A Splendid Exchange, William J. Bernstein
A Splendid Exchange, William J. Bernstein
8 Rating(s)
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A Splendid Exchange
How Trade Shaped the World

Author: William J. Bernstein

Narrator: Mel Foster

Unabridged: 17 hr 14 min

Format: Digital Audiobook Download

Publisher: Tantor Media

Published: 04/25/2008


Synopsis

Adam Smith wrote that man has an intrinsic "propensity to truck, barter, and exchange one thing for another." But how did trade evolve to the point where we don't think twice about biting into an apple from the other side of the world?

In A Splendid Exchange, William J. Bernstein tells the extraordinary story of global commerce from its prehistoric origins to the myriad controversies surrounding it today. He transports readers from ancient sailing ships that brought the silk trade from China to Rome in the second century to the rise and fall of the Portuguese monopoly in spices in the sixteenth; from the rush for sugar that brought the British to Jamaica in 1655 to the American trade battles of the early twentieth century; from key innovations such as steam, steel, and refrigeration to the modern era of televisions from Taiwan, lettuce from Mexico, and T-shirts from China.

Along the way, Bernstein examines how our age-old dependency on trade has contributed to our planet's agricultural bounty, stimulated intellectual progress, and made us both prosperous and vulnerable. Although the impulse to trade often takes a backseat to xenophobia and war, Bernstein concludes that trade is ultimately a force for good among nations, and he argues that societies are far more successful and stable when they are involved in vigorous trade with their neighbors.

Lively, authoritative, and astonishing in scope, A Splendid Exchange is a riveting narrative that views trade and globalization not in political terms, but rather as an evolutionary process as old as war and religion—a historical constant—that will continue to foster the growth of intellectual capital, shrink the world, and propel the trajectory of the human species.

About William J. Bernstein

William J. Bernstein is a retired neurologist and cofounder of the investment management firm Efficient Frontier Advisors. He is the author of three finance books-The Intelligent Asset Allocator, The Four Pillars of Investing, and The Investor's Manifesto-and four history books, The Birth of Plenty, A Splendid Exchange, Masters of the Word, and The Delusions of Crowds. Bernstein won the prestigious James R. Vertin Award from the CFA Institute in 2017.


Reviews

Goodreads review by Dan on December 04, 2015

So you think global free trade is a big problem today? Tired of cheap Chinese labor cutting into your wages? The barbers of Mexico City agreed with you completely. In 1635. Seems ain't much has changed in 400 years. This is an excellent overview of the history of international trade. It broadened my......more

Goodreads review by Emily on November 08, 2009

A Splendid Exchange was given a glowing NYT review by the same author who liked The Pursuit of Glory so much--more than sufficient recommendation for me. This history of world trade, and discussion of how trade shaped world history, lacks a bit of the ambition of Blanding's thematic reappraisal......more

Goodreads review by Roy on June 15, 2021

Five or six years ago, a Christmas mix-up resulted in my brother receiving two copies of this book. Not knowing what to do with one, he simply gave it to me. In so doing, however, he disobeyed Adam Smith’s doctrine that humanity has a natural instinct to truck and barter. Clearly, a rational animal......more

Goodreads review by Jeffrey on August 11, 2008

I find myself thinking about this book constantly. It deals with a subject that is so ubiquitous that it is hardly ever closely analyzed: trade. The time period stretches from the stone age to the present. The items covered include spices, coffee, silk, pigs and pork, precious metals and, really, ju......more

Goodreads review by Shane on May 16, 2020

A great history lesson on the evolution of our world, anchored by an activity that humans are naturally predisposed to engage in: trade. If not for trade, the world wouldn’t be where it is today, is the lesson from this book. Even though I have read about several epochs of history at different times......more