Chairman's failed theory regarding workers' co-op groups (9)

I believe the answer is:
anarchism
'theory regarding workers' co-op groups' is the definition.
I can't tell whether this defines the answer.
'chairman's failed' is the wordplay.
'failed' indicates anagramming the letters.
'chairmans' is an anagram of 'ANARCHISM'.
Can you help me to learn more?
(Other definitions for anarchism that I've seen before include "Man's chair (anag.)" , "Anti-government ideology" , "lawless attitude" , "Bakunin advocated it" , "anti-government doctrine" .)
