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Corporatism is a relatively obscure, little-known term. It obviously deals with corporations, but the precise meaning is a mystery to many. This term originally meant something very positive, the combination of the best elements of socialism and capitalism. Corporatism is a type of economy intended to achieve social justice and equality while protecting private property rights. The government plays a positive role in ensuring social justice while reducing social unrest. It is fair to say that corporatism represents de facto nationalization, instead of de jure appropriation of some private resources for public usage. Corporatism has been referred to as the “third way,” or mixed economy, a synthesis of capitalism and socialism. But it is nevertheless a distinctly different political system.

Corporatism contains elements of capitalism, ...

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