Rev. Dr. Virgil Alexander Wood (1931-2024)

Rev. Dr. Virgil Alexander Wood, a trusted mentor, church leader, educator, and towering figure in the civil rights movement, passed away on December 28, 2024, at the age of 93.

I had the privilege of knowing Dr. Wood during what he warmly referred to as his “twilight years.” We first connected in 2016, after he called me about a video I created for a MacArthur 100&Change proposal. I’ll say more about this video and why it led to a close partnership and friendship below.

Dr. Wood’s life was a testament to faith, resilience, and a deep commitment to social justice. Ordained as a Baptist minister in his late teens, he served churches for over five decades in Rhode Island, Massachusetts, and Virginia. While pastoring in Lynchburg, Virginia, he became deeply involved in the civil rights movement, establishing the Lynchburg Improvement Association as a local arm of the Southern Christian Leadership Conference (SCLC).

Dr. Virgil Wood (left) and Dr. Martin Luther King Jr. (right). Photo courtesy of Getty Images.

From 1963 to 1970, he led the Blue Hill Christian Center in Boston’s Roxbury neighborhood and chaired the Massachusetts Unit of the SCLC. As a close confidant of Dr. King, Jr., he served on the SCLC’s National Executive Board during the final ten years of Dr. King, Jr’s. life, coordinating the State of Virginia’s involvement in the historic March on Washington in 1963.

Dr. Martin Luther King Jr. (left) and Dr. Virgil Wood (right). Photo courtesy of Getty Images.

Dr. Wood’s academic achievements reflected his thirst for knowledge and passion for empowering others. After earning a BA in history from Virginia Union University in 1952, he obtained a Master of Divinity from Andover Newton Theological School in 1956 and a Doctorate in Education from Harvard University in 1973. His career in education was as impactful as his ministry, with roles as Dean and Director of the African American Institute at Northeastern University and as a professor at Virginia Seminary and College. He also served as a lecturer and researcher at Harvard University and led the Beloved Community Initiative as a Distinguished Ridenour Faculty Fellow in the School of Public and International Affairs at Virginia Tech.

Dr. Wood with Louise and Minnis Ridenour.

Dr. Wood’s dedication to economic justice led him to work as an administrator for the Opportunities Industrialization Centers (OICs) of America, founded by his friend and mentor Dr. Leon Sullivan to provide job training for underserved communities. Dr. Wood established 13 OICs in eight southern states and in Boston, Massachusetts. He also lent his wisdom to three White House Conferences under the Johnson, Nixon, and Carter administrations.

Throughout his life, Dr. Wood maintained friendships with civil rights icons such as Rosa Parks, Dr. Martin Luther King, Jr. and Sr., Dr. Leon Sullivan, Dr. Ralph Abernathy, Dr. Samuel Dewitt Proctor, Dr. C.T. Vivian, Dr. Wyatt Tee Walker, and many others. Some of these connections can be seen in Dr. Wood’s 2020 book entilted In Love We Still Trust: Lessons we learned from Martin Luther King Jr. and Sr.

Dr. Wood and Rosa Parks while she was receiving an Honorary Doctorate. Source: Wood, V. A. (2006) In Love We Trust.

When we first met in person, I remember we joked that if I lived my life twice over, I’d still be younger than him. It was a lighthearted moment that underscored the incredible tenure of his life’s work, his wealth of wisdom, and his generous spirit.

Our work together built on my long-term collaboration with Prof. Robert Ashford, who has been advancing Louis Kelso’s theory of binary economics throughout his academic career. The 90-second 100&Change video mentioned above outlined a proposal to provide citizens of a country with a capital ownership stake in their nation’s economic future. Using the principles of binary economics, people could acquire capital (i.e., an ownership stake in new and inherently sustainable goods and services) with credit repayable with pre-tax future earnings of capital (future savings). 

