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  • The Price of Time

  • The Real Story of Interest
  • By: Edward Chancellor
  • Narrated by: Luis Soto
  • Length: 15 hrs and 5 mins
  • 4.8 out of 5 stars (26 ratings)

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Summary

Brought to you by Penguin.

The first audiobook of the next crisis.

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.

©2022 Edward Chancellor (P)2022 Penguin Audio

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  • LC
  • 28-09-22

Excellent

Fascinating and educational. One of the best financial books I have read.
I really enjoyed this book with its historical perspective and evidence based description of the importance and impacts of interest and interest rates throughout history. This was then tied into recent history and the current environment when the book was written.

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Best book I've read this year

Incredibly detailed and engaging account of the history and impact of interest rates. Highly recommend.

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Excellent book…

It did take a while to get into as the history of where interest was explained but that did make sense as the book unfurled.
I did detect a ‘point of view’ in the section covering the financial crash and aftermath but that doesn’t detract from the overall enjoyment.
A very good book all said…

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Fascinating and clearly explained

Thoroughly engaging and rich book, looking at interest’s story from every angle, and taking us from ancient times right up to the pandemic era. It really strikes an elegant balance of informative and accessible. Without doubt one of the best finance books I’ve listened to (and I get through a lot!)

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  • UCHENNA
  • 31-08-22

Brilliant work of history once again

The book pretty much covers the history of rates and the impact of setting this price at a divergence from what markets are offering. Most of the writings feel so obvious and agreeable that one would wonder how we traveled much far from these assertions. Highly recommended