Introduction

All economic and financial activities take place across time – and interest coordinates those activities. The story of capitalism is thus the story of interest: the price that individuals, companies and nations pay to borrow money. Edward Chancellor could barely have chosen a more topical moment to publish a book about the history of interest rates (The Price Of Time), and host Russell Napier opens this fascinating interview by asking him if one of the problems that economies face is that interest rates are expected to perform too many functions.

(Note to listeners: Edward's first answer is accompanied by some effusive birdsong and traffic noise, but the quality improves thereafter.)

For more information on the Advanced Valuation in Financial Markets course mentioned by Russell, please see www.didaskoeducation.org.