was already established prior to Franco
Capitalism has exactly zero to do with democracy.
If you want modern examples, look at the capitalist heavens of Singapore and Dubai. One was ruled by an iron fisted dictator, and the other by an absolutist monarchy.
Look at China and Vietnam - perhaps two of the most impressive economies in the world, outside of the United States.
Capitalism emerged at the end of the Middle Ages, from primitive merchant capitalism. It really took off in the Era of Exploration, where it became necessary to pool vast amounts of capital to fuel exploration beyond the horizon.
It was given its modern name and definition by Karl Marx, a one time citizen of an absolute monarchy, through observation of what he saw around himself.
Being rich has nothing to do with being free, and vice versa.
Of course it is nice to be free, but it's not necessary.