Postmodern Monetary Innovations

Abstract

The Postmodern period is characterized by significant changes in the system of Monetary Relations, which concern not only technical innovations but also the very essence of Money. It creates a necessity to analyze Monetary Innovations with purposes to build a theory of their impact on the Monetary Sphere. Based on this, the author uses process tracing and event analysis methods (in particular, in the theoretical part of the work—theory-building process tracing). The main conclusions of the analysis were the conclusions that Financial Globalization logically requires the emergence of Global Money, but the problem is complicated not only by the fact that there are different options for such Money but also by the fact that Globalization itself develops nonlinearly and changes in the economic and political environment will also affect the choice of a Global Money Model. However, the dominant trend is the Destuffation of Money—that is, the disappearance of material (stuff) forms of money, and therefore, the real choice of such a model is between Cryptocurrencies (which represent the Free Market) and Central Bank Digital Currencies—CBDCs (which represent the Monetary Sovereignty of the State).