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I don't believe anyone has created such a device yet. But like intelligence existed before the IQ test, and distance existed before the ruler, racism could be measured. This discussion was solely focused on the question of 'more or less', which are objective, but not exact. I can tell you the Mt. Everest is heavier than the Taj Mahal without having weighed either one. In this comparison, "heaviness" is an objective term.
I simply compare descriptions of the situations of minorities in various decades past, and compare them to the situations today. How many of the injustices of yesteryear have been resolved? I also take general attitudes of the at-large populace into consideration. How acceptable was racism in decades past versus today? I also take into account interpersonal relationships. How many such relationships were there (or were legal) in decades past versus today? I take into account the number of mixed race individuals. I take into account economic inclusion. How much wealth have minorities accumulated today versus decades past? I take into account elected officials. How many minorities have been elected in decades past versus today. (This question is where I include the 'how many whites voted for Obama' versus 'how many whites voted for black presidential candidates' in decades past.)
I am sure I am missing categories. What I've described is sufficient.
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