{"title":"Edward Chancellor","description":"\u003cp\u003eEdward Chancellor offers a compelling examination of financial history, blending detailed analysis with accessible storytelling. His works explore the complexities of markets, the psychology behind economic cycles, and the consequences of investment decisions.\u003c\/p\u003e\n\n\u003cp\u003eBlurring the lines between \u003cem\u003ebusiness insight\u003c\/em\u003e and \u003cem\u003ehistorical narrative\u003c\/em\u003e, Chancellor's books serve readers interested in understanding the forces shaping economies and the people who navigate them.\u003c\/p\u003e","products":[{"product_id":"the-price-of-time","title":"The Price of Time","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003eA history of interest rates and the first book of the next financial crisis, shortlisted for the 2023 Hayek Book Prize.\u003c\/p\u003e\n\n\u003cp\u003eAll 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.\u003c\/p\u003e\n\n\u003cp\u003eIn \u003cem\u003eThe Price of Time\u003c\/em\u003e, 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.\u003c\/p\u003e\n\n\u003cp\u003eChancellor 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.\u003c\/p\u003e\n\u003c\/div\u003e","brand":"Penguin Random House NZ","offers":[{"title":"Default Title","offer_id":45658269352172,"sku":"9781802060157","price":24.0,"currency_code":"NZD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0705\/7784\/8556\/files\/9781802060157.jpg?v=1724851146"},{"product_id":"devil-take-the-hindmost","title":"Devil Take the Hindmost","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003e\u003ci\u003eDevil Take the Hindmost\u003c\/i\u003e by Edward Chancellor offers a riveting narrative, exploring the intriguing, often turbulent history of stock market speculation from the 17th century to the modern era. This masterfully chronicled book delves into the profound human impulse to seek wealth through speculation, revealing how this age-old desire has shaped financial markets and economies across the globe without revealing any spoilers.\u003c\/p\u003e\n\n\u003cp\u003eEdward Chancellor takes readers on a fascinating journey, tracing the speculative spirit back to its early roots in ancient Rome, before moving through pivotal episodes in financial history. He adeptly captures the essence of the tulip mania in 1630s Holland, where a single bulb could fetch the price of a house, and the subsequent dramatic collapse that left many in ruin. Chancellor vividly recounts the feverish speculation in London's Exchange Alley, leading to the infamous South Sea Bubble of 1720, which even ensnared the great Sir Isaac Newton, who lamented, “I can calculate the motion of heavenly bodies, but not the madness of people.”\u003c\/p\u003e\n\n\u003cp\u003eThis compelling work examines the myriad ways speculation has manifested, from brokers underwriting unconventional risks, such as the “assurance of female chastity,” to the circulation of credit notes and lottery tickets as currency. The narrative is enriched by profiles of both wise and foolish investors, including notable figures such as Alexander Pope, Benjamin Disraeli, Ivan Boesky, and Hillary Rodham Clinton, who each navigated the speculative maelstrom in their eras.\u003c\/p\u003e\n\n\u003cp\u003eChancellor expertly guides the reader through major speculative episodes, from the Gilded Age's excesses to the exuberance and subsequent crash of the Roaring Twenties. The tale continues with the railway mania of the 19th century, the catastrophic crash of 1929, the 1980s junk bonds fiasco, Japan's bubble economy collapse, and into the era of the dot-com boom and day trading. Each period is meticulously detailed, offering a vivid portrayal of the human dreams and follies that have driven financial markets through the ages.\u003c\/p\u003e\n\n\u003cp\u003e\u003ci\u003eDevil Take the Hindmost\u003c\/i\u003e is not just a history book; it is a study of human behaviour, psychology, and the often irrational forces that drive market booms and busts. Chancellor's engaging narrative, filled with rich historical details and colourful anecdotes, invites readers to understand the enduring nature of speculation and its impact on the world.\u003c\/p\u003e\n\n\u003cp\u003eThis lively and challenging text is essential reading for anyone interested in financial history, economic theory, or the psychology of investing. With its blend of insightful analysis and captivating storytelling, \u003ci\u003eDevil Take the Hindmost\u003c\/i\u003e stands as a seminal work, offering profound lessons on the speculative spirit that drives human endeavour and folly.