Socialist record, which retards enterprise (3,4)
I believe the answer is:
red tape
'which retards enterprise' is the definition.
(red tape might slow down a project or enterprise)
'socialist record' is the wordplay.
'socialist' becomes 'red' (socialism is often associated with the colour red).
'record' becomes 'tape' (taping is a kind of recording).
'red'+'tape'='RED-TAPE'
(Other definitions for red tape that I've seen before include "Rigid formality - bureaucracy" , "Bureaucratic delay" , "Intricate official routine" , "Bureaucratic ribbon" , "Bureaucratic procedures and paperwork" .)