Lessons From the Black Death

Inclusive economic institutions pave the way for economic success because they encourage citizens to participate in economic activities. An extractive economic institution receives income from one group in society for the benefit of another group. Similarly, politics can also be either inclusive or extractive. A critical juncture is an event that is influential enough to overturn the socio-political balance of a nation or continent. In the mid-14th century, the Black Death took almost half of Europe's population. This caused an economic fallout that was responsible for changing Europe's future.