The word coined by (I think) Adam Smith to describe our politico/economic 'system' - capitalism - is, I also think, inadequate. It has been much maligned and misused by the enemies of 'capitalism' as if it were a 'system' created by man, in the manner of Socialism, and was therefore capable of being confounded by argument, as any idea might be. 'Capitalism' is not an -ism, and it is not a system, and it is definitely not anybody's idea. It is just a vast ant hill of individuals making it happen between them, in peace.
I have tried to find a word or phrase to describe this wonderful accidental arrangement more accurately than the single word 'capitalism'. Here follows my most recent iteration:
"Anglo Saxon Libertarian Democratic Judeo Christian free market capitalism all operating under English Common Law with thrift, responsibility and compassion"
That's as good as I can get at the moment, but it is a work in progress.