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Summary: The Birth of Plenty : How the Prosperity of the Modern World
Review: A bold new look at the continuing era of prosperity--how we got here, and where we could be headed Before 1820, few of the comforts we take for granted today existed, or were even imaginable. But when you think about it, why not? 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.
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Summary: Wonderful blend of history and macroeconomics
Review: Bernstein does a very good job of tracing macroeconomic trends through a historical prism. He makes great use of long-term, hard data and annecdotes to illustrate his points. This book would serve well as the basis for a graduate business course on global economic history. Bernstein provides just the right amount of depth in each section so that you have enough hostorical context to make the economic background interesting and alive.
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Summary: the reviews
Review: From the first published reviews of The Birth of Plenty (taken from Bernstein's website, www.efficientfrontier.com):
"The Birth of Plenty is a rare achievement of scholarship, insight, compassion and useful instruction. Every investor should read it for a view of what risks mean for returns. The non-investor can read it for its humanism and culture. Dr. Bernstein emerges as the Michelangelo of the art of economic history." - Andrew Allentuck, Globe and Mail [Toronto]
"William Bernstein seeks the wellsprings of industrial civilization and its accomplishments....Very good reading, one interesting story after another, told by a lively and energetic mind." - David Warsh, economicprincipals.com
"....a vital, living text - a cogent, timely journey through the economic history of the modern world. ...Solid writing and poignant assessments of the economic players throughout time give texture and flavor to Bernstein's argument.... Packed with information and ideas, Bernstein's book is an authoritative economic history, accessible and thoroughly entertaining." - Publishers Weekly
"William J. Bernstein's encyclopaedic The Birth of Plenty offers some convincing answers....a worthwhile and thought-provoking read." - Peter Foster, National Post [Toronto]
"This fresh look at the economic and political pathways to prosperity is a historical tour de force" - Albany (Oregon) Democrat Herald
"His observation and his wit make this economic history a compelling and entertaining read." - John J. Oslund, Minneapolis Star Tribune
"A fascinating new book on economic history" - Ross Gittins, Sydney Morning Herald
"Bill Bernstein's erudite history of the causes and consequences of growth grasps the main issues and keeps them up front all the way through. This book is a great magnifying glass for studying the complex world of today." - Peter L. Bernstein (NB: Mr. Bernstein is not related to the author of The Birth of Plenty.)
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Summary: Highly Recommended
Review: 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.
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Summary: the back cover blurbs
Review: I don't know why these aren't posted at Amazon. Here they are:"Bill Bernstein has given us a compact and immensely readable economic, political, military, and institutional history of our civilization that is a tour de force. Put everything else down. Take a deep breath. Open The Birth of Plenty. And prepare to be amazed."
--John C. Bogle, Founder and Former CEO, The Vanguard Group "The Birth of Plenty is a brilliantly written, whirlwind account of how the modern world was formed. It is a hugely enjoyable read, full of vigor and liveliness, and a book every American should possess--at least those who treasure our abundant life and care about our future."
--William Schultheis, Author, The Coffeehouse Investor "Put simply, this is my favorite economic history book. It gathers what is interesting about economic history to draw important lessons."
--Ed Tower, Professor of Economics, Duke University "William Bernstein scrutinizes the research literature, distills it with originality and insight, then shares the results with classic Bernstein clarity and wit. Ideologues on both political wings should prepare to have their assumptions challenged."
--Bernard Sherman, Host, "Talk of Iowa - Focus on Finance" Public Radio Show
Rating:
Summary: the back cover blurbs
Review: I don't know why these aren't posted at Amazon. Here they are: "Bill Bernstein has given us a compact and immensely readable economic, political, military, and institutional history of our civilization that is a tour de force. Put everything else down. Take a deep breath. Open The Birth of Plenty. And prepare to be amazed."
--John C. Bogle, Founder and Former CEO, The Vanguard Group "The Birth of Plenty is a brilliantly written, whirlwind account of how the modern world was formed. It is a hugely enjoyable read, full of vigor and liveliness, and a book every American should possess--at least those who treasure our abundant life and care about our future."
--William Schultheis, Author, The Coffeehouse Investor "Put simply, this is my favorite economic history book. It gathers what is interesting about economic history to draw important lessons."
--Ed Tower, Professor of Economics, Duke University "William Bernstein scrutinizes the research literature, distills it with originality and insight, then shares the results with classic Bernstein clarity and wit. Ideologues on both political wings should prepare to have their assumptions challenged."
