Contrived in Contradiction: Theoretical Considerations on Race and the Free Market

Abstract: This paper seeks to elaborate on the interconnection between structural racism and the free market system – both in how it is theorized and how it functions in reality. The argument advanced is that the market system is constituted by a contradiction that operationalizes it and generates surplus value through the absorption of racial stratification by economic value. This contradiction consists of racial subordination alongside the perception of an equal and neutral market. While the contradiction of subordination and equality extends broadly throughout Western thought and institutions, it takes on a special function within the institution of the market system, actualizing the realization of profit. After an examination of this process, the paper turns to a study of Friedrich Hayek's theorization on markets to demonstrate that the racial structure of the market can be gleaned directly from his work.