I don’t see their confusion, the colonizers felt they had the God given right to take over lands and peoples for themselves. That mentality is what would lead to capitalism not vice versa. That’s why capitalism and many other competitions today still favor white people because many of the rules were set up to reward their vision of greatness. The only nuance I might add would be a more narrow depiction of who they considered white compared to how we refer to whiteness today. A more holistic view of the battle we have on our hands to dismantle the power structures that oppress people today would include the colonialist supremecist roots they grew from.