Economic power is the ability to buy and sell, the ability to make contracts. It's power exerted in the marketplace, in the context of trade. Political power is the power of government and power obtained through the political process, such as by getting laws passed favoring the your purposes. Both economic power and political power are instances of control over others.
Social power generally is the ability to induce other people to do things you want. But as we will see, each exercises control in a radically distinct way. Political power is rooted in an ability to harm others. By contrast economic power is rooted in the ability to offer others benefits. Will Thomas leads the viewer to understand the difference by explaining how each kind of power works.
ASK THE EXPERTS
Do you have a question about what you just viewed or about Objectivism generally?
Click here to ask the experts.
SELF-STUDY: INTRODUCTION TO RAND'S IDEAS
Recommended reading with study questions.
ABOUT ATLAS UNIVERSITY:
Atlas University offers courses on Objectivism , the philosophy Ayn Rand founded, presented by scholars who are experts in the philosophy. Atlas University is a project of the Atlas Society, which promotes Objectivism in life and thought.