state socialism

from WordNet (r) 3.0 (2006)

state socialism
    n 1: an economic system in which the government owns most means
         of production but some degree of private capitalism is
         allowed

from The Collaborative International Dictionary of English v.0.48

State socialism \State socialism\
   A form of socialism, esp. advocated in Germany, which, while
   retaining the right of private property and the institution
   of the family and other features of the present form of the
   state, would intervene by various measures intended to give
   or maintain equality of opportunity, as compulsory state
   insurance, old-age pensions, etc., answering closely to
   socialism of the chair.
   [Webster 1913 Suppl.]