That is one definition of it. We could also speak of Real Capitalism, — just like we can speak of Communism envisaged by Karl Marx and Real Communism implemented in the Soviet Union. Real Capitalism today is very far from that ideal you describe: it has governments, some of them patently oppressive, involved; it has fragmented by nations global market where governments shield and channel individual acts of exchange through tariffs, industrial policies and currency manipulations; we have vise regimes so that goods move but labor doesn’t. We further have the ideology of moral permissiveness and unfettered consumerism coming from the West, the ideology that is promoted aggressively leading to moral ruin. That is what we have practically speaking; this is a vastly suboptimal system that leaves “pockets of exclusion” all over the world and moral decay accompanying prosperity where there is some prosperity. The Pope, unlike Rush Limbaugh, is a global leader with responsibilities for a billion of faithful and indirectly for the entire human race, and he rightly speaks of the defects of Real Capitalism.
Freedom isn’t a defect. It does have consequences. I’ll take the consequences instead of slavery to the state.