statism
noun[U]
POLITICS,ECONOMICSuk/ˈsteɪtɪzəm/ustheprinciplethat thegovernmentshould own orcontrolmost of a country'sindustryandeconomy:
Preliminaryplans-compromisingbetweenprivatizationandcontinuedstatism -callfor allbusinessesto beplacedunderindependentholdingcompanies.