Reflections on the Nature of Economic Power

Abstract

Many voices have been heard on the nature and definition of power. Jean Lhomme, a French economist, here derives a carefully structured definition of economic power, synthesizing and criticizing analyses by German, French and American writers. He defines power in general and carefully distinguishes between power and force. The core of his argument is an analysis of the material elements of economic power, which are number, resources and organi zation, and the non-material elements, consciousness of force and consciousness of cohesion. His concluding definition is that "economic power is the conscious ability to transform a force into action, in order to make economic action more nearly a determinate action."