Dr. Wood’s interest in Louis Kelso’s theory of binary economics is reflected through his work creating the OICs and efforts to advance economic and social justice. The former revealed the value of enabling people to earn an income through meaningful work and the latter of the transformative potential of capital ownership/income. Dr. Wood understood the economic potential of real capital ownership and that relying on wage income alone would be insufficient to address the roots of poverty in America. The video below shows Dr. Wood speaking about this idea (1:28) while we visited the Booker T. Washington High School in Houston in 2018. 

During our early conversations, Dr. Wood explained how, in February of 1968, he made the case to Dr. King, Jr. that a Poor Peoples’ Campaign built on the “Why” of his Beloved Community concept, without the “How” embodied in Louis Kelso’s theory of binary economics, would mean that the promise of the campaign would remain unfulfilled. Dr. Wood’s underlying argument was that the Poor Peoples’ Campaign should be taken to Wall Street, rather than to Washington, to which Dr. King, Jr. apparently replied, “you are right, but we can’t do that now.” Dr. King’s assassination on April 4, 1968 effectively halted the integration of these ideas. This historic moment anchored our partnership and provided a clarity of purpose around reigniting Dr. Wood’s 1968 vision.  

Today, the need for a reformulated Poor Peoples’ Campaign that helps build a new and regenerative economy cannot be more pressing. Few people earn enough to take care of themselves or their families. Labor, the main source of economic productiveness prior to the industrial revolution, has declined in relative productiveness as labor-displacing technology (think GenAI) advances and becomes hyper-productive in comparison to labor. These trends are driving the growth in inequality and the erosion in labor earning capacity, with the ownership of productive wealth being highly concentrated, and with most people owning little or nothing.

Dr. Wood envisioned a modern day Poor Peoples’ Campaign (what he called the Beloved Economy) built around the ideas of Dr. King, Jr. and Kelso. In the Beloved Economy, the ownership of capital―a critical and growing form of income―becomes more inclusive by using future capital earnings (future savings) to finance broadening capital acquisition to provide growing numbers of people with capital income. Dr. Wood knew that as production becomes ever more capital intensive, providing the poor with a capital ownership stake will be critical to broadly increasing purchasing power, reducing inequality, and advancing Dr. King, Jr’s notion of the Beloved Community.

During his time with Virginia Tech, Dr. Wood led the creation of the Beloved Community Initiative (BCI) that established an essay contest (see the essay contest video and several photos from the award ceremony below) and hosted the MLK Jubilee Summit in 2018. 

In that same year, he was invited to give the Virginia Tech Graduate School Commencement speech.

In an effort to capture some of Dr. Wood’s life experience, my colleague Prof. Sylvester Johnston interviewed Dr. Wood and his long-term friend Prof. Owen Cardwell (University of Lynchburg) in 2018 about their upbringing and work. The first 25 minutes of the video below, produced by Prof. Rachel Weaver, covers Dr. Wood’s early childhood, his time with Dr. Martin Luther King, Jr., the economy of abundance, and more. In addition to this video, we decided to record an informal “In Conversation” series where Dr. Wood held discussions with his colleagues, including Prof. Cox, Prof. Cardwell , Dr. Hulbert, and Dr. Tasby and Dr. Smith. The complete set of recordings can be found on the Beloved Community Initiative YouTube channel

During his visits to Virginia Tech, Dr. Wood always asked for opportunities to speak and engage with students, faculty, staff, and the local community. He had a unique ability to make people feel heard and left spaces filled with energy and opportunity.

Dr. Wood leaves behind a legacy that will continue to inspire future generations. In his own words, “the song has ended, but the melody lingers on.” It is now left to everyone who knew Dr. Wood to pick up and work with what he left behind to build the future we believe is possible. He was not just a leader but a beacon of hope, compassion, and purpose. His life reminds us that the pursuit of justice and equity is a journey worth dedicating everything to—and that even in our twilight years, we can still shine brightly.

