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This Time Is Different: Eight Centuries of Financial Folly Audible Audiobook – Unabridged

Carmen Reinhart (Author), Sean Pratt (Narrator), Kenneth Rogoff (Author),
4.2 out of 5 stars 881 ratings
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. This book proves that premise wrong.

Covering 66 countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes - from medieval currency debasements to today's subprime catastrophe.

Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much - or how little - we have learned. Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts - as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises.

While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur. This Time Is Different exposes centuries of financial missteps.
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  1. Listening Length
    8 hours and 54 minutes
  2. Author
    Carmen Reinhart, see all
  3. Narrator
    Sean Pratt
  4. Audible release date
    November 9, 2009
  5. Language
    English
  6. Publisher
    Gildan Media, LLC
  7. ASIN
    B002WEBBK0
  8. Version
    Unabridged
  9. Program Type
    Audiobook
Next slide of product details

Product details

Listening Length 8 hours and 54 minutes
Author Carmen Reinhart, Kenneth Rogoff
Narrator Sean Pratt
Audible.com Release Date November 09, 2009
Publisher Gildan Media, LLC
Program Type Audiobook
Version Unabridged
Language English
ASIN B002WEBBK0
Best Sellers Rank

Customer reviews

4.2 out of 5 stars
881 global ratings

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Customers say

Customers find the book well worth reading and appreciate its extensive data-based arguments and historical accounts of financial disasters. Moreover, they consider it an excellent guide to understanding economic crises and worth every penny. However, the book receives mixed feedback regarding its complexity, with several customers finding it too technical. Additionally, the narrative quality is criticized for being repetitive, and customers describe it as dry.

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ReadabilityInsightFinancial crisisValue for moneyComplexityGraphsDrynessNarrative quality
141 customers mention "Readability"99 positive42 negative

Customers find the book highly readable, describing it as a scholarly work with amazing content, and one customer mentions it provides a solid understanding of the subject matter.

"...This is a readable economics text which provides historical economic data that are likely to be relevant to the course of the present crisis...." Read more

"...This book is both fascinating and flawed. Starting with the flaws: First, the book is mistitled...." Read more

"...necessarily is dry, but this is what gives the authors' argument scholarly substance and credibility...." Read more

"...In general a good book, and this reviewer hopes that it will make it to a second edition after more data from the current crisis is obtained and..." Read more

125 customers mention "Insight"95 positive30 negative

Customers appreciate the book's extensive historical data, with one customer noting it is jam-packed with meaningful analysis.

"...This is an exhaustive regression analysis of every known financial bubble and crash throughout human history...." Read more

"...This is a readable economics text which provides historical economic data that are likely to be relevant to the course of the present crisis...." Read more

"...The book explores a lot of different phenomenon, from the commodity cycle on sovereign defaults, the real estate bubbles that precede banking crisis..." Read more

"...Second, the book's direct and continuous assault on the paucity of data on several vital economic indicators is refreshing to those who have spent..." Read more

47 customers mention "Financial crisis"39 positive8 negative

Customers appreciate the book's analytical review of financial crises and historical accounts of disasters, describing it as an excellent guide to understanding economic craziness.

"...4. Another important insight is a greater role for domestically held debt in government debt crises than had generally been assumed...." Read more

"This book is one of the most complete reviews of financial crises over the last 800 years that I have seen...." Read more

"...Their early warning indicators of banking and currency crises (Table 17.1) are interesting...." Read more

"...This was clearly not the case. TTID is a compendium of financial crisis, and the authors' analysis is clear and concise...." Read more

16 customers mention "Value for money"16 positive0 negative

Customers find the book worth every penny, as it explains economic trends and cycles in housing and equity prices, with one customer noting its accurate presentation of inflation and debt.

"...the book is quite technical with numerous charts, graphs, and economic analysis; the first 50 pages are devoted solely to setting up the financial..." Read more

"...Their data are exclusively financial -- debt, GDP per capita, government defaults, house prices, etc...." Read more

"...Great Contraction of 2007" and its aftermath, make this volume well worth the price...." Read more

"...on international and domestic debts--as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around..." Read more

36 customers mention "Complexity"14 positive22 negative

Customers have mixed opinions about the book's complexity, with several finding it too complicated and more technical than expected, while one customer appreciates its well-explained step-by-step approach.

