The system, practice, or principles of government by a chancellor, or the practices and policies associated with a chancellor's administration.
From 'chancellor' + the suffix '-ism' (indicating a doctrine, system, or practice). The '-ism' suffix comes from Greek and Latin and became standard in English for naming ideologies and systems.
Otto von Bismarck, the famous Prussian Chancellor, was so influential that his political style became known as 'Chancellorism'—showing how individual leaders can become so powerful that their approach gets named after their title.
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