Enduring Structural Power? Assessing the Dominance of the Anglosphere in Global Finance Before the Trump Turn

Historically, the US exerted dominant structural power in global finance –‎especially via its integration in the wider Anglosphere. We analyze granular ‎data for 10 segments – from portfolio and foreign direct investment to foreign ‎exchange reserves – to assess the power positions of the Anglosphere, the ‎EU, China, and Japan. On balance, the structural power of the Anglosphere in‎ global finance has endured and even increased between 2008 and 2023. China’s‎ financial power has risen slightly, albeit from a very low level, whereas ‎the structural power of the EU in global finance has decreased. One important‎ aspect of the Anglosphere’s structural power is to be found in its large share of ‎global foreign exchange reserves. An additional feature is a positive feedback ‎loop between the large profits generated by Forbes 2000 corporations based‎ in the Anglosphere (primarily large and dominant US technology firms) and‎ the persistent structural power that their host countries exert in global finance.‎ To substantiate our argument, we provide a unique calculation of Forbes 2000‎share of profits generated by MNCs based in the Anglosphere, China, the EU,‎ and Japan. Moreover, three novel network visualizations show the enduring‎ centrality of the US-led Anglosphere in key segments of global finance until‎2022. Finally, we discuss challenges to the Anglosphere’s structural power ‎caused by the second Trump Administration.‎‎