Malik begins with a discussion of race from a biological point of view. He clearly tends towards the fashionable viewpoint that race is not a valid biological concept, and seems to wish to perpetuate Lewontin's Fallacy. Although Malik demonstrates that there are indeed immense and apparently insurmountable difficulties in defining exactly what 'race' is, I don't feel that his argument that as a result the concept is invalid is conclusive. Just because we are unable to define such a concept rigorously doesn't mean that such categories can't exist at all, even in some fuzzy or naive sense. It feels a little like saying that life does not exist, because we haven't been able to agree upon a rigorous definition of what life is. Life clearly does exist, despite our failure to define it.
Malik progresses onto a discussion of European racism during the empire building and colonial period. One important part of his treatment which I think still has great relevance today, is how Europeans of the time had a tendency to treat black people who took part in the norms of European society as equals. Dress like us, speak like us, behave like us, we treat you exactly like one of us. What people call "racism" is actually more often "culturalism" as it were, and I think that this is very much the case in modern society.
Moving from the past to the present, Malik analyses the anti-racist movements of the modern day, and demonstrates how things have swung to the opposite pole entirely. Whereas 'racist' imperialist Europe allowed other races to become one of them by behaving like them, contemporary politically correct anti-racist movements do exactly the opposite. They do not even permit black people to behave like white people; on the contrary it is about white people telling black people how they must behave and actually confining them within a certain image - and a white person's image at that - of what they should be like. Rem acu tetigisti, Mr Malik!
Essential reading, and an important voice for a third way in the race debate.