Record companies exploit musicians of colour and caucasian musicians alike. Happens with European/American musical styles also - think of all those folk-punk stuff: traditional music played amplified in a punk style. Like it or not, music and entertainment is an industry now. This may be exploitation, but it is not racism.
And what would happen without that exploitation? Those musicians would not sell their records. Which is especially bad for musicians from poor countries who could not make a living otherwise. If people buy their records, it shows that they value the artists culture.

Are you sure the term world music existed as a label for record sales in the times of those ideological aberrations you described?
I doubt this.
No, it still does not make sense.
As I will be offline now, have a nice evening.
Best
Ernest
P.S.: I think our musical tastes are not that far apart. Nice to know that there is something we can agree upon!