Product Description

"A tour de force...prepare to be amazed."
--John C. Bogle, Founder and Former CEO, The Vanguard Group

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.

The Birth of Plenty doesn't mean to suggest that nothing of note existed before 1820. What The Birth of Plenty suggests 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.

Product Details

• Amazon Sales Rank: #154982 in Books
• Published on: 2004-04-01
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 350 pages

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, Ph.D., M.D. founded the popular website efficientfrontier.com. A practicing neurologist and the author of The Intelligent Asset Allocator and The Four Pillars of Investing, Dr. Bernstein has an intensely loyal following of readers as well as an extensive network of media contacts. He is often quoted in The Wall Street Journal and is a frequent guest columnist for Morningstar.

Customer Reviews

Highly Recommended!
Gertrude Stein called Ezra Pound, "a village explainer," and said that was fine if one happened to be a village. Author and historian William J. Bernstein is an explainer, so put on your village thinking cap. This sprawling book skips over a broad surface of economic history, theology, sociology, engineering, politics and mechanics, like a flat pebble over a smooth pond. Readers with scant grounding in these disciplines can still have a good time as they gaze slightly slack-jawed at this colorful, fast-moving assemblage of facts, theories and prejudices, all mixed, mingled and as surprising as a carnival parade. Readers who know these subjects, on the other hand, will relish the sweep of Bernstein's saga even if they balk at the inevitable simplifications, exaggerations, contradictions and foggy facts that result from compressing world economic history into 400 pages. Bernstein arranges his history around the four pillars that, he says, support continual economic growth: property rights, the scientific method, capital markets and communications. Given that framework, his presentation is logical and lively. We liked this entertaining read, which is imbued with a history buff's excitement.

Made me feel happy!
The day after finishing this book I felt strangely happy. It is really a history book and, since history is not normally my thing, I did not expect to enjoy it. However it is the first history book I have actually enjoyed reading. It is well and convincingly written and puts the whole of modern history into context.
I have now realized what made me happy. The guilt that I had unknowingly harbored was lifted from me. You see I have increasingly felt that my wealth, our wealth, was due to our exploitation of the mineral and human resources of the rest of the planet. It is true that we have much to feel guilty about, the slave trade particularly, but our continued wealth is not a direct result of exploitation; it is the result of Bernstein's magic four factors being present together in our country.
Now I can still give to Oxfam, but it won't feel like guilt money!
The astonishing counter-intuitive idea that democracy does not lead to wealth, but the other way around, convincingly argued, was a real eye opener, as was much else in this wonderful book. Gorge W Bush should definitely read it!