Socialism vs. Corporatism

Difference Between Socialism and Corporatism

Socialismnoun

Any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods.

Corporatismnoun

A political system in which society is organized into collective interest groups or "bodies" (Latin corpora) which are subservient to the state and act as organs of political representation.

Socialismnoun

A system of social and economic equality in which there is no private property.

Corporatismnoun

A form of capitalism in which the government is lobbied by, or generally heavily favors, corporations at the expense of the general populace.

Socialismnoun

A system or condition of society in which the means of production are owned and controlled by the state.

Socialismnoun

(Marxism) The intermediate phase of social development between capitalism and full communism in Marxist theory in which the state has control of the means of production.

Socialismnoun

Any of a group of later political philosophies such democratic socialism and social democracy which do not envisage the need for full state ownership of the means of production nor transition to full communism, and which are typically based on principles of community decision making, social equality and the avoidance of economic and social exclusion, with economic policy giving first preference to community goals over individual ones.