The Price of Time: The Real Story of Interest
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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 wo...























