Belloc’s definition of capitalism was:
“a society in which private property in land and capital, that is, the ownership and therefore the control of the means of production, is confined to some number of free citizens not large enough to determine the social mass of the State, while the rest have not such property and are therefore proletarian, we call Capitalist; and the method by which wealth is produced in such a society can only be the application of labour, the determining mass of which must necessarily be proletarian, to land and capital, in such fashion that, of the total wealth produced, the Proletariat which labours shall only receive a portion.”
For the viewers at home, Belloc was a proponent of distributivism, which term does not actually appear in his book, or so I’m told by those who have finished it.

Distributivism is a very uniquely Catholic economic perspective, with influences by Leo XIII’s “Rerum Novarum” and Pius XI’s Quadragesimo Anno. Both of which I’ve also not read all the way through.
So under distributivism, means of production is widely spread. So, say for example, prior to Prohibition, there were 8,000 small-time whiskey producers in the US. Nowadays, there are, say, seven major producers in the US. The economic pie was distributed 8,000 ways a hundred years ago, and it’s now split into just a handful of pieces. Distributists encourages small, local production-- like how every town used to have its own sawmills or flour mills. Now, the lumber production pie and the flour milling pies are concentrated in just a handful of major corporations. Belloc was concerned because, under capitalism, the means of production would eventually gravitate towards the few, rather than being spread among the many… like the Microsofts and the Googles of the world.
So, according to Belloc’s views, you get things like the Nike sweatshops or Foxconn or “
Nickel and Dimed” or whatever, all as the logical result of concentrating land and capital in the hands of a few, and all of which are quite well on their paths to the ‘servile state’. Under Belloc’s view of How Things Ought To Be, you have the means of production directly owned by the people who are doing the producing, and benefiting directly by their labor. Which requires a certain amount of bootstrappiness, focus, and hard work–
The attempt to escape by a personal effort, whether of thrift, of adventure, or of flattery to a master, from the Servile condition had never even so much of driving power behind it as the attempt many show today to escape from the rank of wage-earners to those of employers.
Capitalism as the private ownership of land and capital is far better than putting land and capital in the hands of a munificent government.

But the distributist knows that it’s all going to end back up in the hands of the Vanderbilts and their Railroad Empires, the Carnegies and their Steel Empires, the Gateses and their Microsoft Empires, given enough time. “Too much capitalism means too few capitalists, rather than too many,” as Chesterton put it.