Of course it does.
But let us go a little deeper.
First of all, does race really exist? It is notable that the Wikipedia articles on race (1 and 2) distinguish between biological race and the definition of race as it applies to humans. The later seems to be a rather vague term defined differently in different places or circumstances and as someone who likes clearly defined terms the temptation is to go with the biological definition of race and declare that humans are all one race.
But people do insist it exists. So lets take a look at the “white” race; a supposedly monolithic race. But in reality it subdivides up into different “racial” subgroups – the Irish, Finns, Arabs, Jews, and the Romani have all been at times classified as non-white. At what proportion does non-white ancestry qualify one as non-white? In the US, the standard varied from 1/4, to 1/16, or any African ancestry at all (which excludes every single person from being classified as “white”).
Nothing illustrates that US “whiteness” is a qualification for a privileged position (“white privilege”) more than the one-way one-drop rule which although no longer part of the law is still widely accepted socially. If you have one drop of non-white “blood” (ancestry), you are non-white; yet the opposite doesn’t apply – one drop of white “blood” doesn’t disqualify a person from being black.
Which means that racism is little more than an excuse to divide us all into “them” and “us”. Which neatly leads on to the second point.
Many of these ‘isms – racism, excessive nationalism (and xenophobia), … – are just means to an end. To divide us up into “them” and “us” so we can blame “them” for everything that is wrong. Just like the school bullies, we can pick anything to divide people into “them” and “us” – wear glasses, be too tall or too short, gender, a built-in tan, … just about any stupid reason can be used.
With this in mind, racism is using an invented means to divide people just to bully one category. Silly isn’t it?
Lastly some of us have a suspicion that the fires of racism are stoked by those in power as a means of distracting the proles from the real enemy – unrestrained capitalism. Next time you wonder why that immigrant is allowed to steal a well-paid job from you, instead wonder why there aren’t well-paid jobs for both of you.
Yes racism exists, but it is as childish as schoolyard bullying and based on little more than the arbitrary grouping of people. And those who promote racism might just have a hidden agenda.