What is capitalism?

Maxime Rodinson:

“On the one hand, capitalism is a ‘mode of production’ in the strict sense of the word, that is, an economic model in accordance with which production can be carried on in an ‘enterprise’ (in the widest sense of the term).

…In the second sense, it is possible to talk of a capitalist ‘sector’ in the economic system of a given society, in order to indicate all the enterprises in which, in this society, the capitalist mode of production is operative.

…Finally, there is a capitalist ‘socio-economic formation’… It is marked by a particular ‘economic system’ in which the capitalist sector occupies a predominant place, and by an ideological and institutional superstructure corresponding to this.”

[Source: Islam and Capitalism, Chapter 1: The Problem Stated]

A very different definition/outline is provided by Hoppe:

“Capitalism… is a social system based on the explicit recognition of private property and of non-aggressive, contractual exchanges between private property owners.”