Shadow Money in the 19th Century: Is Marx Relevant for Understanding Contemporary Shadow Money?

The growth of shadow money, since the 1980s, has implications for both central bank policy and the theorization of money. However, modern shadow money has a historical analogue in the private bill market of 19th century England This article explores the relevance of Marx’s logical and historical analysis of the evolution of the forms and functions of money in capitalist economies, and his concrete analysis of the bill market in order to understand shadow money today.