ABSTRACT
This chapter explores the nature of political and economic power, the peculiarities of economic power when exercised in a political arena, and the ways in which insights drawn from the literature on interpersonal power might enhance understanding of economic and political power. A more precise and useful concept of economic power is that of purchasing power. This concept is very close to the concept of power employed by students of social power. The most important distinction among alternative concepts of economic power is whether they emphasize means or ends. Some analysts prefer to define economic power in terms of the scope of the influence attempt. The development of a concept of economic power will facilitate investigation of the role of economic sanctions in the international system. In the nuclear era it is especially important to find alternatives to military techniques of statecraft.
