Is this Socialism, Capitalism, or a new type of economic system for the individual and the Corporati

We're talking about the USA; the country with a Constitution that promotes equality in the legal system. It doesn't alway work out, as our history proves.

Here's some trivia. Japanese are Tibetans and Han Chinese based on our DNA. I always had the impression we were Korean, but I've been wrong most of my life. When my wife and I visited Japan in 1982, we visited the Chinatown in Yokohama. It was interesting to see. We also visited the Silk Museum. https://www.japan-guide.com/e/e3201.html

Is there something particularly sinister about the majority controlling the government?

So a manifestation of "equality in the legal system" would be for ethnic and racial minorities to run the government?

Not per se, but it can and has lead to discrimination against minority groups.

I must add, though, that our country has seen some improvements over my lifetime. Of coarse, when we were children, all government reps were white. Over the years, especially after WWII, we have seen minorities in government. Daniel Inouye, WWII Medal of Honor winner, was a rep from Hawaii in congress for one of the longest in our country's history. Even my brother was Mayor of the city of Lodi in CA for a couple of terms. It was good to see Obama elected as our president for the first time in our country's history. We need more of these successes, and I'm sure there will be more in the future. It's sad to see Trump, a racial bigot and liar, become president of this country. http://nymag.com/intelligencer/2017/10/george-w-bush-bashes-trumps-bigotry-bullying-and-lies.html

I agree, and it can and has led to members of the majority obtaining benefits simply on the basis of their superficial membership, but it's hardly the case that it has been so for every single member.

People with true privilege obtain it from being members of an elite minority, not the large majority. Certainly being white has been a clear characteristic of this elite minority in the US, but to claim that all whites enjoy the privilege is absurd and divisive. Poor whites in Appalachia may have been marginally better off than black sharecroppers in Alabama, but that shouldn't be considered to constitute a privilege.

White privilege has been going on for the longest in this country; that's only fact. However, when it comes to income distribution in the US, Asian Americans are getting our share of the pie. https://www.statista.com/statistics/233324/median-household-income-in-the-united-states-by-race-or-ethnic-group/From Wiki: Racial achievement gap in the United States
While the educational attainment of all races increased during the 1990s, with the gap between African Americans and non-Hispanic whites decreasing, differences between the races remain, especially among those with a bachelor's degree or higher. Asian Americans had the highest educational attainment of any race, followed by whites who had a higher percentage of high school graduates but a lower percentage of college graduates. To be clear, there are many Asians living in poverty in the US.

Smacks of yellow privilege

If it's privilege to work and study hard to get ahead, then, yes, it's privilege - that's open to all Americans.

So whites who work and study hard are not somehow benefiting from an unfair advantage?

There are many successful people of all races in this country, and that includes whites. That doesn't minimize the white privilege history of this country.