The Price of Time: The Real Story of Interest

The Price of Time: The Real Story of Interest is a book written by financial historian and author Edward Chancellor. The book explores the history of interest rates and the role they play in the modern economy. Chancellor traces the evolution of interest rates from ancient times to the present day, demonstrating how interest has been a powerful force shaping the course of human history.

Chancellor argues that interest rates are a critical component of economic growth, serving as the lubricant that enables capital to flow from one part of the economy to another. He also discusses the role of interest rates in asset bubbles and financial crises, citing historical examples of the devastating effects high or unsustainable interest rates can have on economies and traditional societies.

Throughout the book, Chancellor explores how interest rates have been used, abused, and manipulated by governments, central banks, and financial institutions, noting the impact such actions have had on economic stability and growth. He also looks at the relationship between demographics and interest rates, offering insights into the impact of population aging and other demographic shifts on the future of interest rates and economic growth.

Overall, The Price of Time: The Real Story of Interest is a thought-provoking book that provides a unique and nuanced perspective on the history, nature, and role of interest rates in the modern world. It is an essential read for anyone interested in the history of finance, the workings of the global economy, and the future of interest rates.

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