IOW, neoliberalism. Walter Benn Michaels explained it in "Let Them Eat Diversity":

[friendly_iconoclast]

https://www.jacobinmag.com/2011/01/let-them-eat-diversity/

(emphasis added)

Walter Benn Michaels: The differentiation between left and right neoliberalism doesn’t really undermine the way it which it is deeply unified in its commitment to competitive markets and to the state’s role in maintaining competitive markets. For me the distinction is that “left neoliberals” are people who don’t understand themselves as neoliberals. They think that their commitments to anti-racism, to anti-sexism, to anti-homophobia constitute a critique of neoliberalism. But if you look at the history of the idea of neoliberalism you can see fairly quickly that neoliberalism arises as a kind of commitment precisely to those things....

...Stalin famously won the argument but lost the war over whether there could be socialism in one country, but no one has ever been under the impression for more than a millisecond that there could be neoliberalism in only one country. An easy way to look at this would be to say that the conditions of mobility of labor and mobility of capital have since World War II required an extraordinary upsurge in immigration. The foreign born population in the U.S today is something like 38 million people, which is roughly equivalent to the entire population of Poland. This is a function of matching the mobility of capital with the mobility of labor, and when you begin to produce these massive multi-racial or multi-national or as we would call them today multi-cultural workforces, you obviously need technologies to manage these work forces.

In the U.S. this all began in a kind of powerful way with the Immigration Act of 1965, which in effect repudiated the explicit racism of the Immigration Act of the 1924 and replaced it with largely neoliberal criteria. Before, whether you could come to the U.S. was based almost entirely on racial or, to use the then-preferred term, “national” criteria. I believe that, for example, the quota on Indian immigration to the U.S. in 1925 was 100. I don’t know the figure on Indian immigration to the U.S. since 1965 off-hand, but 100 is probably about an hour and a half of that in a given year. The anti-racism that involves is obviously a good thing, but it was enacted above all to admit people who benefited the economy of the U.S. They are often sort of high-end labor, doctors, lawyers, and businessmen of various kinds. The Asian immigration of the 70s and 80s involved a high proportion of people who had upper and upper-middle class status in their countries of origin and who quickly resumed that middle and upper middle class status in the U.S. While at the same time we’ve had this increased immigration from Mexico, people from the lower-end of the economy, filling jobs that otherwise cannot be filled—or at least not filled at the price capital would prefer to pay. So there is a certain sense in which the internationalism intrinsic to the neoliberal process requires a form of anti-racism and indeed neoliberalism has made very good use of the particular form we’ve evolved, multiculturalism, in two ways.

First, there isn’t a single US corporation that doesn’t have an HR office committed to respecting the differences between cultures, to making sure that your culture is respected whether or not your standard of living is. And, second, multiculturalism and diversity more generally are even more effective as a legitimizing tool, because they suggest that the ultimate goal of social justice in a neoliberal economy is not that there should be less difference between the rich and the poor—indeed the rule in neoliberal economies is that the difference between the rich and the poor gets wider rather than shrinks—but that no culture should be treated invidiously and that it’s basically OK if economic differences widen as long as the increasingly successful elites come to look like the increasingly unsuccessful non-elites. So the model of social justice is not that the rich don’t make as much and the poor make more, the model of social justice is that the rich make whatever they make, but an appropriate percentage of them are minorities or women. That’s a long answer to your question, but it is a serious question and the essence of the answer is precisely that internationalization, the new mobility of both capital and labor, has produced a contemporary anti-racism that functions as a legitimization of capital rather than as resistance or even critique.