The political concept where each
individual person is born (life) free (liberty). Thus the free
individual has sole rights of self (property) and self-determination to remain free (pursuit of
happiness).
The means of doing this is a peaceful
participation in exchanging of goods and services with other individuals (market), who are also respected as free men, in a contract called society.
If everyone recognized the simplicity of these principles, a state would not be needed, but alas, for those who hate freedom, deny private ownership, or operate on pure greed at the expense of others' (nullifying their freedom), a limited state/government is a
necessary evil to protect the individual's life, liberty, and pursuits of happiness.
This is Capitalism. There is no such thing as non-Capitalist economies, non-Capitalist economies like communism are merely state or collective capitalism.
So, in summary, there is either individual Capitalism (stated above) or collective/
state capitalism (the numerous communism, socialism, monarchism, oligarchy variations).