Encyclopedia Britannica defines corporatism as “the theory and practice of organizing society into “corporations” subordinate to the state. According to corporatist theory, workers and employers would be organized into industrial and professional corporations serving as organs of political representation and controlling to a large extent the persons and activities within their jurisdiction.” Phelps characterizes the corporatist system as a system of private ownership that “has been modified by introducing institutions aimed at protecting the interests of “stakeholders” and “social partners.” The system’s institutions include most or all (depending on the country) of the massive components of the corporatist system of interwar Italy: big employer confederations, big unions, and monopolistic banks.”

http://capitalism.columbia.edu/files/ccs/CCSWP73_Ammous%202011-10-21.pdf