The Price of Time

The Price of Time is a captivating book penned by Edward Chancellor. Published in 2023 by Penguin Books Ltd (UK), this book is an intriguing dive into the complexities of time. The book belongs to a genre that beautifully blends reality with imagination, making it a compelling read. Edward Chancellor, known for his articulate writing style, has outdone himself with this creation. The Price of Time takes you on a journey that makes you question the value of time. It's a must-read, especially for those who love to delve into thought-provoking concepts. Published by Penguin Books Ltd (UK), this book is another feather in their cap, adding to their repertoire of quality content. The book is available in English.

The first book of the next crisis. A history of interest rates by a leading financial commentator, updated with a new postscript.*Winner of the 2023 Hayek Book Prize**Longlisted for the 2022 Financial Times Business Book of the Year Award*All economic and financial activities take place across time. Interest coordinates these activities. The story of capitalism is thus the story of interest: the price that individuals, companies and nations pay to borrow money.In The Price of Time, Edward Chancellor traces the history of interest from its origins in ancient Mesopotamia, through debates about usury in Restoration Britain and John Law ' s ill-fated Mississippi scheme, to the global credit booms of the twenty-first century. We generally assume that high interest rates are harmful, but Chancellor argues that, whenever money is too easy, financial markets become unstable. He takes the story to the present day, when interest rates have sunk lower than at any time in the five millennia since they were first recorded - including the extraordinary appearance of negative rates in Europe and Japan - and highlights how this has contributed to profound economic insecurity and financial fragility.Chancellor reveals how extremely low interest rates not only create asset price inflation but are also largely responsible for weak economic growth, rising inequality, zombie companies, elevated debt levels and the pensions crises that have afflicted the West in recent years - conditions under which economies cannot possibly thrive. At the same time, easy money in China has inflated an epic real estate bubble, accompanied by the greatest credit and investment boom in history. As the global financial system edges closer to yet another crisis, Chancellor shows that only by understanding interest can we hope to face the challenges ahead.