Acclaimed by readers and critics around the globe, A Splendid Exchange is a sweeping narrative history of world trade—from Mesopotamia in 3000 B.C. to the firestorm over globalization today—that brilliantly explores trade’s colorful and contentious past and provides new insights into its future.
A Splendid Exchange: How Trade Shaped the World
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Editorial Reviews
Review
"[An] entertaining and greatly enlightening book . . . Bernstein is a fine writer and knows how to tell a great story well. . . . A Splendid Exchange is a splendid book." —The New York Times
“Superb . . . [A] significant contribution . . . The chronological range of Bernstein’s book is staggering. . . . A Splendid Exchange is a work of which Adam Smith and Max Weber would have approved…. What really marks Bernstein out is his talent in understanding, and then explaining, international commercial linkages.” —Paul Kennedy, Foreign Affairs
“Sparkling…Fascinating…One freewheeling historical passage follows another…A Splendid Exchange is saved from any possible tedium by its feast of contrarian conclusions, its broad historical sweep, and, especially, its vivid characters.” –Businessweek
“Highly entertaining…In an era when trade is defined by interminable World Trade Organization talks and offers nothing more romantic than slab-sided container ships ploughing between nondescript ports, William Bernstein’s book is like a trip to the movies to watch Johnny Depp swinging through the rigging.” –Hugh Carnegy, Financial Times
“Rollicking…Mr. Bernstein whisks his reader on a tumultuous journey….A Splendid Exchange is a timely and readable reminder that the desire to trade is not only one of the oldest human instincts but also the cause of many of the most important developments in our shared history….For anyone wanting a painless primer in the ideas of Adam Smith, David Ricardo, or more recent economists, such as Paul Samuelson, this is the place to find it.” –The Economist
“A Splendid Exchange is filled with adroit observations on the evolution of trade from the ancient world to today. Bernstein draws upon a vast historical context to show how trade’s development is part of society’s natural progression toward prosperity, and he makes a convincing case that trade and trade policy have been the catalyst for the development of ambitious nations. He correctly asserts that we must be aware of how it has shaped the past because it will continue to have a pivotal role—for better and for worse—as we move into the future. Politicians take heed!” —Arthur Laffer, founder and chairman, Laffer Associates
“A Splendid Exchange is really much more than a history of trade. In William Bernstein’s deft treatment, it becomes pretty much a history of the world. The age-old urge to profit by buying low and selling high led to empires, wars, trade restrictions, and—more recently—violent protests against economic and financial globalization. Bernstein’s vast knowledge of trade’s past is great preparation for dealing effectively with today’s controversies about its future.” —Richard Sylla, Henry Kaufman Professor of the History of Financial Institutions and Markets, and Professor of Economics, NYU’s Stern School of Business
“In A Splendid Exchange, Bill Bernstein has further burnished his credentials as both an economic historian and a felicitous writer. He has given us an eye-opening, brilliantly researched, anecdote-laced, and exciting-to-read history of global trade. Readers of this compelling saga will be intellectually rewarded, enticed, and amused—and more sensitively attuned to the challenges of today's version of the globalization that has driven so much of civilization's economic growth and social progress.” —John C. Bogle, founder, the Vanguard Group
“Bernstein illuminates modern debates in a sweeping history of international trade, weaving skillfully between rollicking adventures and scholarship. His history of trade from the ancients to the present is a story of our irrepressible urge to exchange goods, which in turn fostered exchanges of art, science, and ideas. The story of trade is the story of humankind; all in all, a happy story indeed.” —Pietra Rivoli, author of The Travels of a T-Shirt in the Global Economy
“Think contentious debate over globalization is something new? Think again. With a staggering understanding of the role of trade in history and a storyteller’s touch for illuminating its human impact, William Bernstein takes us back to days of ‘ghost ships’ and perilous land journeys to explain how age-old debates over trade’s winners and losers shape today’s bitter divisions over free trade and protectionism. Along the way, Bernstein uncovers the roots of Sino-American trade tensions and explains how century-old backlashes over free trade continue to reverberate as the world’s nations become ever more connected to each other through commerce. Bernstein has given us a master’s insights into the past to help us understand an issue of deep divisions in the present age.” —Sara Bongiorni, author of A Year without “Made in China”: One Family’s True Life Adventure in the Global Economy
“Bernstein’s powerful book demonstrates that trade is a fascinating, pervasive, and often dominant factor in human history. But Bernstein also provides us with memorable stories about nations around the world and through the centuries. Economics, sociology, military strategy, and even health care are here, as well as a striking group of vivid personalities. The book is not just essential reading; it is fun all the way.” —Peter L. Bernstein (no relation), author of Against the Gods and Wedding of the Waters
“Bill Bernstein is a funny, lively storyteller who engages us with rich stories that tell how international trade and economic history have evolved together from the Stone Age on. This book is a wonderful way to learn history, geography and economics. As I read it, I felt like a kid reading about Uncle Scrooge’s adventures among old civilizations in strange lands, all the while harvesting ideas for my classes.” —Ed Tower, Professor of Economics, Duke University
“Financial theorist and historian Bernstein is equally at home plumbing the romantic dawn of trade or untwisting the mind-wracking complexity of modern international commerce. . . . An excellent exposition of key factors in a perennial economic conundrum.—Kirkus Reviews (starred review)
