A Reflection of a Splendid Exchange by William J. Bernstein Introduction: This report presents a reflection of ‘A Splendid Exchange’ written by William J. Bernstein. Reflection: From Bernstein’s explanation of the process of trade that had been followed in the early times, and which altered and modified over the years, till the current times, it can be said that trade started when countries faced difficulties in manufacturing products that were on demands in the market, and hence wanted to trade them from other countries. Since the early times, this measure started resulting in creating connections between different countries.
Such trade practices were not easy to follow in the early times, especially when the goods had to be transported across the seas or land from one country to another, and then passed to another. It could be well obtained that traders took significant risks and also incurred high level of costs considering their needs for transportation of products to be traded. The lands were particularly unsafe for trade transportations. This reflects on the fact that significant risks were taken for the purpose of trade to enable availability of demanded products in different countries across the globe.
Sometimes traders had life risks too, which they ignored for their acts of trading. All these reflect on the hardships that are associated with trade and that these are not easy to achieve activities as might apparently be felt. Over the years, globalization has increased and effective factors such as communications and transportations have taken significant positions in skilful trading practices. The writer can be said to have analysed effectively the establishments of connections among different countries, and hence, products could be seen to have spread from one part of the world to another.
In the present times, which can be associated more with the technology of the internet, the dependence is more on internet and communications for trade practices. Thus the trade seems to have brought a complete evolution in the way it deals with businesses across the globe. This is influenced more with the increased dependency on flow of trade, as can be reflected from the views of the writer. As a result, the current economic competition can be understood to be one of the most essential factors related to trade and business.
Over the years individuals and trade groups have always determined new ways of bartering for exchange of products. This reflects on the increasing need and popularity of trade of different products across different countries. Hence globalization in the present times can be seen to have significantly supported and increased. The sequence of events causing evolution in the trade practices in the world reflect on the immense creativity and innovation as well, which traders are constantly developing.
Conclusion: The writer has tried to bring in front the trade practices and the risks taken by traders since early times, and hence developing the business of trade over the years. It could be clearly reflected hence that, trade is an essential part of globalization in the present times and being constantly developing based on needs of customers and countries. References Bernstein, William J. A Splendid Exchange – How Trade Shaped the World, n.d.