This presentation advances considerations of the relations between the settler colonial logic of elimination and the capitalist logic of exploitation through the prism of racism. The settler colonial studies paradigm has convincingly established that the distinct mode of settler colonial domination is the structure of elimination, not exploitation, and racism plays a decisive role in this eliminatory politics. As many historians and theorists have pointed out, racism delineates the boundary between worthy life and unworthy life, often relegating indigenous people to the thanatopolitics of elimination. But they rarely explore the ways in which racism shapes the relations between elimination and exploitation in the formation of modern settler colonial society. The presentation is an attempt to address this under-theorized terrain by considering the racialized concept of labor power as constitutive of the relations between the systematic dispossession of the Ainu people --- indigeny of present-day Hokkaido, Sakhalin and Kuril Islands --- and overexploitation of Japanese prison laborers for the development of infrastructures such as highways, railways, and ports in Hokkaido from the late 19th to the early 20th century.