economic interest group

An economic interest group is a formally organized association that seeks to influence public policy, primarily for economic gain. These groups are common worldwide and represent various sectors, including businesses, labor unions, farmers, and professional organizations. For example, business groups like the Confederation of British Industry and labor groups such as the AFL-CIO in the United States are prominent economic interest groups.1

These groups often have offices in national capitals and employ sophisticated strategies to advocate for their members' interests. Their influence and the types of economic groups that exist can be shaped by a country's socioeconomic development, political culture, and the distribution of political power. In more developed and democratic societies, economic interest groups are generally more numerous and influential than in less affluent or authoritarian countries.2