Building off of what @Pyrephox began. I think there are a few things that are left out:
First, a diffuse power structure. This is what most people are getting at with resources. If the resources are spread out, than no one holds all the power.
Second, the power structure needs to be dynamic and changeable. In too many games that spout being political, including most L&L games, it's really, really hard to change who is in power. Firan was horrible at this, especially in later years. The clan leaders held all the cards and more minor nobles didn't really have much to bring to the table. Politicking was limited to between clans, meaning that 95% of the game population was excluded from that game play. Was it possible to take over a clan? Sure. It happened a few times, but not nearly often enough to make an interesting political game. Status in WoD works a bit better, for a model of a political game, but you need to make rising in Status powerful enough that it's something to do, and just like in real life, it needs to be really hard to stay at the top.