Is islam compatible with Capitalism?

> Capitalism is an economic system in which capital assets are privately > owned and goods and services are produced for profit in a market > economy. Source: http://en.wikipedia.org/wiki/Capitalism Didn't the people of the prophets time privately own their own businesses, and buy and sell stuff for a profit? Isn't that capitalism? Basically, I always here people talking about how capitalism is evil and that the islamic system is much better, I don't get it. Islam seems like it approved capitalism in the passed, so why do so many muslims proclaim it as being an evil system? i.e. buying and selling goods via your privately own business for a profit is evil? How can that be evil?