SOS Meeting in Washington D.C. (Jan 6)

On Tuesday, January 6the Society of Socio-Economists (SOS) will be holding its annual meeting in Washington, D.C. This years meeting on “Socio-Economics: Broadening the Economic Debate” is being co-sponsored by SPIA and promises to be a valuable and thought provoking event with notable speakers (see below).2014-12-09_1345

The intent of the meeting is to provide people with an opportunity to explore how their research may connect with the ‘socio-economic’ approach to economic analysis, and to build bridges between disciplines and perhaps chart new research collaborations/projects. I have reproduced the “Statement of Socio-Economic Principles” below for those who are not familiar with this text. The principles provide both a sound epistemological foundation and set of ethical rules of fair play regarding economic analysis that could aid the formulation of public policy.

2014-12-11_0849The meeting will consist of a morning plenary followed by a series of concurrent sessions in the afternoon. The plenary is intended to provide a forum that affords everyone a chance to speak and exchange views. Whereas the concurrent sessions allow for more narrowly focused, but still broad, discussions.

The growing list of meeting participants includes the following individuals:

Statement of Socio-Economic Principles

Socio-economics begins with the assumption that economics is not a self-contained system, but is embedded in society, polity, culture, and nature. Drawing upon economics, sociology, political science, psychology, anthropology, biology, and other social and natural sciences, philosophy, history, law, management, and other disciplines, socio-economics regards competitive behavior as a subset of human behavior within a societal and natural context that both enables and constrains competition and cooperation. Rather than assume that the individual pursuit of self-interest automatically or generally tends toward an optimal allocation of resources, socio-economics assumes that societal sources of order are necessary for people and markets to function efficiently. Rather than assume that people act only rationally, or that they pursue only self-interest, socio-economics seeks to advance a more encompassing interdisciplinary understanding of economic behavior open to the assumption that individual choices are shaped not only by notions of rationality but also by emotions, social bonds, beliefs, expectations, and a sense of morality.

Socio-economics is both a positive and a normative science. It is dedicated to the empirical, reality testing approach to knowledge. It respects both inductive and deductive reasoning. But it also openly recognizes the policy relevance of teaching and research and seeks to be self-aware of its normative implications rather than maintaining the mantle of an exclusively positive science. Although it sees questions of value inextricably connected with individual and group economic choices, socio-economics does not entail a commitment to any one paradigm or ideological position, but is open to a range of thinking that treats economic behavior as involving the whole person and all facets of society within a continually evolving natural context.

Unique among interdisciplinary approaches, however, socio-economics recognizes the pervasive and powerful influence of the neoclassical paradigm on twentieth century thought. Recognizing that people first adopt paradigms of thought and then perform their inductive, deductive, and empirical analyses, socio-economists seek to examine the assumptions of the neoclassical paradigm, develop a rigorous understanding of its limitations, improve upon its application, and develop alternative, perhaps complementary, approaches that are predictive, exemplary, and morally sound. With modest amendment, this description of Socio-economics was the substance of the petition signed by more than one hundred twenty law professors from over fifty member schools of the Association of American Law Schools (AALS), to establish the AALS Section on Socio-Economics. It serves as the constitution of the Section. Source.

Additional information of socio-economics can be read in this paper on Socio-Economics – An Overview by Prof. Robert Ashford.

Talk at the Table – Binary Economics

On Sunday, May 4, a conversation between Robert Ashford, Joyce Rothschild, Woody Crenshaw, and I aired on Talk at the Table with Andy Morikawa. During our conversation, we explain the basic idea of binary economics and how it relates to critical issues such as growing income inequality and sustainable development.

Soundwave

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Talk: An Introduction to Binary Economics

On Wednesday, April 2, Prof. Robert Ashford will be giving an introductory talk on binary economics. His talk will focus on how the approach can address inequality, create demand for employment, and finance sustainable development. More information on the talk is provided below. 

When: Wednesday, April 2, 5:30 to 7:30pm

Description: In general, earning capacity can be enhanced by some combination of two contributions: (1) increased wages earned through employment; and (2) money earned through the ownership of productive capital (e.g., land, technology, patents, etc.). Usually, only people who already own capital are able to acquire capital with the earnings of capital; and they do so substantially in proportion to their existing wealth, which helps to explain how wealth tends to concentrate in a capital intensive economy like the USA. Binary economics reveals practical ways of extending effective market opportunities to poor and middle-class people so that they can also acquire capital with the earnings of capital. In this way, as production becomes ever more capital intensive, poor and middle class people can earn not only by working but increasingly as owners of productive capital. In this talk, Prof. Ashford will introduce the binary economic approach and explain how it can enhance not only an individual’s capital earning capacity (addressing inequality), but also the demand for employment and the prospects for achieving sustainability.

