Is the word 'ghetto' racist?

According to the Oxford English Dictionary (OED), the word was first used in 1611 to describe a quarter in a city, chiefly in Italy, to which the Jews were restricted. (One theory is that it is derived from the Italian "borghetto", meaning a little borough, or from "getto", a foundry, as an early Jewish ghetto in Venice was created on the site of a former foundry.)

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