It's probably more accurate to look at the acceptance of multiculturalism as a diversification of product lines that universities have to offer. It adds to the delicacies in the global supermarket of offered courses. At the same time, economic relationships go on as they have always gone on with little notice, and the exploitation that is inherent in them go unchanged. Behind the guise of multiculturalist discourse, what is being pushed is what most benefits the new globalized consumer economy. Moreover, theorizing about the transgressive narratives of a Madonna video threatens no vested interests outside the English department, least of all the record companies who happily sell their products to consumers in the dorm and the classroom.
Multiculturalism helps to legitimize whole new areas of consumerism.
It does very little to lessen the stubborn 'isms' in society. There is something wrong with this picture. Many in the academy remain caught in the multicultural food court of the Diversity Mall, the basement bazaar of difference, or the I. Magnin of identities, just talking and talking and talking. That is, they worry about incomes, health insurance, government benefits, stupid or destructive work, etc. Of course, the nonwhite working class does suffer special injury, and theres no point in making ones class concern blind to injury based specifically on 'race' or sex.