Economic Power Command

Economic Power Command

Economic Power, command over resources conferred on an individual a group or a country by monopoly or political authority. Economic resources range from goods and services used in consumption to factors used in production or in commerce.

Economic power exists at various levels. In a free enterprise economy it rests nominally in the hands of business men unless it is disciplined by competition. If competition is weak or non-existent, the economic power of a single business man or a group may be strong. Part of the socialist case for nationalization is that it is designed to transfer economic power from private individuals to the state in the hope that resources are used to the best advantage for the country as a whole. The nationalization of several British industries since the Second World War shifted economic power in them from private enterprise to public corporations. In practice the problem is whether the community can discipline power better through competition or state controls.

The term is frequently applied to the position of individual countries or groups of countries (often termed 'blocs') in the world economy. The important constituents of a country's economic power are its natural resources, its accumulated capital stock and the state of production techniques, the current flow of production and volume of trade, and the size and quality of its labour force. Frequently unexploited resources are taken into account in the concept of a country's (or bloc's) 'potential' economic power.

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Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this consumeraffairs.org.uk site is therefore not a final statement of economic doctrine.

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