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The Price of Time
- The Real Story of Interest
- Narrated by: Luis Soto
- Length: 15 hrs and 35 mins
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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.
Critic reviews
"The Price of Time is highly readable. The timing and telling of this economic horror story make it gripping and persuasive." (Emma Duncan)
"Is it possible to write a highly engaging history of the world going back to Hammurabi, unfolding along the way a bitingly comprehensive explanation for its problems today, all told through a single character? Apparently yes. Edward Chancellor has done it, an achievement all the more notable since his drama is built around a character so unheroic on its surface: his "price of time" is interest rates. This is a timely, vitally important and hugely readable book." (Ruchir Sharma)
"Edward Chancellor has produced not just a brilliant explainer of the value of money and time but a hugely engaging history of the greatest problem confronting markets today. The Price of Time is a must read - a copy should be on the desk of everyone who has anything to do with financial markets or wondered why things work as they do." (Merryn Somerset Webb)
What listeners say about The Price of Time
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- L. A. Brown
- 16-08-23
Wonderful book
Interesting take on interest and time.
Understandable even to me, a non economist .
Very well narrated.
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- T. Congdon
- 09-12-22
Great book
very interesting, entertaining informative. meanders but gets to the point. a good history essay
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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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- MB
- 20-05-24
Interesting book, could be shorter though
Very topical in the recent context of low interest rates. Explains well how certain activities and businesses flourish when money is cheap and what to expect when the tide turns.
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- cogs
- 31-08-22
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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- Rory I. C. Bremner
- 22-03-24
Simply outstanding
This book is a fascinating insight into central bank follies and arrogance. It should be compulsory reading for all politicians.
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- Jay2o
- 27-01-24
great
fantastic book to listen to. great to learn the history of interest rates and the economy
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- Winstone
- 21-08-22
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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- John O
- 12-01-23
Best book I’ve listened to in years
Edward Chancellor takes a long look back in time and asks the tough questions around rates. Recommended for anyone interested in rates, history, macroeconomics and/ or personal finance.
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- Vince Peterson
- 16-02-24
sharp, salient, true
excellent, thought provoking book on the necessity of fundamental financial dynamics - interest. very good overview of the financial history and problems that have appeared by its low levels. perhaps the current incremental interest hikes will save the world, but I suspect we may need a truly new approach to do that. Hopefully we survive the crisis that induces it.
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