I think basically capitalist oversimplifies a bit, both because private business holds no monopoly on exploitation of labor in any society, and because many of their large businesses are wholly owned by the state with the CEO appointed by the party. Here is an interesting interview on the subject with a relevant timestamp. https://youtu.be/e297mEZ479E?si=ASV_u9ZoN36wI4M5

The nuance that capitalist businesses do not hold an exclusive interest now or historical pioneering of labor exploitation is valuable to keep in mind because no matter how far the project of labor power spreads, all we workers must keep in mind that we have a primary and vested in empowering the most diminished of our society.