Definition of statism
: concentration of economic controls and planning in the hands of a highly centralized government often extending to government ownership of industry
… although dictator Augusto Pinochet made it the first Latin American country to steer away from statism in 1982, Chile struggled for seven years before the economy finally soared.— Marc Levinson with Tim Padgett Russia badly needs basic economic reform, not the roller-coaster-like changes between "free market" austerity and old-style statism. — Forbes
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Merriam-Webster unabridged
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Time Traveler for statism
The first known use of statism was in 1890
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