Although the subprime crisis regenerated interest in and stimulated debate about how to study the politics of global finance, it has not sparked the development of new approaches to International Political Economy (IPE), which remains firmly rooted in actor-centered models. We develop an alternative network-based approach that shifts the analytical focus to the relations between actors. We first depict the contemporary global financial system as a network, with a particular focus on its hierarchical structure. We then explore key characteristics of this global financial network, including how the hierarchic network structure shapes the dynamics of financial contagion and the source and persistence of power. Throughout, we strive to relate existing research to our network approach in order to highlight exactly where this approach accommodates, where it extends, and where it challenges existing knowledge generated by actor-centered models. We conclude by suggesting that a network approach enables us to construct a systemic IPE that is theoretically and empirically pluralist.

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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 didnotoccur: 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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This article resuscitates the idea of structural power in world politics by linking it to modern complex network science, presents a theoretical framework for understanding how global structures develop and change, and empirically analyzes the prominence of leading states within global finance, trade, security, and knowledge networks. It argues that the “fitness plus preferential attachment” (FPA) model of complex network evolution provides a logical explanation for the durability of American influence even as some of its advantages in country-level capabilities has eroded, and it introduces a network methodology that is capable of empirically analyzing the organizational complexity that exists within and across domains in world politics. It argues that the rise of China and other emerging powers has been overstated in some ways, but that a redistribution of structural prominence is taking place, in some domains, as emerging markets increase their transnational connections; this has mostly come at the relative expense of Europe, however, rather than the United States.