Investing in the context of the evolution of monetary systems: an economic analysis

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AbstractIntroduction. The article analyzes investment in the context of the evolution of monetary systems and the transformation of the financial architecture of the modern economy. Unlike classical and neoclassical approaches, which treat the monetary system as an institutionally neutral environment, this study proceeds from the assumption that the structure of money, emission mechanisms, and interest-debt logic have a systemic impact on investment behavior and the distribution of capital between the real and financial sectors. The relevance of the work is determined by the growth of financialization, the digitization of financial infrastructure, and the spread of sustainable investment practices.Methodology. The study is theoretical and analytical in nature and is based on institutional and comparative approaches. Methods of conceptual analysis, historical and economic comparison, and typology are used. The theoretical basis is provided by classical and modern investment theories, institutional economics, and critical monetary theory, as well as a review of recent scientific publications and materials from international financial organizations.Main material. It is shown that the dominance of the interest-debt monetary system leads to an institutional shortening of the investment horizon and a shift in capital flows towards short-term and highly liquid projects. Alternative interpretations of the role of money and interest are considered, including approaches that treat money as a social and institutional agreement. Particular attention is paid to Bernard Lietaer's concept, in which monetary architecture is an active factor in the formation of investment incentives. Using the example of government bonds, infrastructure investments, complementary currencies, and sustainable financial instruments, the dual role of financial institutions in stimulating growth and reproducing systemic risks is demonstrated.Prospects and recommendations. It is argued that a new investment equilibrium is possible with the development of complementary monetary and financial circuits, the integration of sustainable finance into regulatory standards, the digitalization of investment infrastructure, and the expansion of investment performance criteria beyond purely financial returns.Conclusions. We conclude that there is a need to revise the classical understanding of investment towards an institutionally expanded framework that takes into account monetary architecture, socio-environmental effects, and the long-term sustainability of investment decisions.

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