The Price of Time
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Krátky popis
The first book of the next crisis. A history of interest rates by a
leading financial commentator, updated with a new postscript.
*Longlisted for the 2022 Financial Times Business Book of the Year
Award*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.
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Aktuálna Ø cena knihy The Price of Time je 17,05 €
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Penguin ,
Edward Chancellor
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Penguin,
Edward Chancellor
Výber kníh vydavateľa
Penguin Books
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Penguin Books
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