Summer Reading: Insights from The Lessons of History.

• Author: Gochnour, Natalie
• Position: Economic Insight - Book review

There must be hundreds of business books worthy of reading this summer. I recommend you add to this list a 1968 masterpiece I pull off my shelf from time to time called The Lessons of History. Authored by Will and Ariel Durant, this gem of a book will refresh your thinking, challenge your intellect and feed your soul.

Be forewarned ... this is no ordinary book. The authors spent 40 years writing an 11-volume set on the history of civilization. As if that wasn't a daunting enough task, they then distilled the lessons learned into this single-volume, 100-page book that includes profound insights about our world. It's certain to give you more of a sixth sense about your business and your life.

The Durants write that the first lesson of history is modesty--a poignant reminder to all of us. In their words, "Generations of men establish a growing mastery over the earth, but they are destined to become fossils in its soil." No matter how high you climb, don't ever take yourself too seriously. Stay clear of vanity or conceit. Be humble.

They remind us that all races, ethnicities and cultures contribute creatively and uniquely to the progress of civilization. In their words, "civilization is a co-operative product that nearly all peoples have contributed to it." Remember in your business and personal dealings, everyone matters.

They opine that history demonstrates little variation over time in the conduct of mankind. Human nature does not vary by class either, but rather "by and large, the poor have the same impulses as the rich with only less opportunity or skill to implement them." The balance of character traits, they say, propels history. In our base nature, we are mostly the same.

The Durants point out that sin has flourished in every age, and then they confess that even the skeptical historian develops a humble respect for religion. They write, "There is no significant example in history ... of a society successfully maintaining moral life without the aid of religion." They go on to praise religion for helping parents and teachers to discipline the young, conferring meaning and dignity to the lowliest existence, and creating a stronger connection between man and his/her maker. It's a subtle reminder that even the skeptic should give religion a chance.

In regards to economics, they conclude that market economies are the right way to organize economic activity. They write, "The experience of the past leaves little doubt that every economic...