What is the difference between Economical Power and Political Power?

When considering the concept of political power, the definitions of both political and power as separate entities should first be examined. Power itself is the ability to produce or act an effect and influence the outcome. Politics is the name for a movement which has a specific influence on people. Not only in government, but there may also be politics in school or a workplace.

Political power can be defined as any group or authority with power, making use of public resources as they see appropriate. Economic power is being in a state where there are adequate productive resources within reach. The control enables a person to make financial decisions, which includes the allocation of resources, goods, and services.

Economic Power is the process of ensuring adequate provision of resources, and the process of making decisions on how the resources will be distributed and where to allocate those resources to. Economic Power is the power that is often used in the marketplace. It entails the process buying and selling of goods. Political power, on the other hand, is the power or authority which is given to a group or a government, and which has directly made the government the sole custodian of the resources of that geographical area.

Political power is gotten through political process. The resources of the society have been entrusted into the care of those in government. And those materials and resources are used to drive policies that will impact the society. While economic power can be controlled by a lot of people, political power is used mostly by those in government. Various public institutions are created by those in power, while material values and other provisions are created through economic Power

Economic power is power created by businessmen. Through this, wealth is created through trade and production. Bidding can be done through offering someone something of value in return. In this power, economic values can be used to appeal to the person. Values are created for this power.

Political power is the act of using fear to force someone to perform an act. With this power, a person's livelihood or freedom is threatened. An example is the IRS taking away someone's home or sending them to jail for not paying their taxes. Economic power is positive, for it can help others, while political power can cause harm.