The price of time : the real story of interest
Chancellor, Edward, 1962-2023
Book
Capitalism and interest are inseparable, yet over the centuries whenever interest rates have collapsed and money was too easy, financial markets have become unstable. In the first two decades of the twenty-first century, interest rates have sunk lower than at any time in the five millennia since they were first recorded. In an unprecedented move, negative interest rates were introduced in Europe and Japan, causing trillions of dollars' worth of bonds to trade at negative yields. Monetary policymakers appear blithe to the unintended consequences of their actions. Yet given the essential function of interest in determining how capital is allocated and priced, and its role in regulating financial risk, it is not clear that capitalism can thrive or even survive under these conditions.
Main title:
The price of time : the real story of interest / Edward Chancellor.
Author:
Chancellor, Edward, 1962-, author
Imprint:
London : Penguin Books, 2023.
Collation:
432 pages : illustrations (black and white) ; 20 cm
Notes:
Originally published: London: Allen Lane, 2022.Includes bibliographical references and index.
Audience:
Specialized.
ISBN:
9781802060157 (pbk)
Dewey class:
332.8332.8 CHA
Language:
English
BRN:
3598406