The evolution of economic theories reflects profound shifts in the conceptualization of money. With the normalization of quantitative easing (QE), the definition of money has undergone yet another transformation. Since the collapse of the Bretton Woods system, the foundational assumptions of traditional economics have become increasingly inadequate, necessitating new theoretical frameworks to interpret contemporary global dynamics. Persisting with outdated theories—many of which serve as ideological tools for hegemonic discourse—poses significant risks to strategic decision-making in rising powers like China.

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Restructuring Fiscal Sovereignty Under Monetary Paradigm Shifts: A Theoretical Framework Based on Medium Evolution

  • Jie Zhang

摘要

The evolution of economic theories reflects profound shifts in the conceptualization of money. With the normalization of quantitative easing (QE), the definition of money has undergone yet another transformation. Since the collapse of the Bretton Woods system, the foundational assumptions of traditional economics have become increasingly inadequate, necessitating new theoretical frameworks to interpret contemporary global dynamics. Persisting with outdated theories—many of which serve as ideological tools for hegemonic discourse—poses significant risks to strategic decision-making in rising powers like China.