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It's more than that. It refers to unearned advantages that prevent you from empathizing with other people's experiences.
For example, you don't usually think how special it is that you can read and have internet access, but compared to the rest of the world, it's a privilege; acknowledging your class privilege means not forgetting about the lots of people who through no fault of their own don't have those luxuries.
If you're cisgendered, you have the privilege of not being constantly asked to explain your appearance and behavior to others; acknowledging your cis privilege means not forgetting that other people have it harder than you.
If you live in any part of the Americas, you benefit from the systematic displacement and extermination of Native cultures. Even if you didn't personally steal a Native's land, acknowledging your Western privilege means not forgetting that your current standard of life is partly dependent on a historic crime.
No more than your existence depending on some paternal ancestor raping some maternal ancestor, which stochastically also happened. Being neither a believer in kin liability*, and skeptical at best about collective guilt (for past events, no less), why should I -- or you, or anyone -- feel responsible?
(As an aside, just for the hypothetical: The Natives that were displace... (read more)