But the kids applying to colleges today had nothing to do with the history. A white (or asian) boy won't get accepted to his chosen college because of something he had no influence on, be it "history" or his skin color and gender.

Is collective punishment of kids for something they had nothing to do with really the answer?

This thread is specifically about jobs, where people are specifically evaluated on an individual basis. University admissions are a whole different discussion, but are broken in similar ways.