About anything else is "better", because about anything else is actually not a fundamentally racist (real "racist", as in "treating people according to their race", not "it's only racist if it's from the other side" idiocy) policy.
As for something not just "better" but actually efficient, it just needs to ask the question "what IS the real problem ?", and fixing THAT.
The real problem is poverty, lack of social fluidity, lack of education and so on. The real problem is about lack of social welfare, depriving people from the low scales of the ladder of their opportunity. The problem of racism is that it keeps some "races" on the bottom, but the fundamental thing to fix is "being at the bottom" and the disparity between top and bottom.
Increase social welfare, increase public services, increase redistribution, reduce wealth gap. THOSE are actually real solutions to real problems.