William Bernstein on the History of Trade

In this book, Angus Maddison provides a detailed historical perspective on the world economy, spanning from the Roman Empire to the present day and projecting into the future until 2030. The work includes extensive data and analysis on GDP per capita, population growth, and economic performance across various regions, including Europe, Asia, and the Americas. Maddison's research combines historical and modern sources to offer insights into the factors that have driven economic development and the reasons for income disparities between countries.

The book studies the past eighty years of American history, focusing on the reduction and subsequent increase in economic and political inequality. Krugman argues that government policies, particularly the establishment and dismantling of the social safety net, have played a significant role in these changes. He critiques the conservative movement, especially its use of racial and cultural resentments, and proposes a 'new New Deal' that emphasizes social and medical programs, including universal health care. The book also discusses the role of institutions and norms in economic inequality and expresses optimism about a potential shift towards a more liberal political environment[1][4][5].

This pamphlet, published in 1701, presents a strong case for free trade and discusses various economic principles that were ahead of its time. It includes insights on the division of labor, the role of the market, the impact of international trade on resource allocation and productivity, and the effects on economic welfare. The work was published anonymously due to Martyn's concerns about the political implications of his views.

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.