ori The Cost Of Time: From History Interest, Revealing Risks And Crises Low Interest Rates

Won the 2023 Hayek Book Award and the 2022 MustRead Business Book Award of the Financial Times

The Caixing magazine praised: "One of the greatest financial historians in existence."

From Babylon to Wall Street, witness how interest has created the rise and fall of the world economy over the past five thousand years.

The existence of interest rates has affected people's decisions on allocating assets and investment.

Once the currency is too loose, the financial market will lose its stability, causing the gap between the rich and the poor in society to widen, housing prices remain high, and the money in people's hands will become thinner, and even causing us to be unable to retire the rest of our lives...

　　The story of capitalism is the story of interest.

　Long bee the invention of coins, people's borrowing to collect interest was already in the works.

The existence of interest helps to guide the allocation of capital and the evaluation of investment value. People are theree encouraged to save appropriately and not engage in excessive risky investment behaviors, thereby maintaining stability in the economy.

High interest rates are usually considered harmful, but Edward. Qian Sile believes that once the currency is too loose, the financial market will lose its stability. He applied this argument to the day when interest rates fell to their lowest since their first record five thousand years ago (Europe and Japan even showed negative interest rates), and discussed how it would cause serious economic turmoil and weaken the stress resistance of the financial systeminflated asset prices, weak economic growth, intensified social inequality, flooding of zombie enterprises, rising national debt levels, and the pension crisis that has plagued Western countries in recent years.

From the Hammorabi Code that originated in Mesopotamia, the usury debate during the restoration of the British monarch, the Mississippi bubble that led to the French Revolution, to the global credit boom in the 21st century, the Arab Spring, and the bubble in China's real estate, this book explains the role of interest rates in modern economies through detailed research.