What Happened to Europe's Economy After the Black Death
Jan 4, 2021
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Patrick Wyman, a historian and expert on medieval economics, discusses the transformative impact of the Black Death on Europe's economy. He highlights how the catastrophic labor shortages led to soaring wages and shifts in worker power. Wyman elaborates on the resulting agricultural advancements and trade dynamics, including the emergence of cash-rich societies and the early stages of capitalism. He draws parallels between this historical event and modern economic challenges, illustrating how crises can catalyze significant change in labor markets.
It's been pointed out that, after the Black Death in Europe, real wages surged because there was such a shortage of labor in the aftermath. But what was the structure of the economy that allowed this transfer of power to workers in the first place? On this episode, we speak with Patrick Wyman, historian and the host of the Tides of History podcast, to get the real story of Europe's post-pandemic economy during the 1300s.