As historical articulations of race and capitalism have shifted, race remains a procedure that justifies the nongeneralizability of capitalist wealth. limited transformation in world racial order. Even as some liberal freedoms have expanded, racial privilege and discipline evolve to take on new forms adapted to postcoloniality and the demise of legal segregation. I describe Winant’s racial break as a sea change in racial epistemology and politics that follows from the gradual ascendancy of a postwar liberal race formation to a hegemonic position in the United States. In contrast to white supremacy, the liberal race paradigm recognizes racial inequality as a problem, and it secures a liberal symbolic framework for race reform centered in abstract equality, market individualism, and inclusive civic nationalism. Antiracism becomes a nationally recognized social value and, for the first time, gets absorbed into US governmentality. Importantly, postwar liberal racial formation sutures an “official” antiracism to US nationalism, itself bearing the agency for transnational capitalism. I argue that this suturing is decisive for racial discourse and politics in that it produces a situation where official antiracisms themselves deflect and limit awareness of the logics of exploitation and domination in global capitalism. In what follows, I examine the general historical development of the liberal race paradigm, focusing my reading symptomatically on racial liberalism, the first phase of the historical development, and on “neoliberal multiculturalism,” my designation for its latest phase. As historical articulations of race and capitalism have shifted—with white supremacy and colonial capitalism giving way to racial liberalism and transnational capitalism and, eventually, to neoliberal multiculturalism and globalization—race remains a procedure that justifies the nongeneralizability of capitalist wealth. Race continues to fuse technologies of racial domination with liberal freedoms to represent people who are exploited for or cut off from capitalist wealth as outsiders to liberal subjectivity for whom life can be disallowed to the point of death. 2 What is new in the postwar period is that an official liberal and nationalist antiracism tied to US ascendancy itself has become one of those liberal freedoms that works to designate some forms of humanity as less worthy than others. While liberal race procedures are unevenly detached from a wholesale white supremacist logic of race as phenotype, they remain deeply embedded in a logic of race as a set of what Nikhil Pal Singh describes as “historic repertoires and cultural, spatial and signifying systems that stigmatize and depreciate one form of humanity for the purposes of another’s health, development, safety, profit or pleasure.” 3 Privileged and stigmatized racial formations no longer mesh perfectly with a color line. Instead, new categories of privilege and stigma determined by ideological, economic, and cultural criteria overlay older, conventional racial categories, so that traditionally recognized racial identities—black, Asian, white, or Arab/Muslim—can now occupy both sides of the privilege/stigma