The Birth of Plenty: How The Prosperity Of The Modern World Was Created (BUSINESS BOOKS) - Softcover

Bernstein, William

Softcover

ISBN 10: 0071747044 ISBN 13: 9780071747042

Publisher: McGraw-Hill, 2010

Synopsis

“Compact and immensely readable . . . a tour de force. Prepare to be amazed.” ― John C. Bogle, Founder and Former CEO, The Vanguard Group

“Vital―a cogent, timely journey through the economic history of the modern world.” ― Publishers Weekly

In The Birth of Plenty, William Bernstein, the bestselling author of The Four Pillars of Investing, presents his provocative, highly acclaimed theory of why prosperity has been the engine of civilization for the last 200 years.

This is a fascinating, irresistibly written “big-picture” work that highlights and explains the impact of four elements that when occurring simultaneously, are the fundamental building blocks for human progress:

• Property rights, which drive creativity
• Scientific rationalism, which permits the freedom to innovate without fear of retribution;
• Capital markets, which provide funding for people to pursue their visions;
• Transportation/communication, which allows for the effective transfer of ideas and products.

Meticulously researched, splendidly told, and featuring a new preface and introduction, The Birth of Plenty explains the interplay of the events, philosophies, and related phenomena that were nothing less than the crucible of the modern age. This is one of the rare books that will change how you look at the world.

About this title

From the Back Cover:

"...a tour de force...prepare to be amazed."

--John C. Bogle, Founder and Former CEO, The Vanguard Group

A bold new look at the continuing era of prosperity--how we got here, and where we could be headed

Why didn't the Florentines invent the steam engines and flying machines that Da Vinci sketched? What kept the master metallurgists of ancient Rome from discovering electricity? The Birth of Plenty takes a fascinating new look at the key conditions that had to be in place before world economic growth--and the technological progress underlying it--could occur, why those pathways are still absent in many parts of today's world, and what must be done before true, universal prosperity can become a reality.

"Not long after 1820, prosperity began flowing in an ever increasing torrent; with each successive generation, the life of the son became observably more comfortable, informed, and predictable than that of the father. This book will examine the nature, causes, and consequences of this transformation..."

--From the Introduction

The Birth of Plenty doesn't mean to suggest that nothing of note existed before 1820. What The Birth of Plenty suggests--and supports with irrefutable fact and groundbreaking analysis--is that, from the dawn of recorded history through 1820, the "mass of man" experienced essentially zero growth, either in economic standing or living standards. It was only in the third decade of the nineteenth century that the much of the world's standard of living began to inexorably and irreversibly improve, and the modern world was born.

But what changed, and why then? Noted financial expert and neurologist William Bernstein isolates the four conditions which, when occurring simultaneously, constitute an all-inclusive formula for human progress:

• Property rights--Creators must have proper incentives to create
• Scientific rationalism--Innovators must be allowed to innovate without fear of retribution
• Capital markets--Entrepreneurs must be given access to capital to pursue their visions
• Transportation/communication--Society must provide mechanisms for effective communication of ideas and transport of finished products

Beyond just shining a light on how quickly progress occurs once the building blocks are in place, however, The Birth of Plenty examines how their absence constitutes nothing less than a prescription for continued human struggle and pain. Why do so many parts of the world remain behind, while others learn to adapt, adopt, and move forward? What must long-troubled nations do to pull themselves from the never-ending spiral of defeatism? The Birth of Plenty addresses these timely and vital questions head-on, empirically and without apology, and provides answers that are both thought-provoking and troubling.

The Birth of Plenty frames the modern world's prosperity--or, in far too many cases, continuing lack of prosperity--in terms that are ingenious yet simple, complex yet easily understood. Entertaining and provocative, it will forever change the way you view the human pursuit of happiness, and bring the conflicts of both the world's superpowers and developing nations into a fascinating and informative new light.

About the Author:

William Bernstein (North Bend, OR) runs a website--www.efficientfrontier.com--known for its quarterly journal of asset allocation and portfolio theory, Efficient Frontier.

About this edition

• Publisher: McGraw-Hill
• Publication date: 2010
• ISBN 10: 0071747044
• ISBN 13: 9780071747042
• Binding: Paperback
• Number of pages: 432