History: October 2, 2021. Economic Consequences of the Black Death in Europe 1347-1353

in LeoFinance2 years ago

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The Black Death is the term with which we describe the Bubonic and Pneumonic Plague pandemic which depopulated Europe from 1347 till 1353. It was caused by Yersinia Pestis, imported from Asia, and propagated by rats. Europe lost about 30% of its population, with some locations losing 60-80% of people

Because of this massive depopulation, the economy collapsed. The post pandemic world was characterized as a period of labor shortage. As peasants ready to operate the fields were scarce, they started to demand higher wages form the lords. It is possible that the lords would have transferred the increased cost of labor to the consumer. Some places inflated the monetary supply in order to allow the lords to pay, generating a generalized increase in prices.

This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.

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Europe lost about 30% of its population, with some locations losing 60-80% of people

This history was very much are known to me and after going to your post it is now clear to me that how the price is increasing or inflation is being affected in the economy for such kind of situation. Lord's need to pay and in that way they can either print money or they can collect it from the consumers. huge impact on the economy and both are the indicators and thank you very much for sharing such a nice way.