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A Splendid Exchange: How Trade Shaped the World [Hardcover]

William J. Bernstein
4.2 out of 5 stars  See all reviews (62 customer reviews)


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Book Description

April 11, 2008
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 this sweeping narrative history of world trade, 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 American trade battles of the early twentieth century to the modern era of televisions from Taiwan, lettuce from Mexico, and T-shirts from China. 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.


Editorial Reviews

Review

"Entertaining and greatly enlightening . . . Mr. Bernstein is a fine writer and knows how to tell a great story well . . . A Splendid Exchange is a splendid book." -- John Steele Gordon, The New York Times

"Excellent . . . Bernstein is equally at home plumbing the romantic dawn of trade or untwisting the mind-wracking complexity of modern international commerce." -- Kirkus Reviews (starred review)

"Superb . . . [A] significant contribution . . . A Splendid Exchange is a work of which Adam Smith and Max Weber would have approved." -- Paul Kennedy, Foreign Affairs

"Timely and informative . . . Fascinating and surprisingly exciting . . . A saga of epic proportions." -- Booklist

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

"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


Product Details

  • Hardcover: 477 pages
  • Publisher: Atlantic Monthly Press; 1st edition (April 11, 2008)
  • Language: English
  • ISBN-10: 0871139790
  • ISBN-13: 978-0871139795
  • Product Dimensions: 6.1 x 1.5 x 9.5 inches
  • Shipping Weight: 1.7 pounds
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (62 customer reviews)
  • Amazon Best Sellers Rank: #437,181 in Books (See Top 100 in Books)

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.

Customer Reviews

This book runs a thread through history and connects the pieces in a very informative and engaging way. james christensen  |  19 reviewers made a similar statement
Every time I put the book down for the night, I couldn't wait to pick it up again. Laurence Chalem  |  12 reviewers made a similar statement
I do not suggest that his facts are wrong. Brett K.  |  5 reviewers made a similar statement
Most Helpful Customer Reviews
69 of 79 people found the following review helpful
5.0 out of 5 stars A Splendid Synergy April 12, 2008
Format: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.
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98 of 119 people found the following review helpful
5.0 out of 5 stars A Triumph. Do not miss! March 31, 2008
Format: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
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20 of 22 people found the following review helpful
3.0 out of 5 stars Interesting and informative but somewhat unbalanced February 17, 2011
Format:Hardcover
I began "A Splendid Exchange" with enthusiasm. The topic is fascinating, and the 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 criticize the evils of 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 helped 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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Most Recent Customer Reviews
4.0 out of 5 stars Charm & allure of big picture thinking, & all its weaknesses
The strengths of this book are many: well written, insightful, relevant to contemporary concerns. Bernstein is clearly thoughtful and hard-working. Read more
Published 1 month ago by W. Tuohy
5.0 out of 5 stars Amazing, Profound, Beautifully Written - A Masterpiece...
I have been a fan of WBernstein for years, eagerly reading everything he writes. Much as I thoroughly enjoy his investment writing (Intelligent Asset Allocator, 4 Pillars,... Read more
Published 1 month ago by Mohan Srinivasan
5.0 out of 5 stars A Splendid Book
A splendid, totally engrossing book. Bernstein brings history alive in a riveting fashion. The prose is lively, entertaining and hugely informative. Read more
Published 2 months ago by anthony g villa
5.0 out of 5 stars A Splendid Exchange
A wonderful book to tie history together. I enjoy reading history books, but often the subjects are compartmentalized and we don't put the pieces together. Read more
Published 3 months ago by james christensen
5.0 out of 5 stars Part history, part economics.... All interesting !!!
Every book I read I always try to find information buried in the pages that can help me become better at my work or make great investments. Read more
Published 4 months ago by Robert Kirk
4.0 out of 5 stars History of trade
A highly entertaining and interesting tale of what we know about the history of trade and the impact it has had on riches and culture.
Published 4 months ago by Torkel Aberg
4.0 out of 5 stars Readable and interesting
My son is studying Political Economy ... I had no idea what this was so I bought this book. Political Economy is simply the economics of international trade. Read more
Published 5 months ago by Gary Rosen
5.0 out of 5 stars Excellent, readable, interesting!
Just finished "A Splendid Exchange." An engrossing, readable account of international trade, from the time of the Sumerians-- about 4500 BC-- to the present day. Read more
Published 6 months ago by bbj212
5.0 out of 5 stars Paints a brilliant world picture
I wanted my 100th review to be special; preferably a new book with many interesting facts and figures tied together by story. Funny, that's what I got out of A SPLENDID EXCHANGE. Read more
Published 7 months ago by Laurence Chalem
5.0 out of 5 stars Financial History - East to West
A wonderful review of the trading nations from ancient to modern times. The author paints the interplay of politics, geography, and trade.
Published 12 months ago by Stephen
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