"...As such I was disappointed and found the effort sterile and overly long." Read more

"...Numerical data are easy to understand, easy to deal with...." Read more

"...on the literary style -- poor -- and on the presentation media -- inadequate...." Read more

"...It read like an academic paper, although it was well written and very accessible...." Read more

11 customers mention "Graphs"5 positive6 negative

Customers have mixed opinions about the graphs in the book, with some finding them numerous and supporting the text, while others report that they are unreadable.

"...Our aim here is to be expansive, systematic, and quantitative...earlier works take an essentially narrative approach, fortified by relatively sparse..." Read more

"...There are many charts and graphs supporting the text and they are very difficult to read, mainly due to contrast and shades of gray rendering...." Read more

"...Rather, the book is quite technical with numerous charts, graphs, and economic analysis; the first 50 pages are devoted solely to setting up the..." Read more

"...Either that's your thing or it isn't. It's pretty dry and pretty detailed...." Read more

9 customers mention "Dryness"0 positive9 negative

Customers find the book somewhat dry.

"...full of charts and explanations of methodology and data sources, necessarily is dry, but this is what gives the authors' argument scholarly..." Read more

"...If you ask me, it is dry, boring, hard to read, overly complicated with tons of data and little narrative of the type I was expecting BASED ON THE..." Read more

"...At times it's dry, but the authors acknowledge that occasionally directing the uninterested to a more pertinent chapter of the book...." Read more

"...Either that's your thing or it isn't. It's pretty dry and pretty detailed...." Read more

9 customers mention "Narrative quality"0 positive9 negative

Customers find the narrative repetitive and note that history tends to repeat itself throughout the book. One customer mentions that the crisis framework is convoluted.

"...The authors' conclusions are devastating...." Read more

"...Second, their crisis framework is convoluted relative to the crystal clear framework of Charles Kindleberger in [..." Read more

"...History inevitably repeats itself, and for no reason I suppose other than because of humanity's desire to pretend it doesn't...." Read more

"...It is a boring, academic read that repeats itself, is unnecessarily protracted, and has few original insights considering its gargantuan size." Read more

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Top reviews from the United States

  • Delos D. Harriman
    5.0 out of 5 stars Required Reading For Investors
    Reviewed in the United States on May 26, 2025
    Format: HardcoverVerified Purchase
    Highly recommended essay on financial bubbles and the inevitable panics, crashes, and political fallout. This is an exhaustive regression analysis of every known financial bubble and crash throughout human history. The authors' conclusions are devastating. To summarize, every time you hear from an expert that "This Time, It's Different" or "The Old Rules No Longer Apply", take your money and RUN the other way as fast as you can. Belongs in your library of financial reference books.
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  • William Whipple III
    4.0 out of 5 stars More questions than answers
    Reviewed in the United States on June 15, 2010
    Format: HardcoverVerified Purchase
    Under ordinary circumstances, "This Time Is Different" would be of interest primarily to professional economists and students - but given the timing of its publication, smack dab in the middle of a financial crisis, the book has caught on with a wider audience.

    Go to a forum about the recent (or current?) financial crisis, and someone will probably brandish a copy in the air as though to say, "I read it." And at a May 26, 2010 meeting of the Fiscal Commission, which has been charged with proposing fixes to the nation's fiscal woes after the November elections, testimony of Professor Reinhart plus her responses to questions took up a goodly share of the 2-1/2 hour televised session. Ergo, people who are more interested in policy issues than in quantitative economic data may want to read the book just to be "in the know."

    In my case, the clincher was a personal recommendation from a friend who used to play chess with Professor Rogoff (but never managed to beat him).

    The basic thrust is to summarize and draw conclusions about financial crises from reams of historical data - a very different tack from Niall Ferguson's qualitative survey in "The Ascent of Money: A Financial History of the World," Penguin Press (2008). (Ferguson praises "This Time Is Different" in a jacket blurb, by the way, as making "a truly heroic contribution to financial history.") Be prepared for dozens of tables (data), figures (graphs), and boxes (sidebars), plus discussion thereof in the text - delivered without a lot of ideological baggage (which right away distinguishes this book from most of what has been written about the financial crisis). Such an approach lends credibility to the central theme, which must be articulated 100 times, that private and public policy makers are prone to forget the lessons of the past and take risks that will eventually backfire based on the assumption that they are smarter or luckier than their predecessors.

    For readers who would dispense with the historical background and get right to the present day situation, the authors suggest the option of starting with Part V, "The U.S. Subprime Meltdown and the Second Great Contraction." I elected not to do this, reading the book from start to finish, but did skip over some of the tables and figures.

