IDEAS home Printed from https://ideas.repec.org/a/bpj/buspol/v17y2015i3p495-525n4.html
   My bibliography  Save this article

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

Author

Listed:
  • Winecoff William Kindred

    (Department of Political Science, Indiana University Bloomington, 210 Woodburn Hall, 1100 East Seventh Street, Bloomington, IN 47405-7110, USA)

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.

Suggested Citation

  • Winecoff William Kindred, 2015. "Structural power and the global financial crisis: a network analytical approach," Business and Politics, De Gruyter, vol. 17(3), pages 495-525, October.
    • Handle: RePEc:bpj:buspol:v:17:y:2015:i:3:p:495-525:n:4
    DOI: 10.1515/bap-2014-0050
    as

    Download full text from publisher

    File URL: https://doi.org/10.1515/bap-2014-0050
    Download Restriction: For access to full text, subscription to the journal or payment for the individual article is required.
    File URL: https://libkey.io/10.1515/bap-2014-0050?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Oatley, Thomas, 2011. "The Reductionist Gamble: Open Economy Politics in the Global Economy," International Organization, Cambridge University Press, vol. 65(2), pages 311-341, April.
    2. Strange, Susan, 1988. "The persistent myth of lost hegemony: reply to Milner and Snyder," International Organization, Cambridge University Press, vol. 42(4), pages 751-752, October.
    3. Carpenter, R. Charli, 2011. "Vetting the Advocacy Agenda: Network Centrality and the Paradox of Weapons Norms," International Organization, Cambridge University Press, vol. 65(1), pages 69-102, January.
    4. Helleiner, Eric, 2014. "The Status Quo Crisis: Global Financial Governance After the 2008 Meltdown," OUP Catalogue, Oxford University Press, number 9780199973637.
    5. Arvind Subramanian, 2011. "Renminbi Rules: The Conditional Imminence of the Reserve Currency Transition," Working Paper Series WP11-14, Peterson Institute for International Economics.
    6. Oatley,Thomas, 2015. "A Political Economy of American Hegemony," Cambridge Books, Cambridge University Press, number 9781107462809, September.
    7. Nitzan, Jonathan & Bichler, Shimshon, 2009. "Capital as Power. A Study of Order and Creorder," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 157973, September.
    8. Oatley,Thomas, 2015. "A Political Economy of American Hegemony," Cambridge Books, Cambridge University Press, number 9781107090644, September.
    9. Culpepper,Pepper D., 2011. "Quiet Politics and Business Power," Cambridge Books, Cambridge University Press, number 9780521118590, September.
    10. Young, Kevin, 2015. "Not by structure alone: power, prominence, and agency in American finance," Business and Politics, Cambridge University Press, vol. 17(3), pages 443-472, October.
    11. Germain,Randall D., 1997. "The International Organization of Credit," Cambridge Books, Cambridge University Press, number 9780521598514, September.
    12. Jacob S. Hacker & Paul Pierson, 2010. "Winner-Take-All Politics: Public Policy, Political Organization, and the Precipitous Rise of Top Incomes in the United States," Politics & Society, , vol. 38(2), pages 152-204, June.
    13. Farrell, Henry & Newman, Abraham L., 2015. "Structuring power: business and authority beyond the nation state," Business and Politics, Cambridge University Press, vol. 17(3), pages 527-552, October.
    14. Emmenegger Patrick, 2015. "The long arm of justice: U.S. structural power and international banking," Business and Politics, De Gruyter, vol. 17(3), pages 473-493, October.
    15. Farrell Henry & Newman Abraham L., 2015. "Structuring power: business and authority beyond the nation state," Business and Politics, De Gruyter, vol. 17(3), pages 527-552, October.
    16. Eichengreen, Barry, 2012. "Exorbitant Privilege: The Rise and Fall of the Dollar," OUP Catalogue, Oxford University Press, number 9780199642472.
    17. Mark Abdollahian & Zining Yang, 2014. "Towards Trade Equalisation: A Network Perspective on Trade and Income Convergence Across the Twentieth Century," New Political Economy, Taylor & Francis Journals, vol. 19(4), pages 601-627, August.
    18. David Lake, 2009. "Open economy politics: A critical review," The Review of International Organizations, Springer, vol. 4(3), pages 219-244, September.
    19. Daniel W. Drezner, 2007. "Bringing the Great Powers Back In, from All Politics Is Global: Explaining International Regulatory Regimes," Introductory Chapters, in: All Politics Is Global: Explaining International Regulatory Regimes, Princeton University Press.
    20. Simmons, Beth A., 2001. "The International Politics of Harmonization: The Case of Capital Market Regulation," International Organization, Cambridge University Press, vol. 55(3), pages 589-620, July.
    21. Strange, Susan, 1982. "Cave! hic dragones: a critique of regime analysis," International Organization, Cambridge University Press, vol. 36(2), pages 479-496, April.
    22. Benjamin J. Cohen & Tabitha M. Benney, 2014. "What does the international currency system really look like?," Review of International Political Economy, Taylor & Francis Journals, vol. 21(5), pages 1017-1041, October.
    23. Culpepper,Pepper D., 2011. "Quiet Politics and Business Power," Cambridge Books, Cambridge University Press, number 9780521134132, September.
    24. Pepper D. Culpepper & Raphael Reinke, 2014. "Structural Power and Bank Bailouts in the United Kingdom and the United States," Politics & Society, , vol. 42(4), pages 427-454, December.
    25. Richard H. Clarida, 2007. "Introduction to "G7 Current Account Imbalances: Sustainability and Adjustment"," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 1-10, National Bureau of Economic Research, Inc.
    26. Young Kevin, 2015. "Not by structure alone: power, prominence, and agency in American finance," Business and Politics, De Gruyter, vol. 17(3), pages 443-472, October.
