In recent years, scholars have worked to understand the persistence of racial inequality in societies characterized by the condemnation of explicit racism, growing diversity, and anti-discrimination policies. Many theorists generally agree about the multiple dimensions of racism and challenge assertions about the incipient colourblindness of the current context. However, they also disagree about the nature of the racial hierarchy in the USA. One approach continues to emphasize a bipolar model, with blacks at the bottom and whites on top, as sufficient to explain diverse patterns of inequality. An alternative formulation sees racialization as contextual, yielding a less stable and more complex ranking system. This article summarizes both positions and concludes that while the bipolar model continues to present useful insights, a more nuanced understanding of racial inequality is achieved when the bipolar approach is replaced by one that comprehends the multiple and even contradictory nature of racial disadvantage and racial inequality in contemporary societies.