“Superb . . . [A] significant contribution . . . The chronological range of Bernstein’s book is staggering. . . . A Splendid Exchange is a work of which Adam Smith and Max Weber would have approved…. What really marks Bernstein out is his talent in understanding, and then explaining, international commercial linkages.” —Paul Kennedy, Foreign Affairs
“Sparkling…Fascinating…One freewheeling historical passage follows another…A Splendid Exchange is saved from any possible tedium by its feast of contrarian conclusions, its broad historical sweep, and, especially, its vivid characters.” –Businessweek
“Highly entertaining…In an era when trade is defined by interminable World Trade Organization talks and offers nothing more romantic than slab-sided container ships ploughing between nondescript ports, William Bernstein’s book is like a trip to the movies to watch Johnny Depp swinging through the rigging.” –Hugh Carnegy, Financial Times
“Rollicking…Mr. Bernstein whisks his reader on a tumultuous journey….A Splendid Exchange is a timely and readable reminder that the desire to trade is not only one of the oldest human instincts but also the cause of many of the most important developments in our shared history….For anyone wanting a painless primer in the ideas of Adam Smith, David Ricardo, or more recent economists, such as Paul Samuelson, this is the place to find it.” –The Economist
“A Splendid Exchange is filled with adroit observations on the evolution of trade from the ancient world to today. Bernstein draws upon a vast historical context to show how trade’s development is part of society’s natural progression toward prosperity, and he makes a convincing case that trade and trade policy have been the catalyst for the development of ambitious nations. He correctly asserts that we must be aware of how it has shaped the past because it will continue to have a pivotal role—for better and for worse—as we move into the future. Politicians take heed!” —Arthur Laffer, founder and chairman, Laffer Associates
“A Splendid Exchange is really much more than a history of trade. In William Bernstein’s deft treatment, it becomes pretty much a history of the world. The age-old urge to profit by buying low and selling high led to empires, wars, trade restrictions, and—more recently—violent protests against economic and financial globalization. Bernstein’s vast knowledge of trade’s past is great preparation for dealing effectively with today’s controversies about its future.” —Richard Sylla, Henry Kaufman Professor of the History of Financial Institutions and Markets, and Professor of Economics, NYU’s Stern School of Business
“In A Splendid Exchange, Bill Bernstein has further burnished his credentials as both an economic historian and a felicitous writer. He has given us an eye-opening, brilliantly researched, anecdote-laced, and exciting-to-read history of global trade. Readers of this compelling saga will be intellectually rewarded, enticed, and amused—and more sensitively attuned to the challenges of today's version of the globalization that has driven so much of civilization's economic growth and social progress.” —John C. Bogle, founder, the Vanguard Group
“Bernstein illuminates modern debates in a sweeping history of international trade, weaving skillfully between rollicking adventures and scholarship. His history of trade from the ancients to the present is a story of our irrepressible urge to exchange goods, which in turn fostered exchanges of art, science, and ideas. The story of trade is the story of humankind; all in all, a happy story indeed.” —Pietra Rivoli, author of The Travels of a T-Shirt in the Global Economy
“Think contentious debate over globalization is something new? Think again. With a staggering understanding of the role of trade in history and a storyteller’s touch for illuminating its human impact, William Bernstein takes us back to days of ‘ghost ships’ and perilous land journeys to explain how age-old debates over trade’s winners and losers shape today’s bitter divisions over free trade and protectionism. Along the way, Bernstein uncovers the roots of Sino-American trade tensions and explains how century-old backlashes over free trade continue to reverberate as the world’s nations become ever more connected to each other through commerce. Bernstein has given us a master’s insights into the past to help us understand an issue of deep divisions in the present age.” —Sara Bongiorni, author of A Year without “Made in China”: One Family’s True Life Adventure in the Global Economy
“Bernstein’s powerful book demonstrates that trade is a fascinating, pervasive, and often dominant factor in human history. But Bernstein also provides us with memorable stories about nations around the world and through the centuries. Economics, sociology, military strategy, and even health care are here, as well as a striking group of vivid personalities. The book is not just essential reading; it is fun all the way.” —Peter L. Bernstein (no relation), author of Against the Gods and Wedding of the Waters
“Bill Bernstein is a funny, lively storyteller who engages us with rich stories that tell how international trade and economic history have evolved together from the Stone Age on. This book is a wonderful way to learn history, geography and economics. As I read it, I felt like a kid reading about Uncle Scrooge’s adventures among old civilizations in strange lands, all the while harvesting ideas for my classes.” —Ed Tower, Professor of Economics, Duke University
“Financial theorist and historian Bernstein is equally at home plumbing the romantic dawn of trade or untwisting the mind-wracking complexity of modern international commerce. . . . An excellent exposition of key factors in a perennial economic conundrum.—Kirkus Reviews (starred review)
From the Inside Flap
"A Splendid Exchange is really much more than a history of trade. In William Bernstein's deft treatment, it becomes pretty much a history of the world. The age-old urge to profit by buying low and selling high led to empires, wars, trade restrictions, and--more recently--violent protests against economic and financial globalization. Bernstein's vast knowledge of trade's past is great preparation for dealing effectively with today's controversies about its future."
