Edward Chancellor – författare

Från det romerska torget till digitala valutor – hur har marknaden utvecklats under historiens gång och hur kan den komma att se ut i framtiden? Denna antologi gör en djupdykning i marknadsutvecklingen och tittar närmare på marknaders avgörande roll i att utforma samtiden men tar också upp den brännande frågan om hur vi ska navigera mot en hållbar framtid. 

I tankeväckande essäer skrivna av internationella forskare, politiker och andra sakkunniga utforskas marknadens dynamik. Med utgångspunkt i de antika torgen och i det medeltida Europas marknader undersöker författarna hur tekniska framsteg, konsumentbeteende och geopolitisk strategi – till exempel den politik som utövades under Reagan-eran – har format nutida marknader. Slutligen tar boken upp de utmaningar för stabiliteten på marknaden som utgörs av auktoritära stater och AI. 

Boken finns även i engelsk utgåva, The Market.

Winner of the 2023 Hayek Book Prize

Longlisted for the 2022 Financial Times Business Book of the Year Award

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.

All economic and financial activities take place across time. Interest is often described as the “price of money,” but it is better called the “price of time:” time is scarce, time has value, interest is the time value of money.

Over the first two decades of the twenty-first century, interest rates have sunk lower than ever before. Easy money after the global financial crisis in 2007/2008 has produced several ill effects, including the appearance of multiple asset price bubbles, a reduction in productivity growth, discouraging savings and exacerbating inequality, and forcing yield starved investors to take on excessive risk. The financial world now finds itself caught between a rock and a hard place, and Edward Chancellor is here to tell us why. In this enriching volume, Chancellor explores the history of interest and its essential function in determining how capital is allocated and priced.

Brought to you by Penguin.The first book of the next crisis.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.© Edward Chancellor 2022 (P) Penguin Audio 2022

Från det romerska torget till digitala valutor hur har marknaden utvecklats under historiens gång och hur kan den komma att se ut i framtiden? Denna antologi gör en djupdykning i marknadsutvecklingen och tittar närmare på marknaders avgörande roll i att utforma samtiden men tar också upp den brännande frågan om hur vi ska navigera fram till en hållbar framtid.

I tankeväckande essäer skrivna av internationella forskare, politiker och sakkunniga utforskas marknadens dynamik under tre kritiska faser: i går, i dag och i morgon. Med utgångspunkt i det antika Greklands torg och i det medeltida Europas marknader undersöker författarna hur tekniska framsteg, konsumentbeteende och geopolitisk strategi till exempel den politik som utövades under Reagan-eran har format nutida marknader. Slutligen tar boken upp de utmaningar för stabiliteten på marknaden som utgörs av till exempel auktoritära stater och AI.