Economic system in place in Spain during the early years of Franco's regime. Large syndicates controlled different Spanish industries and were responsible for setting wage rates as well as production targets. Corporatism allowed Franco's government to extend its control over the economy. Workers lost their right to strike and the Ministry of Syndicates which oversaw negotiations between workers and employers kept wages low. Corporatism stifled innovation and investment in Spain and thus failed to stimulate growth in the Spanish economy. Consequently, under corporatism living standards remained low throughout the 1940s and 50s.