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Over the past decade, questions of economic and racial inequality have been driven to the center of the political agenda. Liberals and leftists have been divided on the question of the sources of inequality, often at odds over the relative effects of racism and capitalism. Some scholars have attempted to view both together through the analytical lens of “racial capitalism.” This paper critically assesses these perspectives and advances the argument that a multiple political orders perspective, rooted in historical analysis, can help us to grapple with the conceptual challenges of accounting for the myriad sources of class-based and racial inequality. It applies the multiple orders perspective in analysis of policy proposals for promoting equality in the political economy and with respect to the carceral state at the urban and national levels. These include, reparations, guaranteed minimum incomes, the Green New Deal, and the movement to defund the police.