Definition

The belief or practice where the government has strong control over the economy and makes decisions about economic planning and policies.

Example

Many people argue that statism can lead to inefficiency in the economy.

Conversation

Have you ever thought about how statism affects our economy?

Yeah, it's interesting to see how much control the government has over certain industries.

Right? Sometimes I wonder if less statism would lead to more innovation.

That could be true, but it might also create more instability in the market.

Synonyms & Antonyms

Root Explanation

Statism is formed from "status" (from Latin, meaning state or condition) and the suffix "-ism" (meaning a doctrine or system). The term refers to a political system where the state has substantial control over social and economic affairs.

Memory Tip

Think of 'status' as referring to the 'state' of affairs, and '-ism' indicating a system or doctrine. This helps you remember that statism is about a system where the state plays a major role.

Visually Confused Words