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 2000 share 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 until 2022. Finally, we discuss challenges to the Anglosphere's structural power caused by the second Trump Administration.