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The Birth of Plenty suggests -- and
supports with groundbreaking analysis -- that from the dawn
of recorded history through 1820, the "mass of man"
experienced essentially zero growth, both in economic standing
and in living standards. It was only in the nineteenth century
that the world's standard of living began to inexorably
and irreversibly improve and that the modern world was born.
But what changed, and why then? Noted financial
expert and neurologist William Bernstein isolates the four
conditions that when occurring simultaneously, constitute
an all-inclusive formula for human progress:
- Property rights -- Creators must have
proper incentives to create
- Scientific rationalism -- Innovators
must possess the proper intellectual tools in order to
innovate and must be able to do so without fear of retribution
- Capital markets -- Entrepreneurs must
have access to sufficient capital to pursue their visions
- Transportation/communication -- Society
must be able to rapidly and efficiently move information
and finished products
Beyond just shining a light on how quickly
progress occurs once the building blocks are in place, 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.
William J. Bernstein, Ph.D., M.D., is
founder of the popular Web site efficientfrontier.com, which
has become one of today's most widely viewed and straight-talking
forums for independent investors. Dr. Bernstein, the author
of The Four Pillars of Investing and The Intelligent
Asset Allocator, is frequently quoted in major publications
such as The Wall Street Journal and is a guest analyst
and columnist for Morningstar.
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