A sweeping narrative history of world trade—from Mesopotamia in 3000 BC to the firestorm over globalization today—that brilliantly explores trade's colorful and contentious past and provides new insights into its future.

Description

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.

Praise for A Splendid Exchange

“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

"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, professor of economics and financial history, NYU Stern School of Business

"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."
—Sara Bongiorni, author of A Year without "Made in China"

"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'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

Extended Copyright Information

Copyright 2008 by William J. Bernstein. All rights reserved.

Previously published by Grove/Atlantic, Inc.

No part of this book may be reproduced in any form or by any electronic or mechanical means, or the facilitation thereof, including information storage and retrieval systems, without permission in writing from the publisher, except by a reviewer, who may quote brief passages in a review. Any members of educational institutions wishing to photocopy part or all of the work for classroom use, or publishers who would like to obtain permission to include the work in an anthology, should send their inquiries to Grove/Atlantic, Inc., 841 Broadway, New York, NY 10003.

Cover design by Charles Rue Woods.
Cover art: Riva degli Schiavoni, Venice, by Leandro da Ponte Bassano (1557-1662).

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About the Author

William J. Bernstein is a financial theorist and historian whose books include The Birth of Plenty and The Four Pillars of Investing. He lives in North Bend, Oregon.

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Opening Lines (Experimental)

Televisions from Taiwan, lettuce from Mexico, shirts from China, and tools from India are so ubiquitous that it is easy to forget how recent such miracles of commerce are. What better symbolizes the epic of global trade than my apple from the other side of the world, consumed at the exact moment ...

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Copyright

Copyright 2008 by William J. Bernstein.

All Rights Reserved.

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