The acclaimed New York Times bestselling history of financial crises Throughout history, rich and poor countries alike have been lending, borrowing, crashing, and recovering their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different"-claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents and eight centuries, This Time Is Different presents a comprehensive look at the varieties of financial crises-including government defaults, banking panics, and inflationary spikes-from medieval currency debasements to the subprime mortgage catastrophe. Reinhart and Rogoff provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. A remarkable history of financial folly, This Time Is Different will influence financial and economic thinking and policy for decades to come.

Carmen M. Reinhart is the Minos A. Zombanakis Professor of the International Financial System at the Harvard Kennedy School and former vice president and chief economist at the World Bank. Kenneth S. Rogoff is the Maurits C. Boas Chair of International Economics at Harvard University. He is the author of The Curse of Cash (Princeton) and a frequent commentator for NPR, the Wall Street Journal, and the Financial Times.