This Time Is Different
Eight Centuries of Financial Folly
Eight hundred years of defaults and banking crises, assembled to show how reliably each generation believes its own case is unlike the last.
Reinhart and Rogoff assembled eight centuries of sovereign defaults, banking crises and inflations across sixty-six countries, and found the pattern repeating. The title is what people say each time: that the old rules do not apply now. The data says they do, and recovery takes far longer than anyone expects.
Recommended by 2 People
Dambisa Moyo
If you travel around the US, the UK and Europe, people say “China this, China that…” and I find myself constantly having to remind people: China is still a very poor country! On a per capita income basis, they’re still number 99 in the world. Their financial markets are not developed at all. At the moment, there are all sorts of risks that we are seeing – the property markets in China are just one example.
Interview · May 2011
Francis Fukuyama
In a way they were victims of complacency. The other thing that is disturbing about the book is that it really shows how long it takes for a country to recover from this kind of a crisis. This suggests that the US and Europe, which is involved in a separate financial crisis of its own, are in for a prolonged period of low growth and stagnation.
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