I am in full agreement with you about the absurdity and injustice of this, but capitalism doesn't mean what you think it means.
Using ownership of one resource to leverage increased power over others is exactly what capitalism is all about: the power of capital.
It's not a political or economic philosophy - it's an economic phenomenon that isn't going to go away, because it's a direct outcome of human nature.
So to limit the damage it can do to our liberty, we really need to limit the extent to which certain classes of thing can be owned. Algorithms, abstract ideas, and other products of the human mind for example.
We've already rejected the ownership of entire human beings, so this shouldn't be too controversial, right?
Also, you possibly meant *communism* was left in the history books. Socialism is alive and well, and not particularly harmful in moderation. Letting the state take care of certain things by general consent is no bad thing as long as you have a working democracy to make sure the officials of the state don't start skipping the "general consent" part.