The Birth of Plenty How the Prosperity of the Modern World was Created 1st Edition by William J Bernstein ISBN 0071747044 978-0071747042

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ISBN 10: 0071747044

ISBN 13: 978-0071747042

Author:  William J Bernstein

“Compact and immensely readable . . . a tour de force. Prepare to be amazed.” ― John C. Bogle, Founder and Former CEO, The Vanguard Group

“Vital―a cogent, timely journey through the economic history of the modern world.” ― Publishers Weekly

In The Birth of Plenty, William Bernstein, the bestselling author of The Four Pillars of Investing, presents his provocative, highly acclaimed theory of why prosperity has been the engine of civilization for the last 200 years.

This is a fascinating, irresistibly written “big-picture” work that highlights and explains the impact of four elements that when occurring simultaneously, are the fundamental building blocks for human progress:

• Property rights, which drive creativity
• Scientific rationalism, which permits the freedom to innovate without fear of retribution;
• Capital markets, which provide funding for people to pursue their visions;
• Transportation/communication, which allows for the effective transfer of ideas and products.

  Meticulously researched, splendidly told, and featuring a new preface and introduction, The Birth of Plenty explains the interplay of the events, philosophies, and related phenomena that were nothing less than the crucible of the modern age. This is one of the rare books that will change how you look at the world.

The Birth of Plenty How the Prosperity of the Modern World was Created 1st Table of contents: 

• Introduction: The Prosperity Puzzle

  • Understanding prosperity and the modern world
  • Overview of the book’s argument: The factors that led to the rise of modern economic prosperity
  • Key questions: Why did some parts of the world grow prosperous, while others remained poor?

• Chapter 1: The Five Key Factors

  • The four “irreducible” elements necessary for prosperity: Property rights, scientific rationalism, capital markets, transportation, and communication
  • A brief history of human economic development
  • How the world transitioned from stagnation to rapid growth

• Chapter 2: The Role of Property Rights

  • The importance of secure property rights in fostering economic growth
  • Early systems of property rights in ancient civilizations
  • The rise of capitalism in Europe and the importance of legal systems and rule of law

• Chapter 3: The Scientific Revolution

  • The birth of scientific rationalism and its impact on technology and industry
  • The development of empirical science and the scientific method
  • Key figures in the Scientific Revolution and their contributions
  • How science catalyzed technological innovation

• Chapter 4: Capital Markets and Economic Growth

  • The development of financial markets and their role in creating wealth
  • Early forms of credit and the rise of the modern banking system
  • The importance of stock markets, bonds, and venture capital
  • How access to capital allowed for large-scale innovation and industrialization

• Chapter 5: The Transformation of Transportation

  • The role of transportation in connecting markets and fostering trade
  • Innovations in transportation: The wheel, ships, railroads, and automobiles
  • How transportation networks laid the foundation for global trade and economic integration

• Chapter 6: Communication Networks and Information Flow

  • The development of communication technologies from the printing press to the internet
  • The impact of better communication on knowledge dissemination, education, and business
  • How information flow led to more efficient markets and innovation

• Chapter 7: The Rise of the West

  • Why the West became the epicenter of modern economic growth
  • The interaction of property rights, science, capital markets, transportation, and communication in Europe
  • The impact of the Enlightenment and the Industrial Revolution
  • The role of European empires in spreading economic prosperity

• Chapter 8: The Great Divergence

  • The factors that led to the dramatic difference in prosperity between the West and the rest of the world
  • Colonialism and its effect on global economic development
  • The divergence between Eastern and Western economies
  • The role of geography, culture, and institutions in shaping economic outcomes

• Chapter 9: Globalization and the Future of Prosperity

  • The rise of globalization and its role in spreading prosperity
  • How the modern world economy works: Trade, multinational corporations, and technology
  • The challenges of the 21st century: Inequality, environmental concerns, and political instability
  • The future of prosperity and how nations can sustain growth

• Conclusion: A New Era of Prosperity

  • Summing up the five factors that led to modern prosperity
  • How modern societies continue to build on the foundations of the past
  • Final reflections on the future of global economic development

• Appendices

  • Timeline of key events in the history of prosperity
  • Key economic theories and thinkers mentioned in the book

• References

  • A comprehensive list of citations and further reading

• Index

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