The most essential power of any individuals, organization, industries, churches, government, and nations is truly rely on the wings and Caprices of economic power.
I agree with your initial statement, so I paid attention to it.
To support your argument even further, I will point out that without economic power, which is the foundation upon which political power is formed, it will be challenging for individuals, groups, businesses, governments, and entire countries to achieve any worthwhile aims and objectives.
Consider for a moment that during the COVID-19 era, the nations who suffered the most in terms of being able to offer relief supplies and palliatives for their inhabitants were those that lacked the economic might of their governments.
You can understand thus why I concur with the OP's first premise.