Christian theologians who analyze race or capitalism have often borrowed from philosophical “genealogy,” an approach to intellectual history that traces how ideas have developed over time. Genealogy nonetheless tends to portray racial or economic injustices ideationally and abstracted from the institutions, practices, and environments that ground them. This chapter accordingly contends that theology might productively engage with recent scholarship on the relationship between race and economics, which emphasizes that although the two are closely connected, their relationship will vary depending on the particular historical and material circumstances. Rather than advance grand narratives about clashes of ideas, which may produce implausible prescriptions for action, theology might therefore be better served by close engagement with local contexts. This chapter thus recommends a dual approach to social analysis by theologians, in which they elaborate on classic theological motifs while engaging—tentatively but in concrete detail—with specific social locations and histories.