The Price of Time: The Real Story of Interest by Edward Chancellor 2023 PB New

Description: The Price of TimeThe Real Story of InterestBy Edward Chancellor In "The Price of Time", Edward Chancellor delves into the historical significance of interest rates and their impact on economic and financial activities. He argues that interest rates play a crucial role in coordinating these activities, as they represent the price that individuals, companies, and nations have to pay in order to borrow money.The book takes us on a journey through time, starting from ancient Mesopotamia and the origins of interest rates. Chancellor explores the debates about usury in Restoration Britain and the ill-fated Mississippi scheme led by John Law. He then brings us to the twenty-first century, where global credit booms and financial instability have been prevalent.Contrary to popular belief, Chancellor challenges the notion that high interest rates are always harmful. He suggests that whenever money becomes too easily accessible, financial markets become unstable. This is evident in the present day, as interest rates have reached historically low levels, including the unprecedented appearance of negative rates in Europe and Japan. Chancellor highlights how these extremely low rates have contributed to economic insecurity and financial fragility.He argues that extremely low interest rates not only lead to asset price inflation but also contribute to weak economic growth, rising inequality, zombie companies, elevated debt levels, and pension crises in the West. These conditions create an environment in which economies struggle to thrive. Furthermore, Chancellor draws attention to the impact of easy money in China, where it has caused an immense real estate bubble and the largest credit and investment boom in history.As the global financial system teeters on the edge of yet another crisis, Chancellor emphasizes the importance of understanding interest rates in order to face the challenges ahead. He believes that by comprehending the role of interest rates, policymakers and individuals can better navigate the complexities of the global financial landscape."The Price of Time" ultimately serves as a cautionary tale, urging readers to recognize the risks and consequences associated with extremely low interest rates. Chancellor's historical analysis reveals that a balance must be struck, as interest rates that are too high or too low can have detrimental effects on economies and financial markets. By understanding the impact of interest rates, individuals and policymakers can work towards creating a sustainable and stable economic environment.In recognition of its valuable insights, "The Price of Time" was awarded the prestigious 2023 Hayek Book Prize and was longlisted for the 2022 Financial Times Business Book of the Year Award. The book offers a comprehensive exploration of interest rates throughout history, shedding light on their significance in shaping economic and financial landscapes. By delving into the past, Chancellor provides a framework for understanding the present and navigating the uncertain future of global finance. Notice: The displayed image is a symbolic representation of the book, The actual book cover image may differ. ( Why? Sometimes publishers change the cover image with reprints, we have thousands of listings, it is practically impossible to keep track of all those changes.) Book Information:ISBN 13: 9781802060157Publisher: PenguinYear: 2023Format: Paperback Author:Edward Chancellor is a highly respected author and financial expert known for his work on the history of financial speculation. Born in the United Kingdom, Chancellor pursued his education at both Cambridge and Oxford, where he studied history. Combining his passion for history with his interest in finance, he went on to become a prominent figure in the field.Chancellor's most notable work, "Devil Take the Hindmost: A History of Financial Speculation," has gained worldwide recognition. Translated into multiple languages, the book delves into the fascinating world of financial speculation and its impact on societies throughout history. The New York Times acknowledged its significance by naming it one of their Books of the Year.Having worked at Lazard Brothers, Chancellor gained valuable experience and insight into the financial industry. His expertise extended even further during his tenure as a senior member of the asset allocation team at GMO until 2014. This position allowed him to contribute to the development of investment strategies and understand the complexities of portfolio management.Currently, Edward Chancellor shares his knowledge and opinions as a columnist for Reuters Breakingviews. His articles can also be found in reputable publications, such as the Wall Street Journal, Financial Times, MoneyWeek, and the New York Review of Books. In 2008, Chancellor was recognized for his exceptional financial reporting, receiving the George Polk Award for his insightful article, "Ponzi Nation," published in Institutional Investor.Edward Chancellor's work and accomplishments showcase his dedication to exploring the history of financial speculation and providing valuable insights into the world of finance. His expertise, combined with his engaging writing style, makes him an influential figure in the field of financial literature.Shipping Shipping service:We strive to provide the best possible methods of shipping for your book, so that you buy from us without worrying about shipping time, extra charges, delays or any other hassles. 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End Time: 2024-09-13T15:27:11.000Z

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