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, 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. An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps.

    Jonathan Phillips traces the origins, expansion, decline, and conclusion of the Crusades and comments on their contemporary echoes—from the mysteries of the Templars to the grim reality of al-Qaeda. Holy Warriors puts the past in a new perspective and brilliantly sheds light on the origins of today’s wars.Starting with Pope Urban II’s emotive, groundbreaking speech in November 1095, in which he called for the recovery of Jerusalem from Islam by the First Crusade, Phillips traces the centuries-long conflict between two of the world’s great faiths. Using songs, sermons, narratives, and letters of the period, he reveals how the success of the First Crusade inspired generations of kings to campaign for their own vainglory and set down a marker for the knights of Europe, men who increasingly blurred the boundaries between chivalry and crusading. In the Muslim world, early attempts to call a jihad fell upon deaf ears until the charisma of the Sultan Saladin brought the struggle to a climax. Yet the story that emerges has other dimensions—as never before, Phillips incorporates the holy wars within the story of medieval Christendom and Islam and shines new light on many truces, alliances, and diplomatic efforts that have been forgotten over the centuries.Holy Warriors also discusses how the term “crusade” survived into the modern era and how its redefinition through romantic literature and the drive for colonial empires during the nineteenth century gave it an energy and a resonance that persisted down to the alliance between Franco and the Church during the Spanish Civil War and right up to George W. Bush’s pious “war on terror.”Elegantly written, compulsively readable, and full of stunning new portraits of unforgettable real-life figures—from Richard the Lionhearted to Melisende, the formidable crusader queen of Jerusalem—Holy Warriors is a must-read for anyone interested in medieval Europe, as well as for those seeking to understand the history of religious conflict.

    It was built on the twentieth-century magic called 'the planned economy', which was going to gush forth an abundance of good things that lands of capitalism could never match. And just for a little while, in the heady years of the late 1950's, the magic seemed to be working.Red Plenty is about that moment in history, and how it came, and how it went away; about the brief era when, under the rash leadership of Nikita Khrushchev, the Soviet Union looked forward to a future of rich communists and envious capitalists, when Moscow would out-glitter Manhattan, and every Lada would be better engineered than a Porsche. It's about the scientists who did their genuinely brilliant best to make the dream come true, it give the tyranny its happy ending. It's history, it's fiction. It's a comedy of ideas, and a novel about the cost of ideas.By award-winning (and famously unpredictable) author of The Child That Books Built and Backroom Boys, Red Plenty is as ambitious as Sputnik, as uncompromising as an Aeroflot flight attendant - and as different from what you were expecting as a glass of Soviet champagne.

    Both occurred against the backdrop of sharp credit booms, dubious banking practices, and a fragile and unstable global financial system. When markets went into cardiac arrest in 2008, policymakers invoked the lessons of the Great Depression in attempting to avert the worst. While their response prevented a financial collapse and catastrophic depression like that of the 1930s, unemployment in the U.S. and Europe still rose to excruciating high levels. Pain and suffering were widespread.The question, given this, is why didn't policymakers do better? Hall of Mirrors, Barry Eichengreen's monumental twinned history of the two crises, provides the farthest-reaching answer to this question to date. Alternating back and forth between the two crises and between North America and Europe, Eichengreen shows how fear of another Depression following the collapse of Lehman Brothers shaped policy responses on both continents, with both positive and negative results. Since bank failures were a prominent feature of the Great Depression, policymakers moved quickly to strengthen troubled banks. But because derivatives markets were not important in the 1930s, they missed problems in the so-called shadow banking system. Having done too little to support spending in the 1930s, governments also ramped up public spending this time around. But the response was indiscriminate and quickly came back to haunt overly indebted governments, particularly in Southern Europe. Moreover, because politicians overpromised, and because their measures failed to stave off a major recession, a backlash quickly developed against activist governments and central banks. Policymakers then prematurely succumbed to the temptation to return to normal policies before normal conditions had returned. The result has been a grindingly slow recovery in the United States and endless recession in Europe.Hall of Mirrors is both a major work of economic history and an essential exploration of how we avoided making only some of the same mistakes twice. It shows not just how the lessons of Great Depression history continue to shape society's response to contemporary economic problems, but also how the experience of the Great Recession will permanently change how we think about the Great Depression.

    In this landmark work he depicts the Italian city-states of Florence, Venice and Rome as providing the seeds of a new form of society, and traces the rise of the creative individual, from Dante to Michelangelo. A fascinating description of an era of cultural transition, this nineteenth-century masterpiece was to become the most influential interpretation of the Italian Renaissance, and anticipated ideas such as Nietzsche's concept of the 'Ubermensch' in its portrayal of an age of genius.

