Capital as a System of Multidimensional Valuations: Transformation, Money Crisis and Contours of New Architecture.

The article is devoted to an analysis of the fundamental transformation of the nature of capital in the 21st century. Despite the growing body of research on intangible assets, debt dynamics, and the concentration of wealth, there is no comprehensive framework linking these trends to the crisis of money’s functions and the formation of a new capital architecture. Based on a comparison of aggregated data — the share of intangible assets in 92% of the capitalization of the S&P 500 (Ocean Tomo, 2025), global debt of $353 trillion (IIF, 2026), wealth concentration in 0.001% of the population (WIR, 2026) — and illustrative cases (capitalization of Tesla, dynamics of real estate prices in megacities, digital assets) it is shown that the dominant form of capital is shifting from material to a valuation system based on expectations, narratives and trust. Four key drivers of transformation are identified: technological, institutional, environmental, and socio‑psychological. The crisis of the four functions of money — as a measure of value, a medium of exchange, a store of value, and a means of payment — is interpreted as a symptom of a deeper shift in valuation. It is substantiated that money will retain its function as a measure of value even as the object of measurement changes — from physical goods and labour to data, algorithms, reputation, and trust. Three scenarios for a new capital architecture are formulated — energy‑based, digital, and institutional — and the need to transition to a multidimensional system of value assessment, which includes energy, data, trust, and natural capital, is substantiated.