The invention and implementation of the capitalist economic order is one of the most influential societal innovations of the last 300 years. The concept of innovation only emerges in direct connection with capitalist economic activity. Capitalist economic activities generate radical or incremental—usually technological—innovations that change not only economic but also social practices. Nevertheless, capitalist order has lasted for an astonishingly long time, despite such changes or even crises. That is because capitalism itself is capable of incremental innovations with which it can react to societal criticism or adapt to crisis tendencies. In addition to a historical perspective, which explores innovations in (capitalist) economic activities over time, the comparative perspective of the Varieties of Capitalism (VoC) approach, which looks at institutional conditions of variations of national capitalist economies, is taken to examine the thesis of incremental innovativeness of capitalism. Using the example of platform capitalism, we discuss whether digitalization is accompanied by a radical innovation of economic activities. It can be shown that a fundamental change of doing business stems from the economy itself in the way of technological development.