Dr. William J. Bernstein on Economic Growth, Passive Investing & Retirement Realities

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 explores how trade has evolved, from ancient sailing ships bringing silk from China to Rome, to the rise and fall of the Portuguese monopoly in spices, and to modern trade involving goods like televisions from Taiwan, lettuce from Mexico, and T-shirts from China. Bernstein examines how trade has contributed to agricultural bounty, intellectual progress, and both prosperity and vulnerability. He argues that trade is ultimately a force for good among nations and that societies are more successful and stable when involved in vigorous trade with their neighbors.

In this book, William J. Bernstein argues that the key to prosperity lies in a 'prosperity formula' consisting of four essential components: property rights, scientific rationalism, capital markets, and efficient transportation and communication. The book explores the historical development and application of these factors across various regions and examines their impact on economic growth and prosperity.