Pink capitalism, also know as Rainbow Capitalism, Homocapitalism, Gay capitalism, and formerly Progressive Capitalism, is a combination of supporting LGBTQ+ rights and capitalism.
Its main belief is that completely unregulated capitalism will result in a culture of complete sexual promiscuity, total drug acceptance, and empowerment of ethnic minority groups (and that's a good thing) since the profit coming from the economic relationships with these minorities is bigger than the desire of preservation of culture, eventually leading towards complete acceptance of these people.
Criticism
Pink capitalism is often criticized by left-wing LGBTQ+ people and their activists who believe that the capitalist society has not accepted all sexually diverse people equally. It is common today for the LGBTQ+ community to be used for political and economic purposes for corporations and other entities to profit off of the celebrations of sexual and gender identities.
Pinkwashing
Pink capitalism often goes hand-in-hand with pinkwashing, which is described as using the action of queer rights to distract from violence and oppression. Pinkwashing is used to describe marketing and political strategies aimed at products, countries, people, or entities through an appeal of queer-friendliness for the sake of appearing modern, progressive, and tolerant. One example of this is tech companies changing their logos to rainbow during pride month.