Odd Lots What Happened to Europe's Economy After the Black Death
Jan 4, 2021
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.
AI Snips
Chapters
Books
Transcript
Episode notes
Pre-Plague Economy
- The pre-plague European economy was largely feudal, with tenant farmers owing labor services to landlords.
- The Black Death disrupted this system, as labor shortages empowered these farmers to seek better opportunities.
Commercial Revolution and Decline
- Pre-plague Europe's economy expanded through a commercial revolution, driven by good climate and high population.
- The Black Death arrived when this expansion had already ended, with leading firms bankrupt and the economy declining.
Agricultural Economy
- Although trade existed, the pre-plague European economy was primarily agricultural.
- Land ownership was crucial, as lords extracted labor and rents from tenants due to high population and land scarcity.
