Corporatism refers both to a distinctive institutional structure and a body of political thought.
Its central characteristic is a system of governance exercised through an established set of private associations linking business, labor, agriculture, and other functional groups with each other and with the state for purposes of achieving political stability and harmonious economic and social development. In most versions of corporatism, business, labor, agricultural, and professional societies have representation in joint councils that share power with public agencies and theoretically serve all legitimate interests.... ...
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