I believe his definition to be accurate. It helps me to understand the systemic nature of racism in much of western civilization. What I do not believe is that it is the only definition of of racism. I would classify the above definition as something of a macro-definition.
Racism operates similarly in individuals.
These acts of oppression can be used to hold some sort of moral power over the ancestors of the oppressor. My point is that there is different dimensions to racism and different forms of power, priviledge, and prejudice. Perhaps those that react with propositions of murder and other acts of overt racism ought to take a bit more objective look at their underlying motivations.