About this item

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 The tradition of charging interest on loans is one of man's oldest practices, going back at least to the Mesopotamian era in the third millennium B.C. From ancient times, usury or charging for the use of money, has attracted opprobrium - from philosophers, including Plato and Aristotle, and from the religious authorities, whether Jewish, Muslim, or Christian. Yet as capitalism became established from the late Middle Ages onwards, denunciations of interest were tempered. It was gradually accepted that creditors had a right to charge for lending out their property and that credit was essential for trade.