Coutinho left the club in favour of Barcelona in January in a £142m deal, and Carragher believes that the ability to reinvest those funds into the squad, used to sign Alisson, Fabinho, Xherdan Shaqiri and Naby Keita, has given Liverpool a real chance of winning the title this season.
Writing for the Irish Independent, Carragher said: "This Anfield era feels different though, and there are several reasons for that.
"The first, naturally, is the squad strengthening. Liverpool have spent the kind of money usually associated with the Manchester clubs and Chelsea, but this is an anomaly rather than a trend.
Klopp has spent £170 million, but those funds came mainly from the £142m received for Philippe Coutinho last January.
"We cannot ignore that when trying to redefine Klopp as some kind of chequebook manager, or Liverpool's American owners as Roman Abramovich-style benefactors.
"It means this summer's investment is unlikely to be repeated without selling another star. I wrote last season I feared Liverpool may never win the league under Klopp due to the financial strength in Manchester.
"I also stated after Coutinho's sale that the extraordinary fee presented an opportunity - for one summer at least - to outspend the rest of the Premier League. That is the world Liverpool is in today.
"They have given themselves a chance by investing heavily to correct weaknesses in their line-up - a chance that will not come along regularly."
Liverpool identified the weaknesses in their squad and move quickly to rectify those issues. Carragher explains how the Champions League final highlighted the club's need to strengthen in goal, in central midfield, and in their attacking depth.
In Alisson, Fabinho, Keita and Shaqiri, the club have done exactly that. As Carragher says, the squad is considerably stronger this season, and fans will agree with Carragher in hoping that their club can win the league this year.