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Every economic system claims to be able to deliver those goals.
But what you’re describing is more a general free-market economy than capitalism proper. The former determines how companies interact with consumers and each other; the later determines how power and profits are distributed within a company.
It's OK you don't like capitalism but the industrial revolution did happen...
I haven’t yet expressed an opinion on capitalism, except to say that the features you’ve mentioned have little to do with it.
But to answer your original question: capitalism stricto sensu is when the profits and decision-making power in a firm are vested in those who put up the original financial capital. It incentivizes financial risk-taking, which (depending on economic conditions) can be useful or destructive. But the only merits it rewards are the possession of pre-existing wealth, the willingness to take risks with it, and luck. Nepotism and cronyism serve its ends by providing a source of wealth for new capitalists, and an outlet for successful capitalists to convert their gains into social rewards.
And I disagree
Dude, wtf? Someone's put in effort in clarifying free market and capitalism for you and you just go on some tangent?
Lol, if you accept this as a definition of capitalism your are already cooked.
And it's quite valid for someone to level that same comment at you.