Corporatism” is one of the most misunderstood words in the political vocabulary. American progressives use it to indicate the domination of the state by business interests, when in fact it means something closer to the opposite: the subordination of commerce and industry to political mandates.
“Corporatism” and all other systems of centralized control are ultimately dependent on the virtue of the person at the top. It assumes a “good king”. Therein lies its defect. A centralized system is not sufficiently “trustless” to survive a “bad king” who statistically must come along.