{"product_id":"the-price-of-time-edward-chancellor-9780241569160","title":"The Price of Time by Edward Chancellor","description":"\u003ch2\u003eThe Price of Time: The Real Story of Interest | Edward Chancellor\u003c\/h2\u003e\n\u003ch3\u003eThe first book of the next crisis.\u003c\/h3\u003e\n\u003cul\u003e\n\u003cli\u003eWinner of the 2023 Hayek Book Prize\u003c\/li\u003e\n\u003cli\u003eLonglisted for the 2022 Financial Times Business Book of the Year Award\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eAll economic and financial activities take place across time. Interest coordinates these activities.\u003c\/p\u003e\n\u003ch3 style=\"padding-left: 40px;\"\u003eThe story of capitalism is thus the story of interest: the price that individuals, companies and nations pay to borrow money.\u003c\/h3\u003e\n\u003cp\u003eIn \u003ci\u003eThe Price of Time\u003c\/i\u003e, 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.\u003c\/p\u003e\n\u003cp\u003eHe 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.\u003c\/p\u003e\n\u003cp\u003eChancellor 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.\u003c\/p\u003e\n\u003cblockquote\u003e\n\u003cp\u003eAt the same time, easy money in China has inflated an epic real estate bubble, accompanied by the greatest credit and investment boom in history.\u003c\/p\u003e\n\u003c\/blockquote\u003e\n\u003cp\u003eAs 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.\u003c\/p\u003e","brand":"Bust-Down Books","offers":[{"title":"Default Title","offer_id":50695663321403,"sku":"0241569168","price":16.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0855\/2077\/7531\/files\/9780241569160.jpg?v=1776714842","url":"https:\/\/bustdownbooks.com\/products\/the-price-of-time-edward-chancellor-9780241569160","provider":"Bust-Down Books","version":"1.0","type":"link"}