True, but Bell labs is hardly an example of normal capitalism. As I understand it, AT&T during the Bell labs era was more like the East India Company, or a PRC-style state-controlled corporation, or Pacific Gas and Electric.

(I find that this is an under-explored option in discussions of socialism-vs-anarchism-vs-capitalism these days. State-controlled corporations seems to have a very good track record. But I haven't seriously studied this.)