Liberty Camp question: What is capitalism?

In my first day of Liberty Camp sessions as instructor/facilitator/whatever today in Martin, Slovakia, I introduced each session by asking group members to answer the question “What does capitalism mean to you?” in less than sixty seconds each.

With a single exception, attendees responded with words evoking free markets, individualism, free association, self-determination, respect for property, the ability to create and retain wealth, no interference in peaceful trade, ideological consistency, and so on.

I then told them that they are all absolutely right. And at the same time absolutely wrong.

I said: Capitalism is an exploitative system of privileges granted to wealthy interests to the detriment of the poor.

And that definition is also right, because it lives in the minds of billions.

Discuss.