Society exists in a world that obeys the fundamental principles of human relations, which are formed, among other things, by the economic system. As a developed and popular governing concept, capitalism provides individuals in power with control over the lower-ranked classes. Utilizing the disadvantages of capitalism, a phenomenon that is called race capitalism encompasses the variations of racism and discrimination. Race capitalism is a considerable social issue that arises with the help of privileged people that feel the opportunity to establish their authority over others by deciding who is worthy.
The entirety of all economic operations that occur in the world, region, country, or community on the foundation of economic relations and property mechanisms that have evolved is referred to as an economic system. Production necessitates specialized wealth and resources in all economic models, and the outcomes of business activity are dispersed, traded, and consumed. In general, the examples of economic systems include traditional economy, command (planned) economy, mixed economy, and market economy, which is the basis of the governance concept that is called capitalism. Capitalism is an economic system grounded on private ownership, equality under the law, and free entrepreneurship to manufacture and distribute goods and services. In the concept, efforts to enhance capital and increase profitability are the fundamental conditions for making business decisions. Capitalism is composed of the following features: the existence of an advanced international division of labor, the progress of socialization of manufacturing, and the modification of the workforce into a consumer good. In addition, it describes the dominance of money-commodity interactions and personal ownership of the means of production and reaping the benefits of wage earners.
According to society’s view, the race is a component of human communities identified by commonalities in a combination of physical or social qualities. Considering the current scientific understanding, races are sociological constructions and identities that are appropriated according to society’s norms. Races possess physical and biological value, despite being predicated partly on visual similarities of people within groupings. Three to seven primary races and numbers of minor anthropological varieties were recognized by anthropological institutions, with the most prominent being Caucasoid, Mongoloid, Negroid, and Americanoid. In the United States of America, the race is a political and social term, and assigning a person to a certain race is connected to the country’s sociological idea of race. In this particular case, the question of belonging to a particular race is not entirely located in the sphere of biological and external factors. Self-identification of people, their social level, and living conditions play a significant role. The public administration offices define race as a specific population category that considers cultural and social features and ancestry.
Racial capitalism is believed to be the definition of the process that depicts the presence of deriving value and taking advantage of social differences. The scientists Jodi Melamed and Robin Kelley are considered the founders of racial capitalism. Enslavement, colonization, genocide, penitentiary practices, immigrant exploitation, and current race conflict are all essential characteristics of white supremacist capitalism growth that individuals commonly relate to racial capitalism (Melamed 77). According to the comprehension of ideas of Melamed, the concept aims at dividing the population into categories so that they might be integrated into activities that benefit capital (Melamed 79). Racial capitalism explores how different types of colonialism, settler colonization, and White privilege intersect as part of a cohesive system of capitalist expansion. The rationale behind the term is that capitalism accumulation necessitates human diversity, which is then exploited, reifying socio-spatial differentiation. At local, regional, national, and worldwide stages, the exploitation of racial and geographical diversity has been fundamental to the growth of capitalism (M). Racial capitalism describes the races and ethnicities that are in power and their attitude towards less privileged communities in terms of political, economic, and social activities.
Racial capitalism is possibly considered as the part of racism and discrimination that is connected to the processes in society. Racism is the concept that race is a key driver of human qualities and abilities and that racial distinctions result in a race’s basic supremacy. Discrimination, also related to racism, is determined as generating unjustified distinctions grounded on the particular organizations, parties, and communities that people belong to. It can occur based on age, gender, race, religion, or sexual orientation, among other factors. Discrimination in every work area, involving recruitment, dismissal, salary, work assignments, promotions, layoffs, development, benefits packages, and any other terms and conditions of service, is prohibited under American law.
In conclusion, capitalism, in general, represents an economic and governing system that provokes the situation of reaping the benefits of employees. Race capitalism is an issue that refers to the conditions created by the capitalistic world. Race capitalism is a reflection of problems in a society where people can exploit differences in race for their purposes, which are mainly related to economic and social activities. The problem is connected to racism and acts of discrimination, meaning that it represents the possibility of people in authority separating groups of people.
Melamed, Jodi. “Racial capitalism.” Critical Ethnic Studies, vol. 1, no. 1, 2015, pp. 76-85.