I would. Here are a couple definitions I found at www.dictionary.com:
An economic system in which the means of production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestment of profits gained in a free market.I don't know how you properly define private ownership outside a legal framework of rules, and I don't know how you properly enforce the rules outside a legitimate representative government.an economic system based on private ownership of capital