A comprehensive and profoundly relevant history of interest from
one of the world's leading financial writers, The Price of Time
explains our current global financial position and how we got here
In the beginning was the loan, and the loan carried interest. For
at least five millennia people have been borrowing and lending at
interest. The practice wasn't always popular--in the ancient world,
usury was generally viewed as exploitative, a potential path to
debt bondage and slavery. Yet as capitalism became established from
the late Middle Ages onwards, denunciations of interest were
tempered because interest was a necessary reward for lenders to
part with their capital. And interest performs many other vital
functions: it encourages people to save; enables them to place a
value on precious assets, such as houses and all manner of
financial securities; and allows us to price risk.All economic and
financial activities take place across time. Interest is often
described as the "price of money," but it is better called the
"price of time: " time is scarce, time has value, interest is the
time value of money.Over the first two decades of the twenty-first
century, interest rates have sunk lower than ever before. Easy
money after the global financial crisis in 2007/2008 has produced
several ill effects, including the appearance of multiple asset
price bubbles, a reduction in productivity growth, discouraging
savings and exacerbating inequality, and forcing yield starved
investors to take on excessive risk. The financial world now finds
itself caught between a rock and a hard place, and Edward
Chancellor is here to tell us why. In this enriching volume,
Chancellor explores the history of interest and its essential
function in determining how capital is allocated and priced.
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