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The Collaborative International Dictionary of English v.0.48 (gcide)

fascism \fasc"ism\ (f[a^]sh"[i^]z'm) n.
1. a political theory advocating an authoritarian
hierarchical government; -- opposed to {democracy} and
{liberalism}.
[WordNet 1.5]

2. an authoritarian system of government under absolute
control of a single dictator, allowing no political
opposition, forcibly suppressing dissent, and rigidly
controlling most industrial and economic activities. Such
regimes usually try to achieve popularity by a strongly
nationalistic appeal, often mixed with racism.
[PJC]

3. Specifically, the Fascist movement led by Benito Mussolini
in Italy from 1922 to 1943.
[PJC]

4. broadly, a tendency toward or support of a strongly
authoritarian or dictatorial control of government or
other organizations; -- often used pejoratively in this
sense.
[PJC]