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What is the name for this kind of political system?

What do you call a system where the government claims to be encouraging private sector growth and development, but in reality all the businesses unofficially belong to the government?

Socialism is when the government is officially on paper in control of sectors of the economy. Like when oil is extracted by the ministry of energy for example as opposed to a private company. But what if the private company is owned by the President for example and has a monopoly on everything that business does in the country? When private businessmen and the government are on paper separate but are one in the same and have a monopoly on most of the economy. When the government makes regulations on building codes for example, they are self regulating as a government minister owns the cement company.

I've heard the government of Singapore runs this kind of system.

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  • Anonymous
    4 years ago
    Favorite Answer

    That sounds like garden-variety corruption.

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  • 4 years ago

    It sounds like a version of socialism/communism to me. But it is based on lies, so it won't admit it

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