The Economist reports that:
THE assertion that Jews “control” finance is commonplace among anti-Semites. A new academic study* finds that people who live in areas of Germany where persecution of Jews was most intense are less likely to invest in the stockmarket, even today.
The relationship has very strong historical roots. People who live in districts from which Jews were likeliest to be sent to concentration camps under the Nazis are 7.5% less likely to invest in stocks than other Germans; those who live in districts where pogroms occurred during the Black Death (back in the 14th century) are 12% less likely to do so. ...
The effect of this distrust is that German savers in such districts earn lower returns, because they have lower exposure to the stockmarket. “The legacy of Jewish persecution—distrust of finance—has hindered generations of Germans from accumulating financial wealth,” the authors argue. In other words, “Persecution of minorities reduces not only the long-term wealth of the persecuted, but of the persecutors as well.”
The good news, of course, is that haters don't get a free ride. They are paying a cost for indulging their hate.
The bad news, of course, is that haters apparently are willing to pay that cost in very large numbers and over a very long period. This raises serious questions about whether market forces can eradicate discrimination. Hence, even those of us who generally favor limited government should be open to the need for government intervention to prevent intentional discriminaton. (Which is not to say reasonable people cannot differ about the form government intervention ought to take.)