Reality of the Republican definition of 'Capitalism'
This is a country where millions of people have no healthcare. The infant mortality rate is worse than in many "third-world" countries, and there is no safety net for the elderly and disabled such as Social Security. Millions of people are thrown out of their homes while the government spends over a trillion dollars of the taxpayers money (YOUR money) to bail out the huge banks and financial institutions that caused all those foreclosures, and caused the markets to crash with their insatiable greed.
Tax cuts go to the richest 5% of the population who don't need it. There is no minimum wage, and giant corporations are given billions of dollars in tax breaks and "incentives" even as they ship jobs overseas where cheap slave-labor is permitted, and devise schemes to avoid paying their fair share of property taxes. Employers are allowed to discriminate against women and racial minorities in their hiring practices and wage scales. There is no such thing as "overtime pay." There are no basic safety regulations to protect workers and the public.
Republicans derogatively label 'Socialism':
This is a country in which the rich pay their fair share. Everybody has healthcare. The young and the old have shelter, heat and enough food to eat. Corporations and the financial system are regulated by common sense rules that protect their workers and the public, and ensure fair wages and prevent discrimination. Businesses that create jobs here instead of using cheap foreign labor get preferential treatment. Corporations have much less political influence in Washington, and the interests of citizens is paramount.