This Time Is Different: Eight Centuries of Financial Folly

This book provides a panoramic view of financial crises from the Middle Ages to the modern era, covering government defaults, banking panics, inflationary spikes, and other financial catastrophes.

The authors, Carmen Reinhart and Kenneth Rogoff, argue that financial crises are universal rites of passage for both emerging and established markets, and that the notion 'this time is different' is a recurring misconception.

They document that financial crises occur in clusters and strike with consistent frequency, duration, and ferocity, emphasizing the importance of historical perspective in understanding and mitigating future financial crises.