Book cover of The Price of Time: The Real Story of Interest by Edward Chancellorby Edward Chancellor

A comprehensive and profoundly relevant history of interest from one of the world’s leading financial writers, The Price of Time explains our current global financial position and how we got here 

In the beginning was the loan, and the loan carried interest. For at least five millennia people have been borrowing and lending at interest. The practice wasn’t always popular—in the ancient world, usury was generally viewed as exploitative, a potential path to debt bondage and slavery. Yet as capitalism became established from the late Middle Ages onwards, denunciations of interest were tempered because interest was a necessary reward for lenders to part with their capital. And interest performs many other vital functions: it encourages people to save; enables them to place a value on precious assets, such as houses and all manner of financial securities; and allows us to price risk.

Interview with the Author

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Edward Chancellor on the Real Story of Interest
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TIP505: The Price of Time w/ Edward Chancellor
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Edward Chancellor, “The Price of Time: The Real Story of Interest” (Atlantic Monthly Press, 2022)
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The Price of Time in a World Without Interest | Edward Chancellor
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Edward Chancellor – Interest, Capitalism, & The Curse of Easy Money | #437
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