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All 11 Flashcards — Economic power
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Question
What is economic power?
Answer
The ability to shape outcomes through wealth — trade, money, markets and investment.
Question
How does economic power work?
Answer
Through sticks (sanctions), carrots (aid and loans), and leverage over states that depend on you.
Question
What is leverage?
Answer
The influence you gain when others depend on you — the more they need your market, money or resources, the more sway you have.
Question
What is the Belt and Road Initiative?
Answer
China's global programme of loans and infrastructure projects (roads, ports, railways).
Question
Why is Belt and Road a good example?
Answer
Its loans and infrastructure build trade links and influence, but heavy debts create dependence and some resentment.
Question
What are the 'sticks' of economic power?
Answer
Sanctions and cutting off trade — economic punishment to pressure a state.
Question
What are the 'carrots' of economic power?
Answer
Aid, loans and investment that reward or win over other states.
Question
What are the strengths of economic power?
Answer
Leverage over dependent states, it is non-violent, flexible, and builds long-term ties.
Question
What are the limits of economic power?
Answer
Dependence cuts both ways, it breeds resentment, it is slow, and money doesn't always buy obedience.
Question
Why does 'dependence cut both ways'?
Answer
A lender or supplier also needs its borrowers and buyers, so the leverage is rarely total.
Question
Is economic power hard or soft?
Answer
It is its own form, but often works as hard power (sanctions, payments) — money as a stick or carrot.
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