Summary of Edward Chancellor's The Price of Time - E-book - ePub

Please note: This is a companion version & not the original book. Sample Book Insights: #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.