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Structural power and the global financial crisis: a network analytical approach

Abstract

How did the most severe global financial crisis since the 1930s affect the organization of the world political economy? Was Anglo-American structural power in finance eroded? I employ network methodologies that have been recently extended for use with weighted and directed networks to shed light on these questions. I draw from complexity science and political economy to link these empirics to prior theories of structural power, which I refine in several ways. This approach provides unique explanations for developments in global banking since the crisis, including expected outcomes that did not occur: the continuation – and even expansion – of Anglo-American prominence, the decline of continental European prominence, and the lack of emergence of the BRICS economies into the core of the global banking system.

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* Department of Political Science, Indiana University Bloomington, 210 Woodburn Hall, 1100 East Seventh Street, Bloomington, IN 47405–7110, USA, e-mail: wkwineco@indiana.edu
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