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Economy & Finance

A Splendid Exchange

Economy & Finance

A Splendid Exchange

Economy & Finance

A Splendid Exchange

William J. Bernstein

Since our ancestors first harvested crops and made essential tools, humans have traded with each other. As we explored and expanded, global superpowers emerged due to nations controlling the exchange of certain products. There is no question that free trade offers more rewards than isolationism and protectionism have, but it has also created unfairness, which must be addressed.

world-history

politics

business-world

17 min

9 Bite

Einblick

Worum geht es?

A Splendid Exchange (2008) examines the inventions and events that allowed global free trade. In addition, it indicates how isolation, trade barriers, and free trade existed before the term "globalization." Business between nations might be beneficial and natural, but it also has a darker, scary side, as explained in the book.

Buchzusammenfassung

William Bernstein is the best-selling author of various books on business and history. He also contributes to the financial press on occasion. He received the CFA Institute's James Vertin Award for financial research in 2017.

"If you find yourself stimulated in any way by your portfolio performance, then you are probably doing something very wrong. A superior portfolio strategy should be intrinsically boring."

"Do not trust historical data -especially recent data- to estimate the future returns of stocks and bonds. Instead, rely on interest and dividend payouts and their growth/failure rates."

"The competent investor never stops learning."

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Alle Bissen

9 Bites

Agricultural products and simple tools were the first commodities traded in Mesopotamia.

The camel revolutionized Asian trade, as well as opening the Chinese market to Muslim Arabs.

The popularity of spices soared, while trade contributed to disease and slavery.

Portuguese and Spanish expeditions greatly expanded trade routes and the known world.

With Holland as the commercial hub, the 17th century was marked by worldwide trade.

Free trade eventually beat mercantilism in England.

Refrigeration and steamships reconstructed global and international trade businesses.

A lack of free trade due to protectionist policies led to the Great Depression.

Following World War II, the US supported free trade meanwhile globalization fueled a growing inequality.

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