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The term “racial capitalism” has become ubiquitous in popular and academic texts that seek to unravel the relationship between capitalism and oppression and its disproportionate impacts on “people of color” broadly speaking but Black people in particular. In similar ways to the wide usage of “neoliberalism”, its actual origins and meaning have become difficult to locate. This paper will explore the origins of the phrase “racial capitalism”. Is it a useful framework? Has its meaning changed? Does it really offer any particular insight into the function of capitalism that did not already exist?