--Richard Sylla, Henry Kaufman Professor of the History of Financial Institutions and Markets, and Professor of Economics, NYU Stern School of Business
--Richard Sylla, Henry Kaufman Professor of the History of Financial Institutions and Markets, and Professor of Economics, NYU Stern School of Business
"In A Splendid Exchange, Bill Bernstein has further burnished his credentials as both an economic historian and a felicitous writer. He has given us an eye-opening, brilliantly researched, anecdote-laced, and exciting-to-read history of global trade. Readers of this compelling saga will be intellectually rewarded, enticed, and amused--and more sensitively attuned to the challenges of today's version of the globalization that has driven so much of civilization's economic growth and social progress."
--John C. Bogle, founder, the Vanguard Group
"A Splendid Exchange is filled with adroit observations on the evolution of trade from the ancient world to today. Bernstein draws upon a vast historical context to show how trade's development is part of society's natural progression toward prosperity, and he makes a convincing case that trade and trade policy have been the catalyst for the development of ambitious nations. He correctly asserts that we must be aware of how it has shaped the past because it will continue to have a pivotal role--for better and for worse--as we move into the future. Politicians take heed!"
--Arthur Laffer, founder and chairman, Laffer Associates
"Bernstein illuminates modern debates in a sweeping history of international trade, weaving skillfully between rollicking adventures and scholarship. His history of trade from the ancients to the present is a story of our irrepressible urge to exchange goods, which in turn fostered exchanges of art, science, and ideas. The story of trade is the story of humankind; all in all, a happy story indeed."
--Pietra Rivoli, author of The Travels of a T-Shirt in the Global Economy
"Think contentious debate over globalization is something new? Think again. With a staggering understanding of the role of trade in history and a storyteller's touch for illuminating its human impact, William Bernstein takes us back to the days of `ghost ships' and perilous land journeys to explain how age-old debates over trade's winners and losers shape today's bitter divisions over free trade and protectionism. Along the way, Bernstein uncovers the roots of Sino-American trade tensions and explains how century-old backlashes over free trade continue to reverberate as the world's nations become ever more connected to each other through commerce. Bernstein has given us a master's insights into the past to help us understand an issue of deep divisions in the present age."
--Sara Bongiorni, author of A Year without "Made in China"
"Bernstein's powerful book demonstrates that trade is a fascinating, pervasive, and often dominant factor in human history. But Bernstein also provides us with memorable stories about nations around the world and through the centuries. Economics, sociology, military strategy, and even health care are here, as well as a striking group of vivid personalities. The book is not just essential reading; it is fun all the way."
--Peter L. Bernstein, author of Against the Gods
"Bill Bernstein is a funny, lively storyteller who engages us with rich stories that tell how international trade and economic history have evolved together from the Stone Age on. This book is a wonderful way to learn history, geography and economics. As I read it, I felt like a kid reading about Uncle Scrooge's adventures among old civilizations in strange lands, all the while harvesting ideas for my classes."
--Ed Tower, Professor of Economics, Duke University
--This text refers to an out of print or unavailable edition of this title.
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More About the Author
William Bernstein, Ph.D., M.D., is a practicing neurologist in Oregon. Known for his quarterly journal of asset allocation and portfolio theory Efficient Frontier, Dr. Bernstein is also a principal in the money management firm Efficient Frontier Advisors, is a frequent guest columnist for Morningstar, and is often quoted in The Wall Street Journal.
