Interest in the relationship between race and the expanded reproduction of capitalism has exploded across the social sciences and humanities over the past several years. Despite this widespread appreciation and interest, profound disagreement, debate, and analytical impression persists, not least regarding the relationship between race and the necessary ‘laws of motion’ of capitalist society. This article begins by tracing the core approaches to the race and capitalism conversation, paying particular attention to their understanding of the necessity/contingency distinction. It then proceeds (...) to make the case for race as a contingent – which, emphatically, does not mean local or insignificant – relatively autonomous, and historically path-dependent terrain of struggle in capitalist society, which has largely functioned to maintain capital’s necessary disequilibrium between the value form and its value relations, but need not do so. It closes by exploring the implications of this claim in relation to recent historical-geographical research on post-1898 US imperialism. (shrink)