Social democracy and liberalism

Capitalism has been accepted by social democrats with almost as much enthusiasm as was always granted to it amongst liberals, but it has been often accepted too uncritically. To say that you are in favour of capitalism and markets is as empty of content as saying that you like people, or enjoy music. The question is which people, what sort of music, and in what circumstances. And if capitalism is no longer cast in the role of opponent, who are the enemies whom the social democrat must confront?