"This Time is Different" (by Carmen Reinhart and Kenneth Rogoff)

"This Time is Different" by Carmen Reinhart and Kenneth Rogoff examines historical patterns of financial crises across countries. The authors show that, despite claims of novelty, economic crises—such as sovereign defaults, banking collapses, and currency crises—tend to follow familiar patterns of debt accumulation and instability. Their research highlights that countries often believe they can avoid previous pitfalls, but history demonstrates that excessive debt, sudden declines in confidence, and financial imbalances typically lead to crises regardless of time or place. The book emphasizes the importance of recognizing these recurrent patterns to better anticipate and manage economic risks.