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I think that this is a rather unrealistic view. There certainly is social stigma towards racism in some circles, but there are plenty of wealthy, powerful people who have racist beliefs. They may not express those beliefs openly in public (though some do), but their racism certainly influences who they hire, fire, vote for, give money to, harass, imprison, and speak for and against (among other things).I think that racism still exists but carries such a social stigma that those who are racist are rendered powerless, which is effectively the same thing you said.