Weapon of racism (lost without it) (8)
I believe the answer is:
scimitar
'weapon' is the definition.
(scimitar is a kind of weapon)
'racism lost without it' is the wordplay.
'lost' indicates anagramming the letters.
'without' is an insertion indicator ('without' can be similar in meaning to 'outside').
'racism' anagrammed gives 'scimar'.
'scimar' enclosing 'it' is 'SCIMITAR'.
'of' acts as a link.
(Other definitions for scimitar that I've seen before include "Steel" , "Curved form of sword" , "one that is very sharp" , "I'm racist, owning an oriental sword" , "This cut" .)