    Here are some takeaways from the book, which are amply supported by the data presented:

    1. The basic cause of financial crises is debt, taken on in good times, which cannot be supported when reverses occur and/or lenders lose confidence. Sometimes the debt is issued by banks and other private firms (banking crisis), sometimes the debt is issued by governments (sovereign debt crisis), and not infrequently the second type of crisis follows the first.

    2. Banking crises have been experienced over the years by developing and developed countries alike, but until recently it was thought that developed countries had graduated from sovereign debt crises. It now appears that this conclusion may be wrong.

    3. The so-called "Second Great Contraction" is the first global financial crisis of the post-World War II era. It is necessary to go back to the Great Depression in the 1930s to find an economic crisis of comparable size and scope. Nevertheless, striking parallels exist between the current situation and lesser country or regional financial crises of the past 60+ years. Notably, the postwar data show that a banking crisis typically results in a big run-up (86% on average) in government debt over the next three years. (See Figure 10.10, page 170.) No wonder that a sovereign debt crisis often follows a banking crisis, and may yet do so in the current situation.

    4. Another important insight is a greater role for domestically held debt in government debt crises than had generally been assumed. Other analysts may have gone astray, apparently, because domestic debt data are harder to come by for many countries than external debt data. Factoring in domestic debt helps to explain why so many countries have experienced debt crises at what appeared to be manageable debt levels. Typically, governments are more reluctant to renege on domestic than external debt, for which reason debt crises involving domestic debt tend to be more pronounced and of longer duration.

    However, the data do not resolve the policy questions - they simply establish that the answers are important.

    A. As for whether the U.S. government should pull in its fiscal horns or continue trying to stimulate the economy in hopes of promoting a hopefully rapid recovery, the authors say (page 290) "the surge in government debt following a crisis is an important factor to weigh when considering how far governments should be willing to go to offset the adverse consequences of the crisis on economic activity." Well, that certainly settles the question!

    B. Can future financial crises be avoided, and if so how? The suggested answers boil down to demanding better data (Moody's ratings, etc., are ranked at the bottom of the spectrum), empowering some sort of international financial institution to ride herd on profligate national governments, and a lot more humility. Chapter 17.
    33 people found this helpful
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  • PomanFerrari
    5.0 out of 5 stars Very insightful but somewhat hard to slog through
    Reviewed in the United States on July 24, 2010
    Format: HardcoverVerified Purchase
    If you are an investor, you need to read this book: "This Time is Different"

    The authors went through and captured data from around the world for the last 800 years to demonstrate that while financial crises are not identical, they do rhyme and have patterns that are recognizable. As someone with money on the sidelines because of all the shenanigans in the stock market (15 seconds front running, trade and cancel order in 65 microseconds), I am interested in how I should invest for my kids and retirement (if at all).

    The portions of the book that stood out are:

    (a) whenever banking crisis and housing bubble go hand in hand ("the twins") they tend to be very destructive as opposed to a pure stock bubble (e.g., internet bubble). See Table 10.8 at this [...]

    On average, these crises last 3-6 years except for Japan, which is still ongoing for 19 years. Equity price collapses on average 56% over a duration of 3.5 years. Unemployment is usually deep and prolonged, increasing by 7% over a four year period. Output drops on average 9% over an average of 2 years.

    (b) when the twins are synchronized, a sovereign debt crisis usually follows the twins. The typical sovereign debt crisis has the government exploding its debt by 86% either to bail out the bankers or to pump stimulus into the economy.

    You may remember that we had the banking and housing crash in 2008. In 2010, we are now seeing signs of a sovereign debt crisis so (a) and (b) are right on schedule ... for other countries at least. But (b) has not occurred in the US at least because (1) the dollar is the reserve currency (i.e., the Windows XP in a world without Apple Mac); (2) the dollar is backed by 6000 nuclear warheads; and (3) backed by 700+ military bases around the world. On the other hand, the US is borrowing as much money as all of the countries combined in 2010 alone. At some point, someone is going to yell "fire" and then we will have a full on sovereign crisis. For now, though, everyone is yelling fire in the Greek theater, Spanish theater, Irish theater, Portugal theater and so on so we're safe .... for now.

    The US' response to the crisis in 2008 was to do what Japan did and more. So don't expect this crisis to end in 3-7 years but may be much longer. This may be the first job-LOSS recovery because of the overcapacity of (1) labor in China and India; (2) manufacturing; and (3) housing. For an example, look to Japan where Japanese are outsourcing themselves into lower wage countries: [...]

