That right there is the capitalist definition of socialism.

here's the capitalist definition of capitalism...

Quote
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

"The State" Is made to look rather ominous isn't it?

So let's just color this in with some nuance. Everywhere it says "the state" replace those words with "the people"

Here...like this!

Capitalism:
an economic and political system in which a country's trade and industry are controlled by Billionaires for profit, rather than by the people.

Here's a meme that might help...

[Linked Image from i.imgur.com]

Good coffee, good weed, and time on my hands...