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The Friendly Liquidation of the Past: The Politics of Diversity in Latin America by Donna Lee Van Cott is reviewed.

This article analyses 'racial capitalism' as a cohesive but at times contradictory project. Understanding that both capitalism and White supremacy are constantly evolving, the objective here is to understand the political and economic currents that produce shifts in the composition and structure of institutional dispossession. To do this, I look at the abolition of slavery, the legislative victories of the civil rights movement and the current realignment of corporate classes in support of police and criminal justice reform as moments of structural change in the narrative history of 'racial progress' in the United States. The shifts and currents which undergird these structural changes typically occur when White supremacy challenges the integrity of capitalism and the corporate class. Expanding on existing literature that posits Whiteness as a 'wage', I argue that White identity functions as an asset with some level of liquidity – that is to say, it can be readily converted and exchanged. By understanding these underlying shifts and the ways in which corporate classes may seek to liquidate Whiteness, I argue, radical activists can better anticipate coming iterations of White supremacy and class exploitation.