I interpret Corporatism as being a form of Crony Capitalism. Big Corporations use government to implement laws and regulations to ensure the large corporation maintains its market control and puts competitors out of business. Corporations influence government decisions with bribes and kickbacks ala donations to political parties.
In hard economic times the Big Corporations will use the government for bailouts at the expense of the tax payers and rack up huge national debts that come with austerity for the average citizen. In good economic times they will minimise tax by taking advantage of tax loopholes and offshore tax havens.
Good times the corporations win and bad times the corporations win. Win, win. Big Corporations are effectively too big too fail.
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