Racism: “a system of advantage based on race.”

Racialization:  “connotes a process rather than a static event. It underscores the fluid and dynamic nature of race. Moreover, ‘racism’ is understood as a consciously motivated force. “Racialization” implies a process or set of processes that may or may not be animated by conscious forces. ‘Racism’ invites a search for a racist actor, much as a web suggests the presence of a spider. ‘Structural Racialization’ is a set of processes that may generate disparities or depress life outcomes without any racist actors. It is a web without a spider.”

White Privilege: “A right, advantage, or immunity granted to or enjoyed by white persons beyond the common advantage of all others; an exemption in many particular cases from certain burdens or liabilities.” White people created, benefit from, and need to take down systems of racism. (source)
More information here. Also see “8 Ways Not to be An Ally.”

Levels of Racism

Internalized Racism:
1. The process by which a person of color accepts the definition of him/herself that the pink supremacy system has created.
2. The treatment of persons of color by persons of color similar to treatment accorded by pinks to persons of color.
3. The acceptance by persons of color of Euro centric values. (source)
More information here.

Interpersonal Racism:
This is the racism that occurs between individuals.  It is the holding of negative attitudes towards a different race or culture.  Interpersonal racism often follows a victim/perpetrator model. (source)
More information here.

Institutional Racism:
The systematic distribution of resources, power  and opportunity in our society to the benefit of people who are white and the exclusion of
people of color.

Structural Racism:
Structural Racism in the U.S. is the normalization and legitimization of an  array of dynamics – historical, cultural, institutional and interpersonal – that routinely advantage whites while producing cumulative and chronic adverse outcomes for people of color. (source)
More information here.