    She shows how both Presidents Hoover and Roosevelt failed to understand the prosperity of the 1920s and heaped massive burdens on the country that more than offset the benefit of New Deal programs.

    Rather, it is a late and localized product of very specific historical conditions, which required great transformations in social relations and in the human interaction with nature.This new edition is substantially revised and expanded, with extensive new material on imperialism, anti-Eurocentric history, capitalism and the nation-state, and the differences between capitalism and non-capitalist commerce. The author traces links between the origin of capitalism and contemporary conditions such as globalization, ecological degradation, and the current agricultural crisis.

    Astonishing in the sheer detail it amasses, the book is the first comprehensive attempt to catalogue and analyze the crimes of Communism over seventy years.Revolutions, like trees, must be judged by their fruit, Ignazio Silone wrote, and this is the standard the authors apply to the Communist experience--in the China of the Great Helmsman, Kim Il Sung's Korea, Vietnam under Uncle Ho and Cuba under Castro, Ethiopia under Mengistu, Angola under Neto, and Afghanistan under Najibullah. The authors, all distinguished scholars based in Europe, document Communist crimes against humanity, but also crimes against national and universal culture, from Stalin's destruction of hundreds of churches in Moscow to Ceausescu's leveling of the historic heart of Bucharest to the widescale devastation visited on Chinese culture by Mao's Red Guards.As the death toll mounts--as many as 25 million in the former Soviet Union, 65 million in China, 1.7 million in Cambodia, and on and on--the authors systematically show how and why, wherever the millenarian ideology of Communism was established, it quickly led to crime, terror, and repression. An extraordinary accounting, this book amply documents the unparalleled position and significance of Communism in the hierarchy of violence that is the history of the twentieth century.

    Behind the vast panorama of the pagan Roman empire, the reader discovers the intimate daily lives of citizens and slaves--from concepts of manhood and sexuality to marriage and the family, the roles of women, chastity and contraception, techniques of childbirth, homosexuality, religion, the meaning of virtue, and the separation of private and public spaces.The emergence of Christianity in the West and the triumph of Christian morality with its emphasis on abstinence, celibacy, and austerity is startlingly contrasted with the profane and undisciplined private life of the Byzantine Empire. Using illuminating motifs, the authors weave a rich, colorful fabric ornamented with the results of new research and the broad interpretations that only masters of the subject can provide.

    But the subject has been addressed less often by mainstream historians than by anti-Semites or apologists. In this book Jerry Muller, a leading historian of capitalism, separates myth from reality to explain why the Jewish experience with capitalism has been so important and complex--and so ambivalent. Drawing on economic, social, political, and intellectual history from medieval Europe through contemporary America and Israel, "Capitalism and the Jews" examines the ways in which thinking about capitalism and thinking about the Jews have gone hand in hand in European thought, and why anticapitalism and anti-Semitism have frequently been linked. The book explains why Jews have tended to be disproportionately successful in capitalist societies, but also why Jews have numbered among the fiercest anticapitalists and Communists. The book shows how the ancient idea that money was unproductive led from the stigmatization of usury and the Jews to the stigmatization of finance and, ultimately, in Marxism, the stigmatization of capitalism itself. Finally, the book traces how the traditional status of the Jews as a diasporic merchant minority both encouraged their economic success and made them particularly vulnerable to the ethnic nationalism of the nineteenth and twentieth centuries. Providing a fresh look at an important but frequently misunderstood subject, "Capitalism and the Jews" will interest anyone who wants to understand the Jewish role in the development of capitalism, the role of capitalism in the modern fate of the Jews, or the ways in which the story of capitalism and the Jews has affected the history of Europe and beyond, from the medieval period to our own.

    E.P. Thompson shows how the working class took part in its own making & recreates the whole life experience of people who suffered loss of status & freedom, who underwent degradation & who yet created a culture & political consciousness of great vitality. "Thompson's book has been called controversial, but perhaps only because so many have forgotten how explosive England was during the Regency & the early reign of Victoria. Without any reservation, The Making of the English Working Class is the most important study of those days since the classic work of the Hammonds."--Commentary "Mr Thompson's deeply human imagination & controlled passion help us to recapture the agonies, heroisms & illusions of the working class as it made itself. No one interested in the history of the English people should fail to read his book."--Times Literary Supplement

    Reich urges Americans to get beyond mere outrage about the nation’s increasingly concentrated wealth and corrupt politics in order to mobilize and to take back our economy and democracy.Americans can’t rely only on getting good people elected, Reich argues, because nothing positive happens in Washington unless good people outside Washington are organized to help make those things happen after the election. But in order to be effectively mobilized, we need to see the big picture. Reich connects the dots for us, showing why the increasing share of income and wealth going to the top has hobbled jobs and growth for everyone else, while undermining our democracy; has caused Americans to become increasingly cynical about public life; and has turned many Americans against one another. He also explains why the proposals of the “regressive right” are dead wrong and provides a clear road map for what must be done instead. Here is a blueprint for action for everyone who cares about the future of America.

