Capitalism - A system of economics that emphasizes private ownership of property and business and freedom from government regulation; society's capital (land, business, etc.) is owned by a minority, using it for their benefit (Sreenivasan 76).

In Looking Backward, Bellamy imagines the year 2000 to be driven on public capital, meaning the nation, instead of a select-few minorities, owns itself. The government distributes all the capital evenly among its citizens every year onto a credit card; whatever money is left over by the end of the year is then returned to the government for re-disbursement. Because of this new way of managing money, the only thing driving citizens to work is simply honor. Lastly, social and economic classes cease to exist in this Utopia. 

Our modern world, America specifically, is based exclusively off of private capital. The concept of capitalism was first brought to light in 1776 by Adam Smith, contending a major profit if countries were to allow free trade without tax. The issue with capitalism, though, came in the late 1800's when big businesses were notorious for paying their employees little to nothing (Sreenivasan 76). Such a concern may have contributed to the overwhelming amount of Utopian literature regarding changed societies during this time.  

Below is more information about capitalism, such as its history.
https://www.youtube.com/watch?v=dIuaW9YWqEU