This sounds like John D. MacDonald's novel Wine of the DreamersWine of the Dreamers (aka Planet of the Dreamers), originally published (probably in a shorter form) in Startling Stories, May 1950Startling Stories, May 1950 which is available at the Internet Archive. Maybe one of these coversthese covers will ring a bell. Plot summary from Wikipedia:
The book is set both on Earth (dealing with a top-secret military spaceflight project in an imagined 1975) and a far-away planet of humans able to influence Earth while they sleep, believing that the planet and all its inhabitants are simply part of their dreams that they can toy with. MacDonald described the book as "a symbolic novel of how when original purposes are forgotten, the uses of ritual can be destructive."