The Price of Time: The Real Story of Interest | 誠品線上

The Price of Time: The Real Story of Interest

內容簡介

內容簡介 孳息五千年，辨證利息的歷史與當前經濟困境利息是資本主義巨輪的潤滑油，也是通往債務和奴役之路。金融史作家錢斯勒則認為，利息是時間的代價。廿一世紀的頭二十年為利率低谷。全球金融危機後，寬鬆貨幣政策產生諸多不良影響，如資產價格泡沫、生產力成長減緩、儲蓄意願降低、殖利率饑荒等⋯錢思樂闡明利息的歷史和利息如何決定資本分配和定價，也說明當前的金融界為何因低利率陷入兩難。The first book of the next crisis.*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."

作者介紹

作者介紹 Edward ChancellorEdward Chancellor is the author of Devil Take the Hindmost: A History of Financial Speculation which has been translated into many languages and was a New York Times Book of the Year. After reading history at Cambridge and Oxford, he worked for Lazard Brothers and until 2014 he was a senior member of the asset allocation team at GMO. He is currently a columnist for Reuters Breakingviews and has contributed to the Wall Street Journal, the Financial Times, MoneyWeek and the New York Review of Books. In 2008, he received the George Polk Award for financial reporting for his article ""Ponzi Nation"" in Institutional Investor.

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