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This paper examines the intersections of racism, capitalism, and social transformation through oral history interviews with activists from the Black Consciousness Movement (BCM) in South Africa’s anti-apartheid struggle. The BCM not only challenged racial oppression but also advanced an anti-capitalist critique, offering diverse interpretations of the link between race and class. By analyzing interviews with 18 former activists, we explore internal debates within the movement regarding whether capitalism and racism were inherently intertwined or contingently related. These perspectives—the equivalence and contingency positions—mirror broader sociological debates on racial capitalism and inequality. Our findings highlight how BCM activists, particularly through the Azanian People’s Organization (AZAPO), theorized strategies for liberation that integrated racial and economic justice. This study underscores the role of activists as intellectuals, generating insights that remain relevant to contemporary discussions on racial capitalism and global social movements.