Ashford_April2_2014

Robert Ashford at VT

Ashford-Robert Photo 2013Over the next few days, Prof. Robert Ashford will be engaging with the Virginia Tech community in a variety of ways. I have provided a summary of his events below.

SPIA Seminar: Robert Ashford talks about Using Binary Economics to Democratize Capital Acquisition with the Earnings of Capital

  • When: Wednesday, November 6, 12:30-1:30pm
  • Where: Room 114 in the Architecture Annex and Room 302 in Prince Street, Alexandria

Economics Brown Bag: Discussion with faculty and students in the Department of Economics

  • When: Wednesday, November 6, 4:00-5:00pm
  • Where: Pamplin 1008

Radio ShowTalk at the Table with Andy Morikawa

  • When: Thursday, November 7, 10:00-11:30am
  • Note: The show will air on Sunday, November 10 at 2:30 p.m. EST on WUVT-FM Blacksburg (90.7). The show streams live at www.wuvt.vt.edu. The podcast will be available on the web page of the Institute for Policy & Governance at www.ipg.vt.edu.

VT NLI Seminar: Robert Ashford talks about How to Teach Binary Economics

  • When: Thursday, November 7, 1:00-3:00pm
  • Where: 3080 Torgersen
  • Register here

UAP 5784: Robert Ashford talks with students in UAP 5784 (Technology, Globalization, and Sustainable Development) about how binary economics could be used to advance sustainable development

  • When: Friday, November 8, 10:00am-12:00pm
  • Where: 3080 Torgersen (please contact me if you would like to attend this class discussion)

Binary Economics Seminar (Nov 7, 1-3pm)

When: November 7, 1-3pm

Where: 3080 Torgersen

Register: https://app.fdi.vt.edu/public/modules/selfenroll/_viewevent.php?eventPk1=21198

Prof. Robert Ashford will be teaching a seminar for faculty and doctoral students at Virgina Tech on “Teaching Binary Economics in Courses That Include Substantial Economic Policy Analysis.” The seminar will be offered through Virginia Tech’s Network Learning Initiatives (NLI).

The seminar will provide faculty and doctoral students with a basic introduction to “binary economics” – an approach to market economics that lies conceptually beyond the mainstream economic theories that underlie the polarized political and economic debate between proponents of austerity and stimulus. Based on a distinct understanding of production, distribution, prices, and growth, Prof. Ashford will use a binary economics lens to explain how the prospect of more broadly distributed capital earnings in future years provides incentives to profitably employ more capital and labor in earlier years. The seminar will be a great opportunity to learn from one of the leading binary economist in the world.

Ashford_NLI

Robert Ashford to Visit VT

Ashford-Robert Photo 2013I’m pleased to announce that Prof. Robert Ashford will be visiting Virginia Tech in November, during which he will take part in a series of events related to the concept of Binary Economics. The first of these events will be a SPIA seminar on November 6, during which Robert will make the case for “democratizing capital acquisition” by broadening competitive market opportunities to acquire capital with the earnings of capital – see the flyer below for more information about this talk.

Over the past several years, I have had the opportunity to work with Robert, leading to the two papers below published in the European Financial Review.

Ashford_poster-Nov6I first became aware of binary economics when searching for alternative, transformational models of development. The importance of identifying new development pathways has only intensified following the recent global financial crisis that has deepened economic inequality both within and between nations. Robert’s ideas relating to binary economic growth hold great potential to transform and reignite the economy. My interest in this subject, and reason for bringing Robert to VT with the assistance of an AdvanceVT grant, stems from the need to ensure that any surge in economic growth does not also create a surge in negative environmental and social externalities. My hope is that we can find ways to stimulate binary growth while transforming industrial systems towards inherently sustainable practices.