We pretty much, had a free market system along with elements of socialism...
Capitalism is simply a system in which monetary wealth (capital) belongs to private people rather than a collective government, king, comrade, church, etc.
I've heard plenty of people blame capitalism for slavery because slaves in the U.S "belonged" to private owners. But, slavery preceded capitalism all over the world. And, the success of capitalism in the industrial Northern U.S was partly responsible for defeating slavery in the South during the Civil War.
Capitalism can be a lot of things but if anyone tells you it's simply "bad" they've oversimplified it into the mud. Capitalism can be a fine system if it's controlled properly, at least until a truly better system is invented. If anyone has blind faith in or blind opposition to capitalism they are just blind and anyone with more understanding of the system will take advantage of them.
for over 30,000 years and it remained somewhat stable until around 800 years ago with the birth of Islam which encouraged many African leaders to become empire builders and the rudiments of militarism and fascist ideologies towards non muslims and women.
What we see today is a far cry from what Adam Smith had devised, and is making him roll over in the grave.
Capitalism is just like communism, something which is meant to be good but cannot be left alone unatended like a campfire in the middle of a dense forest, because they will burn and harm many.
these systems only work with an administration that accentuates altruism over avarice.
During the Kennedy administration capitalism worked quite well, however the Rockeffelors, Democratic oil barrons and republican war hawks had to make sure that that the nation was unable to print it's own currency and that the Federal Reserve would maintain a stranglehold on all economic progress of everyday Americans.
Kennedy had hoped to abolish that foreign bank calling shots on US soil.
The Fed Reseerve at the ehest of the multinational family of the morgans caused the great depression simply by shorting the supply of capital available so regardless of how much suffering and horror, they were able to buy stocks for pennies on the dollar.
The neocons and neoliberls had tried since the time of Reagan to destroy Glass Steagal,which was a safegurad against corporate corruption, hedge funds, subprime scandals and another depression.
They united in 1999 to destroy this act so that the "campfire" has turned into a major forest fire that is now burning out of control and without water to put it out.
Collective Black economics within a nation state can run perfectly under an altruistic non egotistical communism or socialism, however for situation when one is the minority in a corrupt nation,
capitalism is a stepping stone to freedom;
(Claude Anderson, "Black Labor White Wealth")
Only by working for ourseves, with our own means of production and the making of our own food clothing and shelter as well as alternative energy, will we ever find any real freedom and respect.
(Marcus Garvey, "Philosophy and Opinions",
Elijah Muhammed, "Message to the Black Man"
John Henrik Clarke, "African World Revoution",
Amos Wilson, "Black Power", Chancelor Williams, "The Destruction of Black Civilizations")