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    Summary of Edward Chancellor's The Price of Time
    Summary of Edward Chancellor's The Price of Time
    Summary of Edward Chancellor's The Price of Time
    Ebook59 pages48 minutes

    Summary of Edward Chancellor's The Price of Time

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    #1 The first transactions were for credit rather than barter. The Mesopotamians charged interest on loans before they discovered how to put wheels on carts. Interest is much older than coined money, which only originated in the eighth century BC.

    #2 The Ancient Near East was home to many loan transactions, and interest was generally paid in the same commodity as the loan. The tablets were marked with a seal and witnessed. Many loans were defaulted on, and disputes between debtors and creditors often ended up in court.

    #3 The calculation of interest requires standardized measurements of time and value. The Sumerian calendar contained thirty days in the month and twelve months in the year, which lent itself to simple calculation. Working out how much interest was due could still be a complex business.

    #4 Finance was born in the shadows of sanctity. Temples were the main providers of loans in the Ancient Near East initially. Palaces also supplied credit. Over time, the job of collecting taxes and making loans was handled by middlemen.

    LanguageEnglish
    PublisherIRB Media
    Release dateAug 27, 2022
    ISBN9798350017113
    Summary of Edward Chancellor's The Price of Time
    Author

    IRB Media

    With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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