Transforming the monetary system

Volodymyr Vysochansky

Economic Affairs, 2025, vol. 45, issue 3, 497-508

Abstract: The contemporary fiat‐money regime is characterised by structural deficiencies that exacerbate coordination failures among economic agents and undermine social cohesion through ineffective state regulation and unintended policy side effects. Drawing on Austrian School insights and enabled by modern exchange infrastructures, I propose a self‐regulated monetary framework that aligns money issuance with participants' preferences, enforces sound‐money principles, and leverages a Value Standard Exchange‐Traded Fund (VS ETF) of commodity futures. The study details such a system's key components, its endogenous self‐regulation mechanism, and the requisite technological and institutional infrastructure, and it outlines a feasible path for a gradual, non‐coercive transition from the existing regime.

Date: 2025
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