{"product_id":"the-price-of-time-1","title":"The Price of Time","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003e\u003ci\u003eThe Price of Time\u003c\/i\u003e by Edward Chancellor delves into the intricate history and pivotal role of interest rates in financial systems, providing a lucid analysis of the forces that shape our global economy. Chancellor, acclaimed as one of the world's foremost financial writers, traces the origins of interest from ancient times to the present day, illustrating how this fundamental economic principle has influenced the rise and fall of empires and modern economies alike.\u003c\/p\u003e\n\n\u003cp\u003eFrom its inception, interest has been an essential, albeit controversial, aspect of financial transactions. Ancient civilisations often viewed interest as usurious, a means of exploitation that could lead to debt bondage and even slavery. Despite such criticism, as capitalism began to gain ground in the late Middle Ages, the perception of interest underwent a transformation. It came to be seen as an indispensable incentive for lenders to part with their capital, facilitating essential economic activities.\u003c\/p\u003e\n\n\u003cp\u003eInterest serves numerous critical functions within the economy. It acts as a catalyst for savings, helps individuals and businesses to ascertain the value of valuable assets like real estate and financial securities, and provides a mechanism to price risk. Chancellor aptly describes interest not just as the \"price of money,\" but more accurately as the \"price of time,\" because time itself is a valuable, finite resource. The time value of money is a concept that underscores the importance of interest in economic activities, spanning past, present, and future transactions.\u003c\/p\u003e\n\n\u003cp\u003eIn exploring recent fiscal history, Chancellor analyses the unprecedented downward trend of interest rates in the first twenty years of the twenty-first century. The financial ease post-2007\/2008 global crisis led to extremely low-interest environments, triggering critical consequences. This ease has contributed to the creation of multiple asset bubbles, the stagnation of productivity growth, discouraged savings, exacerbated economic inequality, and incentivised excessive risk-taking among yield-starved investors. \u003c\/p\u003e\n\n\u003cp\u003eNow, as the financial world grapples with the repercussions of these developments, it finds itself in a complex dilemma—caught between maintaining economic growth and managing significant financial risk. Through \u003ci\u003eThe Price of Time\u003c\/i\u003e, Edward Chancellor offers a profound investigation into how interest determines capital allocation and pricing, making it an indispensable read for anyone seeking to understand the intricacies of our current global financial landscape.\u003c\/p\u003e\n\u003c\/div\u003e","brand":"Ingram Book Company","offers":[{"title":"Default Title","offer_id":45799074431212,"sku":"9780802160065","price":65.0,"currency_code":"NZD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0705\/7784\/8556\/files\/9780802160065.jpg?v=1728225528","url":"https:\/\/bookhero.pro\/products\/the-price-of-time-1","provider":"Book Hero","version":"1.0","type":"link"}