Meaning of the word statism in English

What does statism mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

statism

US /ˈsteɪ.tɪ.zəm/
UK /ˈsteɪtɪzəm/
"statism" picture

Noun

a political system in which the state has substantial centralized control over social and economic affairs

Example:
The country's economy has been heavily influenced by statism for decades.
Critics argue that excessive statism stifles individual liberty and economic growth.