This chapter examines the role of white- and male-dominated unions in shaping the racial capitalism of the so-called Swedish Model. Inspired by Du Bois’ re-writing of US history, where white (and male) trade unions play a central role in producing and reproducing racial labor and social inequalities, the chapter follows the thread outlined by Du Bois argument, on the centrality of labor unions in understanding the preproduction of racial capitalism. It contributes to the growing literature on racial capitalism in domestic labor and welfare relations—while pointing to both a continuity of an ethno-racial Swedish welfare nation-state as well as the recent neoliberal rupture in it. The chapter departs from the transition from a Keynesian labor market in which racial capitalism was relatively hidden by a project of subordinated inclusion toward a neoliberal labor market characterized by exclusionary subordination with a racialized stratification of employees. The chapter ends with a discussion of how trade unions—which are central to the Swedish Model—may challenge racial capitalism.