    The authors end with the following empirical model for the crises in (a) and (b):
    Step 1 - financial liberalization. Any one with a breath can get a loan. NINJA loans (No-Income-No-Job-or-Asset)
    Step 2 - stock and real estate market crashes. Iceland in 2008.
    Step 3 - currency crash. This happened to Iceland in 2008.
    Step 4 - inflation picks up. Again Iceland in 2010. This has not happened yet in the US because the amount of debt $100Trillion is backed by only $1Trillion in physical dollar, hence deflation.
    Step 5 - peak of banking crisis - if there is no default of the banking system. The 6 US banks are too big to fail so this won't happen.
    Step 6 - default on external debt or domestic debt.
    Step 7 - inflation worsens, running 40%+ if step 6 occur.

    Personally, I believe that the financial, insurance, and real estate (the "FIRE sector") has metasized into a virulent form of cancer. This cancer, thanks to supercomputers and derivatives, will modify the above model as follows:

    Step 1 - financial liberalization.
    Step 2 - stock and real estate market crashes.
    STEP 3A - DEFLATION allowing bankers to buy up assets such as water purification plants, power plants, toll roads that our "betters" whom we have elected had loaded down with debts and derivatives.
    Step 4A - inflation picks up for these essential assets because only the banks have access to Uncle Ben Bernankio teller window. For the rest of us, deflation in jobs, housing, employment.
    Step 5A - the US becomes a corporate-kleptocracy like Italy or Spain.

    If you are not vigilant, your 201K will likely turn into a 101K so best to take the above model into consideration the next time you vote or invest.

    Best,

    KT

    "The issue which has swept down the centuries and which will have to be fought sooner or later is the People versus the Banks."

    Lord Acton - who, by the way, also wrote: "Power tends to corrupt, and absolute power corrupts absolutely"
    11 people found this helpful
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Top reviews from other countries

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  • Papamad
    5.0 out of 5 stars El titulo lo dice todo
    Reviewed in Spain on December 10, 2012
    Format: KindleVerified Purchase
    Es un recorrido bastante academico por las diferentes crisis que han llevado a la sociedad predominantemente occidental a situaciones de crisis, depresion o recesión en repetidas ocasiones.
    Como los seres humanos tienen solo un poquito mas de memoria que un pez y repiten sus errores las crisis se suceden y los ilusos al salir piensan dos minutos antes de la siguiente crisis que ya no habra mas.
    Lo de dos veces en la misma piedra varía con este libro, son mas bien una veintena de veces las que repetimos. Y las que vendran. La escasez de memoria y las pasiones humanas como describe el libro, la codicia y el afan de enriquecerse nos llevan una y otra vez a recorrer los mismos caminos. El paisaje diferente hace pensar a muchos que el final sera distinto.
    Nunca lo es. Pero con lo facil que es, nadie le pone remedio.
    Aparte de eso, hay una parte del libro llena de tablas y comparativas que es super tocha. Pero esta bien que esté hay de consulta.
    El libro se ha puesto de moda y muchos hablan de el sin haber leido mas que la sinopsis.
    El trabajo de ambos escritores profesores de busqueda de datos y acumulacion de tablas es impresionante.
    Será, bueno ya lo es, uno de los clásicos de la crisis.
    Si politicos y economistas hubieran de aprenderse por ley un resumen de este libro antes de ejercer, igual a las generaciones venideras les lucía el pelo de otro modo. De un modo mejor.
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  • Alfred Feth
    5.0 out of 5 stars Historical Data
    Reviewed in Canada on May 25, 2023
    Format: PaperbackVerified Purchase
    Uses real historical data that demonstrates very little as debt/GDP ratio exceeds 90%.
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  • Yadu K.
    5.0 out of 5 stars This time it's different
    Reviewed in India on December 14, 2024
    Format: PaperbackVerified Purchase
    Awesome book
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  • MUYA KUPA JONATHAN
    5.0 out of 5 stars What Ithink about this book
    Reviewed in France on April 8, 2025
    Format: PaperbackVerified Purchase
    Well, reading this book has been a pretty great experience. The style is easy to follow, and the content is thorough. In a nutshell: if you want to understand the depth of the financial system and crises, along with a long series of data, this book is for you. So, enjoy!
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  • Rodney van Royden
    4.0 out of 5 stars Great research
    Reviewed in Australia on October 10, 2023
    Format: PaperbackVerified Purchase
    Really azppreciate the book and research. For five stars, I would have preferred a more objective perspective and unifying theme.

    Plus would be interesting to see the post GFC update.
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