Thanks to the fact that I have a pre-communist webster’s dictionary, there are very simple definitions:
Capitalism = an economic system where production and distribution are controlled privately.
Socialism = an economic system where production is private and distribution is government controlled.
Communisum = an economic system where production and distribution are government controlled.
Capitalism is actually a word coined by marx so should not be used by freedom loving people.
The best way to describe it is free markets and limited government. Sorta what the US Constitution was trying to establish.
Bingo. The term is actually invented by Marx, and I believe it was in his work Das Kapital where he defined it. As a term of the left and communism, I do not use it, preferring “freedom” and “the free market”, which is more along the lines of individual liberty.