Edward Chancellor, financial historian, investment strategist and journalist, traces the evolution of interest in his book The Price of Time. While once condemned as exploitation, interest eventually gained moral acceptance with the rise of capitalism. Now a cornerstone of modern economies, Chancellor argues that interest rates should not be artificially manipulated, as doing so invites grave consequences. He calls this potential instability “the financial dominance problem,” where central banks prioritise market support over sound monetary policy. The Financial Times longlisted The Price of Time as Business Book of the Year, and it won the renowned 2023 Hayek Prize.
This thesis builds on Chancellor’s earlier work Devil Take the Hindmost, where he warned that easy money policies can distort financial markets, severing them from the underlying real economy. According to Chancellor, political pressure and financial repression have driven interest rates to artificially low levels – a view that earned the book a spot as New York Times Notable Book of the Year.
With market valuations at record highs, capital flowing into just a handful of US companies, and political pressure on central banks intensifying, Chancellor’s historical warnings seem more relevant than ever.
His insights are grounded in both practical experience as well as academic depth. Chancellor began his career at investment bank Lazard Brothers before joining the asset allocation and capital markets research team at GMO in Boston. He holds a degree in Modern History from Trinity College, Cambridge and an MPhil in Modern History from St. Anthony’s College, Oxford.
A frequent contributor to leading financial media, including The Financial Times, The Wall Street Journal, and Bloomberg, Edward Chancellor brings a unique voice that blends historical perspective with market acumen.
Do you want a sharper view of what might lie ahead for capital markets in the coming year? Then take a step back in time with Edward Chancellor at SKAGEN Funds’ New Year’s Conference on 8 January 2026.