Hit Refresh: A Memoir by Microsoft’s CEO

*Longlisted for the 2022 Financial Times Business Book of the Year Award*All 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.In The Price of Time, 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.Chancellor 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.

Lunch with the Financial Times has been a permanent fixture in the Financial Times for almost 25 years, featuring presidents, film stars, musical icons and business leaders from around the world. The column is now as well-established institution which has reinvigorated the art of conversation in the convivial, intimate environment of a long boozy lunch. On its 25th anniversary, Lunch with the Financial Times 2 will showcase the most entertaining, incisive and fascinating interviews from the past five years including those with Donald Trump, Sheryl Sandberg, Richard Branson, Yanis Varoufakis, Zadie Smith, Nigel Farage, Russell Brand and David Guetta, illustrated in full colour with James Ferguson's famous portraits.

THE INTERNATIONAL BESTSELLER'Kelton has succeeded in instigating a round of heretical questioning, essential for a post-Covid-19 world, where the pantheon of economic gods will have to be reconfigured' Guardian'Stephanie Kelton is an indispensable source of moral clarity ... the truths that she teaches about money, debt, and deficits give us the tools we desperately need to build a safe future for all' Naomi Klein'Game-changing ... Read it!' Mariana Mazzucato'A rock star in her field' The Times'This book is going to be influential' Financial Times'Convincingly overturns conventional wisdom' New York TimesSupporting the economy, paying for healthcare, creating new jobs, preventing a climate apocalypse: how can we pay for it all? Leading economic thinker Stephanie Kelton, shows how misguided that question is, and how a radical new approach can maximise our potential as a society. Everything that we've been led to believe about deficits and the role of money and government spending is wrong. Rather than asking the self-defeating question of how to pay for the crucial improvements our society needs, Kelton guides us to ask: which deficits actually matter?