to feel trapped by unrealistic standards. But if you can remind yourself that no one is flawless, and that youll have good days and bad days, it can help your mood. In addition, you can give yourself permission to do just enough during a period where yor work is less engaging. Theres an old saying that if youre trudging through a swamp, its best to just keep going. Challenges with engagement are like this, too. There may be muck and mosquitos right now, but you can get through to the other side. Keep at it, validate your efforts, and team up with others to support each other. These will help you survive and even thrive.
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E-Commerce
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