\u003c\/p\u003e\n\u003c\/div\u003e","brand":"Ingram Book Company","offers":[{"title":"Default Title","offer_id":45748242579692,"sku":"9780452281806","price":60.0,"currency_code":"NZD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0705\/7784\/8556\/files\/9780452281806.jpg?v=1726744408"},{"product_id":"the-price-of-time-1","title":"The Price of Time","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003e\u003ci\u003eThe Price of Time\u003c\/i\u003e by Edward Chancellor delves into the intricate history and pivotal role of interest rates in financial systems, providing a lucid analysis of the forces that shape our global economy. Chancellor, acclaimed as one of the world's foremost financial writers, traces the origins of interest from ancient times to the present day, illustrating how this fundamental economic principle has influenced the rise and fall of empires and modern economies alike.\u003c\/p\u003e\n\n\u003cp\u003eFrom its inception, interest has been an essential, albeit controversial, aspect of financial transactions. Ancient civilisations often viewed interest as usurious, a means of exploitation that could lead to debt bondage and even slavery. Despite such criticism, as capitalism began to gain ground in the late Middle Ages, the perception of interest underwent a transformation. It came to be seen as an indispensable incentive for lenders to part with their capital, facilitating essential economic activities.\u003c\/p\u003e\n\n\u003cp\u003eInterest serves numerous critical functions within the economy. It acts as a catalyst for savings, helps individuals and businesses to ascertain the value of valuable assets like real estate and financial securities, and provides a mechanism to price risk. Chancellor aptly describes interest not just as the \"price of money,\" but more accurately as the \"price of time,\" because time itself is a valuable, finite resource. The time value of money is a concept that underscores the importance of interest in economic activities, spanning past, present, and future transactions.\u003c\/p\u003e\n\n\u003cp\u003eIn exploring recent fiscal history, Chancellor analyses the unprecedented downward trend of interest rates in the first twenty years of the twenty-first century. The financial ease post-2007\/2008 global crisis led to extremely low-interest environments, triggering critical consequences. This ease has contributed to the creation of multiple asset bubbles, the stagnation of productivity growth, discouraged savings, exacerbated economic inequality, and incentivised excessive risk-taking among yield-starved investors. \u003c\/p\u003e\n\n\u003cp\u003eNow, as the financial world grapples with the repercussions of these developments, it finds itself in a complex dilemma—caught between maintaining economic growth and managing significant financial risk. Through \u003ci\u003eThe Price of Time\u003c\/i\u003e, Edward Chancellor offers a profound investigation into how interest determines capital allocation and pricing, making it an indispensable read for anyone seeking to understand the intricacies of our current global financial landscape.\u003c\/p\u003e\n\u003c\/div\u003e","brand":"Ingram Book Company","offers":[{"title":"Default Title","offer_id":45799074431212,"sku":"9780802160065","price":65.0,"currency_code":"NZD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0705\/7784\/8556\/files\/9780802160065.jpg?v=1728225528"},{"product_id":"the-making-of-a-permabear-by-jeremy-grantham-9781804711194","title":"The Making of a Permabear","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003eWhen Jeremy Grantham entered the investment business in the 1960s, he brought the thrifty Yorkshire values he had been raised with. While other money managers focused on blue-chip stocks, he studied stock market history and constructed the first indices for small-cap and value stocks. Charting their ebb and flow, he saw the powerful force that would become central to his investment philosophy: mean reversion, \"\u003cem\u003ethe heartbreaking principle that good times always revert back to more boring, more ordinary times.\u003c\/em\u003e\"\u003c\/p\u003e\n\n\u003cp\u003eIn the early 1970s, Grantham launched one of the first S\u0026amp;P 500 index strategies. Soon after, he co-founded GMO, which became the first firm to use a computer for investment analysis.\u003c\/p\u003e\n\n\u003cp\u003eIn the late 1990s, he acquired notoriety as a 'permabear' for refusing to buy into dot-com mania. Clients left in droves, but he was vindicated when the bubble burst in 2000. Yet while his wealth grew, so did his alarm at the disastrous consequences of short-term thinking for both investors and for the planet, and he has directed nearly all his wealth to environmental protection.\u003c\/p\u003e\n\n\u003cp\u003eWritten with the bestselling financial historian Edward Chancellor, \u003cem\u003eThe Making of a Permabear\u003c\/em\u003e is replete with investment insights and provides a candid insider's tour of the booms and busts of the past half-century.\u003c\/p\u003e\n\u003c\/div\u003e","brand":"Allen \u0026 Unwin Aotearoa New Zealand","offers":[{"title":"Default Title","offer_id":47496610414828,"sku":"9781804711194","price":59.99,"currency_code":"NZD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0705\/7784\/8556\/files\/9781804711194-the-making-of-a-permabear.jpg?v=1775799527"}],"url":"https:\/\/bookhero.live\/collections\/edward-chancellor.oembed","provider":"Book Hero","version":"1.0","type":"link"}