I like your definition, but its far from universal.

https://en.m.wiktionary.org/wiki/capitalism

Even "private ownership" is rubbery - alloidal ownership of land hasn't been a thing in the West since early mediaeval times.

Unfortunately, words in common usage pick up "surplus meaning". We can invent / borrow new technical vocabulary, but over time they too will suffer the same fate... :(

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All four of the definitions given in the link are variations of what I said, or basically what I said...