A concept of a political economic system in which economic decisions are achieved through negotiation between centralized corporate bodies representing interest groups. In particular, under corporatism wages are determined through collective negotiations between the representatives of employers and workers. An example of a corporatist system is the New Deal in the US in 1933-45. The idea of corporatism as collectivism and social justice without elimination of private property was formulated as an alternative to socialism.
|Reference: Oxford Press Dictonary of Economics, 5th edt.|