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At the systemic level, people of color can be racist in theory, but typically not in practice, and certainly not very effectively.
Although a person of color in an authority position candiscriminate against a white person, this kind of thing rarely happens because, a) such persons are still statistically rare relative to whites in authority, b) in virtually all cases, there are authorities above those people of color who are white, and who would not stand for such actions, and c) even in cases where a person of color sits atop a power structure (as with President Obama), he is not truly free to do anything to oppress or marginalize white people (even were he so inclined), given his own need to attract white support in order to win election or pass any of his policy agenda.
By the same token, just because we choose to be antiracist, does not mean that we no longer carry around some of the racism with which we were raised, or to which we were and are exposed. Do you think people of color can be racist against whites?
At the ideological level, anyone can be racist because anyone can endorse the kinds of thinking that qualifies as racism, as defined above.
There are, after all, also such things as class privilege, male privilege, straight privilege, Christian privilege, and able-bodied privilege.
And these other forms of privilege exist — and generally provide greater opportunity to their respective group members — even though there are rich people who lead miserable lives despite their money, and there are men, heterosexuals, Christians, and able bodied folks who are poor. What is the connection between racism and the class system/capitalism? To begin with, the development of modern white supremacy was very much connected to the way in which the class system developed, especially in the West. S., for instance, planter elites during the colonial period used the notion of whiteness as a way to split class-based coalitions that often developed between enslaved Africans and indentured Europeans (who were only slightly above slaves themselves).
Whites are receiving a benefit, vis-a-vis those persons of color: more opportunity those persons of color are receiving less.
Although I believe all persons are harmed in the long run by racism and racial inequity — and thus, white privilege comes at an immense social cost — it still exists as a daily reality throughout the social, political and economic structure of the United States.
The fact that white privilege exists and that all whites have access to various aspects of it, does not, however, mean that all whites are wealthy, or that in competitions for jobs and other opportunities, whites will always win.
As a system, racism is an institutional arrangement, maintained by policies, practices and procedures — both formal and informal — in which some persons typically have more or less opportunity than others, and in which such persons receive better or worse treatment than others, because of their respective racial identities.
Additionally, institutional racism involves denying persons opportunities, rewards, or various benefits on the basis of race, to which those individuals are otherwise entitled. White supremacy is the operationalized form of racism in the United States and throughout the Western world.
Such notions have also been inculcated by the Christian tradition in the West, and the racialized way in which Christianity developed as a force in Europe, for instance. In other words, white racism can now take on an auto-pilot effect, even if elites do not, as they once did, actively manipulate working class emotions.