'Capitalism' is neither theoretically, nor in practice, limited to "only reward people for their time". Some industries where the labor is low-skilled trend that way.
This is not a comprehensive description of capitalism but it is the low level idea. Obviously there is a distribution of real world behaviors.
It's not anchored in labor exploitation.
> The basic concept of capitalism is that there are capital owners, and they hire workers who use that capital to generate value. The capital owners receive all of that value and then pay the workers for their time.
These are both true.
As the person you're responding to said, capitalism is the philosophy that concentration of capital should be rewarded. It's that simple.
Whether the state or private magnates concentrate the capital and get rewarded for it is irrelevant.
By the way I got this from Richard Wolff. Here is his education history:
B.A. History magna cum laude Harvard 1963
M.A. Economics Stanford 1964
M.A. Economics Yale 1966
M.A. History Yale 1967
Ph.D. Economics Yale 1969
But did Mr. Wolff really say – "The basic concept of capitalism is that there are capital owners, and they hire workers who use that capital to generate value. The capital owners receive all of that value and then pay the workers for their time." – ? Where?