Capitalism is not a system of capital ownership that encourages competition directly, it is a system of capital ownership that encourages greedy[1] people to greedily control capital in a way that most benefits themselves, and by proxy, their company, and by proxy, the economy. There is no competition inherent in private capital ownership, but it can exist as a side effect of greedy people attempting to best steer their capital successfully.

[1] I use "greed" often, but this is Greed Motivation. That's what this system is. It's not an insult, rather just a descriptor of the motivations we exploit for our economic success.

His examples may have been poor but industrialization is full of examples of Capitalism run wild in a regulatory environment that was non-existent.

Would you like to defend the purely Capitalistic actions of Rockefeller and Carnegie, and perhaps rationalize the almost complete lack of a middle class during that heyday of nearly unregulated Capitalism or the incredibly poor conditions that large swaths of people were subjected to so that the richest Americans of all time (by a massive, shocking, so-much-more-than-Bill-Gates margin)could get even more wealthy?

I'm always shocked when people automatically assume that Capitalism = Competition, when competition is really a side-effect of Capitalism, and one which is often minimized by firms who control capital and believe that their best interest is not in competing aggressively (expensively) but in dominating cheaply (rent-seeking).