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Chancellor, Edward, 1962-
Subjects
Loans -- History.
Interest rates -- History.
Finance charges -- History.
Banks and banking -- History.
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by author:
Chancellor, Edward, 1962-
by title:
The price of time : ...
by call number:
332.8309 C454p
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Chancellor, Edward, 1962-
Loans -- History.
Interest rates -- History.
Finance charges -- History.
Banks and banking -- History.
MARC Display
The
price
of
time
: the
real
story
of
interest
/ Edward Chancellor.
by
Chancellor, Edward, 1962-
Atlantic Monthly Press, c2022.
Call #:
332.8309 C454p
Subjects
Loans -- History.
Interest
rates -- History.
Finance charges -- History.
Banks and banking -- History.
ISBN:
9780802160065 (hc.)
Edition:
1st Grove Atlantic hardcover editon.
Description:
xxvi, 398 p., 8 unnumbered pages of plates : ill. ; 24 cm.
Notes:
"First published in Great Britain in 2022 by Allen Lane, an imprint of Penguin Random House UK"--T. p. verso.
"Published simultaneously in Canada"--T. p. verso.
Bibliography:
Includes bibliographical references (pages 315-333) and index.
Summary:
"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 [financial journalist] 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."--Jacket.
Holds:
1
Copy/Holding information
Location
Collection
Call No.
Item type
Status
Due Date
Bedford Public Library
Adult Nonfiction
332.8309 C454p
Adult books
Checked in
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Central Library
Adult Nonfiction
332.8309 C454p
Core Collection - Adult
Checked out
Jul 09, 2024
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