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Most Helpful Customer Reviews
56 of 64 people found the following review helpful:
5.0 out of 5 stars
A Splendid Synergy,
By David Brozkov (USA) - See all my reviews
This review is from: A Splendid Exchange: How Trade Shaped the World (Hardcover)
What makes a big-think book stand out is its successful combination of disparate fields of knowledge (think of Jared Diamond's combination of environmental geography AND physiology AND evolutionary biology). In A Splendid Exchange, William Bernstein's multiple areas of expertise come together to produce something extraordinary. Very few professional historians could approach his theoretical understanding of financial economics, fewer still share his practical experience of the functioning of markets, and hardly any share his knowledge of medical science. (Bernstein is a retired neurologist who holds a doctorate in chemistry, and a noted authority on financial investing who is regularly quoted by the Wall Street Journal and whose books on the topic are core reading.) Yet each of these strands of knowledge is critical to fully understanding the rise and development of trade.To these, add another essential strand - encyclopedic knowledge of world history - and then Bernstein's ability to weave it all into an engaging tale. He knows how to clarify abstract points with apposite stories, which range from exotic historical figures to everyday kitchen items. The writing entertains while the thinking enlightens. A Splendid Exchange illuminates more than you would expect. Consider military history: if you think of history as a chronicle of war, here you will learn just how much of that conflict resulted from trade agendas, in ancient times as well as modern. An example is the discussion of geographical "choke points"; I had never before understood how big a role they played in causing historical wars, nor had I understood the role they are likely to play in our own era. Trade is naturally a hot issue in an election year when the economy is rocky; this book helps you put the debates in the largest historical perspective. (You will find previews of today's trade rhetoric going back to the Renaissance.) But don't think of reading this book as a duty; it is a gripping, addictive pleasure.
94 of 114 people found the following review helpful:
5.0 out of 5 stars
A Triumph. Do not miss!,
By
This review is from: A Splendid Exchange: How Trade Shaped the World (Hardcover)
I loved this book when I read it in manuscript form, and I loved it even more when I read the beautiful published version, well-edited and laced with explanatory maps and lovely illustrations.Begin with the long sweep of world trading history;add its remarkable relevance to the global issues in the headlines today; revel in the plethora of entertaining anecdotes of personalities and events, large and small; then mix with a graceful writing style that turns an educational treatise into a suspenseful page-turner. Result: a book as good as--if not better than--any other book you'll read in 2008. John C. Bogle
10 of 12 people found the following review helpful:
3.0 out of 5 stars
Interesting and informative but somewhat unbalanced,
This review is from: A Splendid Exchange: How Trade Shaped the World (Hardcover)
I began "A Splendid Exchange" with enthusiasm. The topic is fascinating, and writing is good if not excellent. But very soon into the book I began to feel uncomfortable with the authors periodic interjection of personal, subjective conclusions and characterizations of cultures and events. The further into the book I got, the more I was irritated by this. For example, the Portuguese are on numerous occasions characterized as cruel and evil... even as the "most brutal trading nation" of the period. However the atrocities of the conquering Mongols and Muslims are either ignored or dispassionately stated as fact (no moral judgement, in other words). It almost seems that the author has a double standard; he feels free to make moral judgments on the West, but takes a far more PC and non-judgemental view of other cultures. I do not suggest that his facts are wrong. I simply feel a historian needs to either present all the facts dispassionately (which is preferable), or else be evenhanded and consistent in his/her moral judgments.That aside, the book did present a fairly comprehensive overview of the topic, and was relatively easy and enjoyable to read. It did help me solidify the links between different economic and geopolitical events. I would say that the authors strong suit is in economics more than history... some of his facts are inaccurate. But as a general overview it succeeds.
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First Sentence:
Sometime around 3000 BC, a tribe of herders attacked a small community of Sumerian farmers at harvest time. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
canton system, ground rodents, bilateral tariffs, fine spices, trade diasporas Key Phrases - Capitalized Phrases (CAPs): (learn more)
Indian Ocean, Splendid Exchange, New World, United States, Red Sea, Spice Islands, Persian Gulf, Holy Land, Middle East, Prester John, Arabia Felix, Black Death, Marco Polo, Cape of Good Hope, Black Sea, New York, Old World, Sri Lanka, Silk Road, South Carolina, East Africa, Adam Smith, Zheng He, Suez Canal, Fertile Crescent Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Sometime around 3000 BC, a tribe of herders attacked a small community of Sumerian farmers at harvest time. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
canton system, ground rodents, bilateral tariffs, fine spices, trade diasporas Key Phrases - Capitalized Phrases (CAPs): (learn more)
Indian Ocean, Splendid Exchange, New World, United States, Red Sea, Spice Islands, Persian Gulf, Holy Land, Middle East, Prester John, Arabia Felix, Black Death, Marco Polo, Cape of Good Hope, Black Sea, New York, Old World, Sri Lanka, Silk Road, South Carolina, East Africa, Adam Smith, Zheng He, Suez Canal, Fertile Crescent Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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