Sticky Power: Global Financial Networks in the World Economy

Authors: Dariusz Wojcik*, School of Geography and the Environment, Oxford University
Topics: Economic Geography
Keywords: finance, networks, power
Session Type: Paper
Day: 4/4/2019
Start / End Time: 1:10 PM / 2:50 PM
Room: 8222, Park Tower Suites, Marriott, Lobby Level
Presentation File: No File Uploaded

Why is the shift of power from the US to China so slow? Why, ten years after the shock of the global financial crisis, financial institutions remain so powerful, with booming financial centers and offshore finance? Can technology accelerate this shift and disrupt the incumbent powers? This paper develops the concept of Global Financial Networks as a novel analytical framework to address these questions. Global Financial Networks are networks of financial and business services, world’s leading governments, financial centres and offshore jurisdictions, closely interlinked with each other at the heart of the world economy, holding financial, economic, political and cultural power. The book shows that despite significant changes in the Global Financial Networks since the crisis, their power has been very sticky. China is growing into these networks, rather than simply challenging them. New technology threatens to increase the concentration of power in leading institutions and centres. Analyzing the world economy and power through the lens of Global Financial Networks helps us understand why in many respects in 2018 we still live in the ‘long twentieth century’.

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