Definition, Meaning & Synonyms
statism
Noun
/ˈsteɪtɪzəm/
Definition
Statism is an economic system in which the state has substantial control over the economy and regulates public and private enterprise.
Examples
- In a largely statism-based economy, the government decides how resources are distributed.
- Critics argue that statism can diminish personal freedoms and business efficiencies.
- Many countries have elements of statism in their economic policies.
Meaning
The term refers to the political system or ideology where the government holds control over economic activities and resources, often prioritizing state interests over individual or private ones.
Synonyms
- State interventionism
- Collectivism
- Government control
