The Price of Time by Edward Chancellor
The Price of Time
The Price of Time: The Real Story of Interest by Edward Chancellor examines the history and impact of interest rates on economies and societies.
Historical Perspective
The book provides a thorough historical account of interest rates across different civilizations and time periods. Chancellor shows how attitudes toward lending, borrowing, and interest have evolved throughout human history, from ancient civilizations to modern economic systems.
Critique of Modern Policy
A significant portion of the book focuses on contemporary monetary policy, with the author expressing clear criticism of artificially low interest rates maintained by central banks. Chancellor argues that these policies distort markets, create asset bubbles, and have numerous unintended consequences.
Complex Subject Made Accessible
While occasionally dense with financial details and jumping between time periods, the book successfully translates complex economic concepts into accessible language. Chancellor’s expertise in financial history allows him to draw compelling connections between historical patterns and modern economic challenges.