No, Mercantilism did. It worked by keeping vast sectors of people lowered, while their overlords profited off their toil.
Capitalism, whether some circles like it or not, ultimately benefits all by elevating as many people as possible economically. That optimizes the generation of profit.
Granted, a relative few get richer while the majority seems poor in comparison, but even though, the so-called poor are way better off that most people were a couple of generations ago, and than many people in less developed countries today.
