The Price of Time : The Real Story of Interest
Author: Chancellor, Edward
ISBN: 9780241569160
RM165.00
Publisher,Allen Lane
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Format, Hardcover
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Shelf: Non-Fiction Books / Business Finance & Accounting / Economics
Shelf: Non-Fiction Books / Business Finance & Accounting / Economics
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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.
