Algorithmic Biases & Economic Inequality

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by Melissa Lafsky
November 15, 2021 · 1 minute
by: Melissa Lafsky
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This article originally ran in American Diversity Report

America has a long history of racial segregation and systemic racism that made it difficult for ethnic minorities to achieve financial and economic stability. Well-researched academic studies have found that “even after decades of growing diversity…most Americans still live in racially segregated neighborhoods.”

A study conducted by the University of Minnesota found that 64% of the urban city population are people of color while only 34% are white. 

This trend shouldn’t be the norm. In 50 years from now, the statistics should be different. They should show rising equality for POC people. Entrepreneurs like Kareem Saleh are using innovative solutions to combat the biases within algorithmic systems like mortgage applications.

Kareem founded Fairplay™️ to make sure that there was more fairness for historically disadvantaged populations. Innovators like Kareem are taking steps to make an impact on the issues that ethnic minorities face when applying for mortgages or trying to purchase their own homes.

Because there are biases within financial institutions that offer lending options like mortgages, Kareem intends to disrupt the system and impact financial inclusivity. This is one of many ways that the economic disparities in this country can be addressed.

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