    The most common explanations cite the West’s superior geography, commerce, and technology. Completely overlooked is the fact that faith in reason, rooted in Christianity’s commitment to rational theology, made all these developments possible. Simply put, the conventional wisdom that Western success depended upon overcoming religious barriers to progress is utter nonsense.In The Victory of Reason, Rodney Stark advances a revolutionary, controversial, and long overdue idea: that Christianity and its related institutions are, in fact, directly responsible for the most significant intellectual, political, scientific, and economic breakthroughs of the past millennium. In Stark’s view, what has propelled the West is not the tension between secular and nonsecular society, nor the pitting of science and the humanities against religious belief. Christian theology, Stark asserts, is the very font of reason: While the world’s other great belief systems emphasized mystery, obedience, or introspection, Christianity alone embraced logic and reason as the path toward enlightenment, freedom, and progress. That is what made all the difference.In explaining the West’s dominance, Stark convincingly debunks long-accepted “truths.” For instance, by contending that capitalism thrived centuries before there was a Protestant work ethic–or even Protestants–he counters the notion that the Protestant work ethic was responsible for kicking capitalism into overdrive. In the fifth century, Stark notes, Saint Augustine celebrated theological and material progress and the institution of “exuberant invention.” By contrast, long before Augustine, Aristotle had condemned commercial trade as “inconsistent with human virtue”–which helps further underscore that Augustine’s times were not the Dark Ages but the incubator for the West’s future glories. This is a sweeping, multifaceted survey that takes readers from the Old World to the New, from the past to the present, overturning along the way not only centuries of prejudiced scholarship but the antireligious bias of our own time. The Victory of Reason proves that what we most admire about our world–scientific progress, democratic rule, free commerce–is largely due to Christianity, through which we are all inheritors of this grand tradition.

    It developed into one of the most powerful corporations in the medieval world which lasted for nearly two centuries until its suppression in 1312. Despite the loss of its central archive in the sixteenth century, the Order left many records of its existence as the spearhead of crusading activity in Palestine and Syria, as the administrator of a great network of preceptories and lands in the Latin west, and as a banker and ship-owner. Because of the dramatic nature of its abolition, it has retained its grip on the imagination and consequently there has developed an entirely fictional 'after-history' in which its secret presence has been evoked to explain mysteries which range from masonic conspiracy to the survival of the Turin Shroud. This book offers a concise and up-to-date introduction to the reality and the myth of this extraordinary institution.

    His disturbing narrative opens up an entire culture, revealing the dark side of Renaissance man and politician Lorenzo de' Medici.On a Sunday in April 1478, assassins attacked Lorenzo and his brother as they attended Mass in the cathedral of Florence. Lorenzo scrambled to safety as Giuliano bled to death on the cathedral floor. April Blood moves outward in time and space from that murderous event, unfolding a story of tangledpassions, ambition, treachery, and revenge. The conspiracy was led by one of the city's most noble clans, the Pazzi, financiers who feared and resented the Medici's swaggering new role as political bosses--but the web of intrigue spread through all of Italy. Bankers, mercenaries, the Duke of Urbino, the King of Naples, and Pope Sixtus IV entered secretly into the plot. Florence was plunged into a peninsular war, and Lorenzo was soon fighting for his own and his family's survival.The failed assassination doomed the Pazzi. Medici revenge was swift and brutal--plotters were hanged or beheaded, innocents were hacked to pieces, and bodies were put out to dangle from the windows of the government palace. All remaining members of the larger Pazzi clan were forced to change theirsurname, and every public sign or symbol of the family was expunged or destroyed.April Blood offers us a fresh portrait of Renaissance Florence, where dazzling artistic achievements went side by side with violence, craft, and bare-knuckle politics. At the center of the canvas is the figure of Lorenzo the Magnificent--poet, statesman, connoisseur, patron of the arts, and ruthlessboss of bosses. This extraordinarily vivid account of a turning point in the Italian Renaissance is bound to become a lasting work of history.