I'm not even sure capitalism is the right word, at least not in the US. I'd almost describe their ideology as neo-feudalism.

The republicans have always paid lipservice to the idea of meritocracy, of an even playing field, and fair competition. But that isn't what we're seeing from them - they're merging economic and state power in a way that serves to lock in the existing class structure and remove what little social mobility remains. They may pay lipservice to the idea of a free market liberal democracy, but that isn't the government they're creating.