From one of my favorite blogs The Classic Liberal
What is corporatism? In a (somewhat inaccurate) phrase, socialism for the bourgeois. It has the outward form of capitalism in that it preserves private ownership and private management, but with a crucial difference: as under socialism, government guarantees the flow of material goods, which under true capitalism it does not. In classical capitalism, what has been called the “night-watchman” state, government’s role in the economy is simply to prevent force or fraud from disrupting the autonomous operation of the free market. The market is trusted to provide. Under corporatism, it is not, instead being systematically manipulated to deliver goods to political constituencies. This now includes basically everyone from the economic elite to ordinary consumers.
From my studies on International Political Economy, there are four phases of an economy. Agricultural, Industrial, Service, and Wealth. Any country can have a variety of each. For the most part, the US has shed most of the first two and concentrates on the latter two. It’s important for countries to manage the transition between each phase properly. As you can imagine, corruption is hard to resist as the transitions go higher. As a comparison, look at how communism squashed the Industrial and Agricultural class versus how capitalism has steadily progressed.. until now. As our government has transitioned to a Wealth driven economy, our multinational organizations have achieved enough wealth they can make congressmen an offer they can’t refuse. At this point, it’s up to the people to take back our country and to fight against the corruption that will eventually lead to a regression in our progress.