GENESIS OF THE GLOBAL FINANCIAL ARCHITECTURE: FROM THE BRETTON WOODS CONSENSUS TO THE WEB3 ALGORITHMIC ORDER

Анотація

The article carries out a comprehensive theoretical study of the evolutionary transformation of the world financial architecture (SFA) in the context of changes in global technological patterns. The authors analyze the historical retrospective of financial globalization, starting from the moment of laying the foundation of the Bretton Woods system, which determined the hierarchical, dollar-centric structure of international settlements for decades to come. mediated by banking institutions and supranational regulators, at the present stage, is facing a crisis of institutional efficiency caused by the accumulation of global imbalances and the digital divide. Particular attention is paid to conceptually rethinking the transition from the Jamaican monetary system to a new era of “algorithmic order” based on Web3 technologies. It has been established that the key feature of modern transformation is the decentralization of financial relations, where the function of trust is transferred from the institutional level (state and bank guarantees) to the protocol level (distributed ledgers, smart contracts). The authors argue that Web3 does not just modernize payment instruments, but forms a fundamentally new logic of international economic interaction – an ecosystem where capital acquires programmable properties, and cross-border transactions are carried out in real time without the involvement of traditional correspondent networks. The paper details the impact of decentralized finance (DeFi) on the changing role of national currencies and central banks. The thesis that the algorithmization of the financial space requires the development of new approaches to international regulation, since traditional methods of capital control lose their effectiveness in the conditions of anonymous decentralized networks, is substantiated. A forecast is made for the formation of a hybrid architecture of the future, where “fiat” and “algorithmic” orders will coexist through interoperability mechanisms. The article aims to lay a theoretical basis for further study of the mechanisms of adaptation of national economies, in particular Ukraine, to the challenges of global digitalization of finance.

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