The american heritage dictionary is calling it a system of government in its defintion. I don't know if it is accurate to do so or not.
http://www.bartleby.com/61/57/F0045700.html
The American HeritageŽ Dictionary of the English Language: Fourth Edition.
fascism
SYLLABICATION: fasˇcism
PRONUNCIATION: fshzm
NOUN: 1. often Fascism a. A system of government marked by centralization of authority under a dictator, stringent socioeconomic controls, suppression of the opposition through terror and censorship, and typically a policy of belligerent nationalism and racism. b. A political philosophy or movement based on or advocating such a system of government. 2. Oppressive, dictatorial control.