WHAT IS The
The free and meritocratic market has never existed, because free market ideology assumes everyone is able to enter or leave any market they choose (perfect competition), everyone knows everything about everything (perfect information), and there are no harms or costs associated with any transaction like taxes or crime or pollution (no transaction costs).
Which means, we can describe the unfairness of society (consistently with late 20th century America's favorite philosopher John Rawls) by the extent people can't enter into or leave markets, the extent information is hidden and false, the extent which pollution and crime go unaccounted for.
Moreover, we can describe structural racism in terms of how the imperfections in competition are asymmetrical as to race, meaning blacks have different and disproportionately higher barriers to entry, black have different and disproportionately more egregious stereotypes about us, as well as having much less information available to us through education, and black people pay a disproportionate amount of taxes, experience more pollution and crime and other externalities of society.
Structural racism as it relates to property or capital can and should be described, especially by our court system, as 'asymmetrical market imperfections relating to group subordination'. The same construct can be transported to describe subordination relating to gender, sexual orientation, ethnicity, any group whatsoever.
At EJLR, we gather works on the intersection of law and racial economic justice published in university journals and reviews and other sources, and then re-categorize them in terms of ‘asymmetrical market imperfections relating to race’: a) asymmetrically imperfect competition, b) asymmetrically imperfect information, c) asymmetrically distributed transaction costs, and d) asymmetrical profit maximization.”