    27. Germain,Randall D., 1997. "The International Organization of Credit," Cambridge Books, Cambridge University Press, number 9780521591423, September.
    28. Arvind Subramanian, 2011. "Eclipse: Living in the Shadow of China's Economic Dominance," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 6062, April.
    29. Emmenegger, Patrick, 2015. "The long arm of justice: U.S. structural power and international banking," Business and Politics, Cambridge University Press, vol. 17(3), pages 473-493, October.
    30. Hafner-Burton, Emilie M. & Kahler, Miles & Montgomery, Alexander H., 2009. "Network Analysis for International Relations," International Organization, Cambridge University Press, vol. 63(3), pages 559-592, July.
    31. Sobel, Andrew C., 2012. "Birth of Hegemony," University of Chicago Press Economics Books, University of Chicago Press, number 9780226767598, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Culpepper Pepper D., 2015. "Structural power and political science in the post-crisis era," Business and Politics, De Gruyter, vol. 17(3), pages 391-409, October.
    2. Nishant Malik & David Spencer & Quang Neo Bui, 2021. "Power in the U.S. political economy: A network analysis," Journal of the Association for Information Science & Technology, Association for Information Science & Technology, vol. 72(7), pages 811-823, July.
    3. Koddenbrock, Kai, 2017. "What money does: An inquiry into the backbone of capitalist political economy," MPIfG Discussion Paper 17/9, Max Planck Institute for the Study of Societies.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Culpepper Pepper D., 2015. "Structural power and political science in the post-crisis era," Business and Politics, De Gruyter, vol. 17(3), pages 391-409, October.
    2. Scott James & Lucia Quaglia, 2023. "Epistemic contestation and interagency conflict: The challenge of regulating investment funds," Regulation & Governance, John Wiley & Sons, vol. 17(2), pages 346-362, April.
    3. Pritish Behuria, 2019. "The comparative political economy of plastic bag bans in East Africa: why implementation has varied in Rwanda, Kenya and Uganda," Global Development Institute Working Paper Series 372019, GDI, The University of Manchester.
    4. Lisa Kastner, 2017. "Business lobbying under salience," SciencePo Working papers Main hal-02187871, HAL.
    5. Koddenbrock, Kai, 2017. "What money does: An inquiry into the backbone of capitalist political economy," MPIfG Discussion Paper 17/9, Max Planck Institute for the Study of Societies.
    6. Christine Trampusch & Florian Fastenrath, 2021. "States' interests as limits to the power of finance: Regulatory reforms in early local government financialization in the US and UK," Regulation & Governance, John Wiley & Sons, vol. 15(2), pages 245-261, April.
    7. Lisa Kastner, 2017. "Business lobbying under salience," Post-Print hal-02187871, HAL.
    8. Rothstein, Sidney A., 2020. "Toward a discursive approach to growth models: Social blocs in the politics of digital transformation," MPIfG Discussion Paper 20/8, Max Planck Institute for the Study of Societies.
    9. Cohen, Benjamin J., 2015. "The Demise of the Dollar?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 18.
    10. Heather Ba & William K. Winecoff, 2024. "American financial hegemony, global capital cycles, and the macroeconomic growth environment," Economics and Politics, Wiley Blackwell, vol. 36(1), pages 334-372, March.
    11. Fairfield Tasha, 2015. "Structural power in comparative political economy: perspectives from policy formulation in Latin America," Business and Politics, De Gruyter, vol. 17(3), pages 411-441, October.
    12. Stefan Angrick, 2018. "Structural conditions for currency internationalization: international finance and the survival constraint," Review of International Political Economy, Taylor & Francis Journals, vol. 25(5), pages 699-725, September.
    13. Kevin Young & Stefano Pagliari, 2017. "Capital united? Business unity in regulatory politics and the special place of finance," Regulation & Governance, John Wiley & Sons, vol. 11(1), pages 3-23, March.
    14. Baines, Joseph & Hager, Sandy Brian, 2022. "From Passive Owners to Planet Savers? Asset Managers, Carbon Majors and the Limits of Sustainable Finance," EconStor Preprints 249674, ZBW - Leibniz Information Centre for Economics.
    15. Armin Mertens & Christine Trampusch & Florian Fastenrath & Rebecca Wangemann, 2021. "The political economy of local government financialization and the role of policy diffusion," Regulation & Governance, John Wiley & Sons, vol. 15(2), pages 370-387, April.
    16. Lucia Quaglia & Aneta Spendzharova, 2017. "Post‐crisis reforms in banking: Regulators at the interface between domestic and international governance," Regulation & Governance, John Wiley & Sons, vol. 11(4), pages 422-437, December.
    17. Woll, Cornelia, 2015. "Politics in the interest of capital: A not-so-organized combat," MaxPo Discussion Paper Series 15/2, Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo).
    18. Farrell Henry & Newman Abraham L., 2015. "Structuring power: business and authority beyond the nation state," Business and Politics, De Gruyter, vol. 17(3), pages 527-552, October.
    19. Adrian Rinscheid, 2020. "Business Power in Noisy Politics: An Exploration Based on Discourse Network Analysis and Survey Data," Politics and Governance, Cogitatio Press, vol. 8(2), pages 286-297.
    20. repec:hal:spmain:info:hdl:2441/6sio9gcc4m9nr96pqt3c5at95b is not listed on IDEAS
    21. Marsh David & Akram Sadiya & Birkett Holly, 2015. "The structural power of business: taking structure, agency and ideas seriously," Business and Politics, De Gruyter, vol. 17(3), pages 577-601, October.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bpj:buspol:v:17:y:2015:i:3:p:495-525:n:4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.degruyter.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.