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Revising Cedric Robinson’s notion of racial capitalism, I craft a generalizable framework about class formation and politics in cities. I argue that the interaction of capitalism and racism produces unique classes, including a black petite bourgeoisie, whose distinct interests and capacities help us understand the evolution of city politics and policy in the United States. After operationalizing core claims and drawing upon classic and recent studies of African American history and politics for illustrative examples, I use racial capitalism to expand regime theory and explain the evolution of policing and punishment in Atlanta. I end by reflecting on the methodological implications of these considerations.