Anti-racist debate today remains polarised between ‘class reductionist’ (any attempt to address racial disparities reinforces capitalist class relations) and ‘liberal identity’ (disparities in racial representation can be resolved without questioning class inequality) politics. Both positions share a common perspective – racial oppression and class exploitation are the products of distinctive social dynamics whose relationship is historically contingent. This essay is an initial step toward characterising a structurally necessary relationship between capitalism and racial oppression. The essay draws upon Anwar Shaikh and (...) Howard Botwinick’s elaboration of Marx’s political economy, and Ellen Wood’s analysis of the specificity of capitalist imperialism. (shrink)