A Splendid Exchange: How Trade Shaped the World

I have mixed thoughts on William J. Bernstein's A Splendid Exchange: How Trade Shaped the World, a narrative on the history of world trade from the Sumerians to present day. Parts of it, particularly the opening chapters discussing the creation and growth of Islam and the role of trade in the Peloponnesian War were deeply interesting. Other chapters, such as those comparing the Dutch Wast India Company and the British East India Company (arguably the world's first multinational firms), felt too technical.

I also felt Bernstein missed the opportunity to tie some of the ongoing themes together more cleanly. For example, early in the book he discussed the role of trade in the Peloponnesian War. Similarly, trade was a precipitating factor of the British Opium Wars with China. However, Bernstein did not take the opportunity to compare and contrast these wars, their impact on trade balance and world power, and how trade factored into the dispute. A Splendid Exchange is a linear telling of trade history, but pulling upon earlier examples could have strengthened the book and further engaged the reader.

Berstein does offer excellent discourse on the advantages of trade, and examples of absolute and comparative advantage that any economics student can appreciate. Ultimately, this book is most likely to appeal to those folks with a strong - dare I say professional? - interest in the material.