There's a term for that: systemic racism. The redefining racism thing just comes from a bunch of people who wanted to be racist without admitting racism -- often, ironically, from a position of power.
Racism has multiple conflicting definitions, and indeed “a system of oppression based on race” is a classic one.
“Systemic racism” seems to a modern answer to this vagueness. I suppose the other side would be “individual racism”.
Systemic racism is something different. It's the legal system being set up in a way that favors/disfavors certain groups. It's not something a person does.