--Bernard Sherman, Host, "Talk of Iowa - Focus on Finance" Public Radio Show
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Summary: Amazing research; easy read *** highly recommended ***
Review: I really enjoyed this book. Bernstein takes you through four, well-written and succinct "histories of": property rights, scientific rationalism, capital markets and communication/transportation. These summaries are full of detail, yet crisply presented, and alone are worth the price of the book. Bernstein then looks at these factors at work during history and in various countries and makes a very compelling case that they are the key to economic growth, prosperity and democracy. This is an amazing research effort in time and scope. But rest assured it is written in Bernstein's usual, easy-to-read and intelligent style.
John Scordo www.research-finance.com
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Summary: BAD WINE IN NEW BOTTLE
Review: I rushed to the local bookstore to pick up a copy of Birth Of Plenty, heralded by publicity of its entirely new premise and potential to create an altogether new category of books. Needless to say after my rating of two stars that I am disappointed by how old and repetitive most of the arguments in the book were. The four reasons focused on by the author for economic progress never coincided onto 1820 or even that century but put into place slowly over a millennium, as human progress could not be held back any longer. It is certainly not a new premise, not by a stretch, for the following reasons. First, any good economist or historian could tell you that Economic History 101 has always talked about the turning point of 1820-not a new premise at all. No economic historian of note has evidently reviewed the book. Indeed, Angus Madison remains one of the most celebrated economic historians for precisely his findings on these issues, the man cited by William Bernstein. So does Charles Kindleberger. Second, and most disappointing were the four reasons why economic progress took off. None were really created around 1820 and did not come together for the first time in 1820 either but much sooner. Even the transportation revolution had occurred with maritime discoveries and shipping. Railroads (the focus of the date of 1820) and cars are really the next phases of the same evolution. Further, property rights were in existence long before the nineteenth century. And most of the reforms in property rights (including bankruptcy reforms and security asset innovation) LAGGED economic progress rather than caused it. Third, the book focuses on scientific progress. Here is a classic chicken and egg reasoning in a book that purportedly is supposed to resolve that dilemma. The author simply ignores the incredible economic boom of colonization in the three centuries preceding his takeoff date, a colonization made possible precisely with science. A third reason focused on by the author was securities market innovation but the book ignores the fact that virtually all securities innovation came decades after it should have been due, not before. Certainly the stock markets and IPO were innovated in 1602 not 1820, so the author is short on explaining why the delay when all his four factors existed before. Then the book relies on the transportation revolution. It has to of course because 1820 marks the advent of the Century of Railroads in the United States. Here again is a chicken and egg problem. It also does not acknowledge how James Watts' watching his mom's kettle ties into any macro issue it cites. All in all, the book is interesting to someone who has not studied Law 101, Economic History 101, History 101 or the thousands of books on the ascent of Western Civilization. Perhaps the promise by the book of creating a new category all its own may have added to my disappointment but this book is far from innovative, and perhaps even incomplete relative to most books that handle this subject. For those who have studied elementary histories of Western civilization or economics, this will have to be the most repetitive and pretentious book in recent memory.
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Summary: The Future of the Malthusian Cycle
Review: If you are curious (like me) as to the how and why things work; the inventions, economic structures and how scenarios play out, then you must read this book. For the students of PEAK and the importance of oil in the future... a must read.
This is a history of economics, or the marketplace from the beginning of time. The author explains the Malthusian trap "The power of population is infinitely greater than the power of the earth to produce subsistence for men. If for a brief moment, food became plentiful, population would rise rapidly. Soon enough, though, the increased supply of workers would drive down wages. The standard of living is inversely proportional to the number of mouths to feed." After a plague or crop failure the real per capita GDP would rise. The Malthusian cycle continued throughout history until the 1800's, where the author argues that the 4 requirements necessary to escape the cyle were in place.
1) Property rights
2) Scientific rationalism
3) Capital markets
4) Fast and efficient communications and transportation.
It is the last on that caught my eye....specifically transportation. I checked the books index for the word oil or petroleum and struck out. The first 3 factors are crucial, but the words "cheap energy" should be substituted for transportation!!!! Sooooo, my take here is that as we PEAK, the Malthusian cycle will again take hold and worldwide population will "adjust" to a balance with available energy. Even though the book does not seem to get the importance of our current scenario. As a petroleum geologist, I know that economists do not believe in scarcity, but geologist's know that PEAK is upon us and nothing will ever be the same.
Rating:
Summary: Great topic, decent writing.
Review: In 1820, the per capita GDP of the world took off after thousands of years of consistently meager growth. In this book, Bernstein takes a look at the confluence of circumstances that made the sudden meteoric rise possible.
The topic that Bernstein has chosen is very interesting and his explanation, that there are four preconditions for rapid economic growth, promises a fascinating read. Unfortunately , as Berstein goes into the preconditions; property rights, capital markets, scientific thought, and good transportation, the writing bogs down a little more than you'd hope into what feels at times like an academic paper.
The book is still very solid and I recommend it for fans of history and economics, but I've seen less promising topics handled with more colurful and page-turning writing.
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