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Part IV: Strategic Capital, Liquidity, and Regulation

Chapter 22

Global Venture Ecosystems

Venture began in the United States and remains dominated by it: on PitchBook's and Crunchbase's figures, the US took roughly 60–65% of global venture dollars in 2025, a higher share than in the 2010s, because AI mega-rounds were concentrated in US companies. Every major economy now has its own ecosystem.

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In this chapter

  1. 22.1Ingredients and government
  2. 22.2Currency, exits, and geopolitics