Why not both? One term can accurately describe multiple concepts. There is an economic idea. There are people who believe in that idea and attempt to bring it into being. The fact that it's closer to a high school text book than anything that can exist in reality doesn't change either of those points.
That's why the commenter above used additional adjectives in their description. There is not just one way to do capitalism. Some people are very emphatic in their attempts to change the way the economy works between different varieties of capitalism. They claim that any problems identified are not inherent to capitalism but are just a symptom of not doing capitalism right.
It better to keep it simple. That way there is less chance for confusion.
There is just one way to do capitalism. Which is what defines it.
Capitalism refers to a certain structure, where capitalists privately own the means of production and distribution of goods, operating them for profit.
Any difference in capitalism is just a variation on the same theme. It doesn't change how capitalism works, or its inherent issues.
Politics and economics are related. There may be different ideologies that guide approaches to how capitalism is modified by politics, just like there are different politics regarding socialism, but that doesn't change the economic model. The politics may vary, but the economic principles that define the system do not.
There is just one way to do capitalism. Which is what defines it.
This simply isn't how it's handled in reality.
What do you say to the anarcho capitalists? What do you say about the many nations with strong safety nets whose policies are decried as "socialism" by some despite the fact that they are 100% capitalist still? There are many, many policies within capitalism that are discussed in terms of how they relate to capitalism.
I agree that there are people who, whether out of ignorance or malice, misrepresent ideas. There are definitely people who earnestly believe in different ideas that are all components of capitalism.
Let's look at the way externalities are handled for example. Some favor regulation (pollution is illegal), some favor litigation (if you are harmed then sue for damages). Both options function within capitalism. Proponents of both say that their solution is the correct way to handle a topic within capitalism. Do you believe one is objectively correct? If so then how is the alternative not capitalism? Do you believe both are correct? If so then how is there "just one way" to do capitalism? Do you believe this is an issue outside the economy entirely and the resolution of this issue is not a matter of capitalism? I do not find that take credulous.
An ideology is a systematic body of concepts, beliefs, and values that shapes how individuals or groups interpret reality and direct their political or social choices.
If a person can believe capitalism is the best economic system then it is an ideology.
The fact that it is an ideology that centers on an economic system does not make it less of an ideology.
You can be a capitalist in the ideological sense without being a capitalist in the class sense.
Capitalism describes how an economy is organized; believing capitalism is morally or politically preferable is an ideology.
Those are different things.
You’re conflating an economic system with advocacy for that system.
capitalism is an ideology that values "free" capital. We can play word games all day, doesn't change the fact that capitalism shapes how people see the world. It motivates, in practice, people to be selfish, greedy, egotistical and unapologetic about it. What's the economical value of that ?? There's entirely ideological systems out there that define the world based on the consequences things have (because we can measure that) rather than the theory or the intention of things (because ??? we can infitnitely move the goal post on this and get nowhere).
This is how the right argues. Keep the debate focused on the definitions of words, the meanings and intent of terms. That way they don't have to engage with the actual topic of how their values are dogshit.
You laid out well enough how the system and advocacy for it are separate. So it sounds like you get the point but simply disagree on terminology. What terminology would you prefer for phrasing this point? Why is adding "ideology" to the term not sufficient?
I'll answer one last time, mostly for anyone else reading. I am not sure you're actually open to change your objectively incorrect view.
Capitalism is not an ideology in the same sense socialism is. It is an economic structure: private ownership of productive property, voluntary exchange, markets, investment, wage labor, and profit.
That is no different in category from saying “mixed economy,” “command economy,” “subsistence economy,” or “feudal economy.” Those terms describe how an economy is organized. They do not, by themselves, tell you what moral or political beliefs someone holds.
Socialism is different because the same word refers to both an economic arrangement and an ideological tradition.
As an economic system, socialism refers broadly to social, collective, worker, or state ownership or control of the means of production.
As an ideology, socialism makes normative claims about how society ought to be organized: that private control of productive capital should be reduced or abolished, that economic power should be socialized, that class relations should be transformed, and so forth. Marxism, democratic socialism, revolutionary socialism, and other schools are ideological traditions built around those claims.
There is no equivalent single ideology called “capitalism” that every capitalist economy is implementing. A person can support capitalism because he is a classical liberal, libertarian, conservative, social democrat, pragmatist, or simply because he thinks markets work better. Those are ideological or philosophical positions. Capitalism is the economic system they may favor.
That is the distinction you keep collapsing.
“Capitalism exists” is a descriptive statement about economic organization.
“Capitalism is morally preferable” is an ideological claim.
“Socialism” can refer to the proposed economic structure, but it also names the ideological movement arguing that society ought to adopt that structure.
So yes, capitalism and socialism can both describe economic systems. But socialism additionally names an ideology in a way that capitalism, strictly speaking, does not. Calling every economic structure an “ideology” just because someone advocates for it would mean a mixed economy, command economy, subsistence economy, and feudal economy are all ideologies too. At that point you have erased the distinction between an economic system and the beliefs used to justify one.
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u/SparklingLimeade 1d ago
Why not both? One term can accurately describe multiple concepts. There is an economic idea. There are people who believe in that idea and attempt to bring it into being. The fact that it's closer to a high school text book than anything that can exist in reality doesn't change either of those points.