The Black Death led to the demise of feudalism. Could this pandemic have a similar effect? | Salon.com - 0 views
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The plague, in combination with a host of other related and overlapping crises, delivered a death blow to Medieval Europe, ushering in a new age — the Renaissance and the rise of so-called agrarian capitalism — and ultimately setting the stage for the Industrial Revolution and the modern world.
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the calamitous 14th century is not as far removed from our own experience as we would like to think.
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Since the Second World War, we have experienced an unprecedented period of economic growth, and so it was for Medieval Europe on the eve of the Black Death
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First and foremost, the climate was changing. Sound familiar? Medieval Europe benefitted from several centuries of warmer weather, which boosted crop yields, but by the 14th century, the world was entering the so-called Little Ice Age
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As the population grew, increasingly marginal land was turned over to agriculture, with diminishing returns, resulting in lower yields per capita and pushing the population dangerously close to subsistence levels. This left little slack in the economy to absorb a significant shock, and the 14th century would soon bring one shock after another.
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From AD 1000, Europe's population doubled or even tripled, and the economy became increasingly commercialized, underwritten by an increasingly sophisticated financial system, as new cities and towns emerged, universities were founded across the continent, and the magnificent Gothic cathedrals surpassed the Great Pyramid at Giza as the tallest man-made structures in the world.
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At the same time, Europe entered a prolonged period of heightened geopolitical conflict, during which a dizzying array of kingdoms, principalities, sultanates and city-states waged innumerable wars, both large and small.
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beginning in 1311, Europe began to experience a series of crop failures across the continent in what became known as the Great Famine. Reaching a peak in northern Europe in 1315-1317, the Great Famine may have killed 5 to 10% of Europe's population
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Cooler and wetter weather depressed agricultural yields, at a time when there was already very little slack in the food supply. This contributed to a broader economic slowdown, as yields declined and prices rose, but it also brought Europe to the edge of famine.
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These conflicts inhibited trade between northern and southern Europe and between western Europe and the eastern Mediterranean, further slowing the European economy and incurring a massive fiscal burden that would soon ruin the European financial system and provoke uprisings in both France and England
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Northern Italy was the heart of the financial system at this time, and a small number of very large Italian banks, often referred to as "super-companies," were lending huge sums of money across Europe
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All available money was loaned out or tied up in investments, leaving the banks severely under-capitalized and vulnerable to insolvency in the event of a sudden large withdraw or a major default on their loans.
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war broke out between England and France in 1294, prompting King Edward I to withdraw huge sums of money from the Riccardi of Lucca, approximately equivalent to several billion dollars today. The Riccardi simply did not have the money, and Edward seized whatever assets he could. Then, over the following decades, three more super banks, the Frescobaldi, the Bardi and the Peruzzi, all of Florence, were each ruined by successive English kings who refused to pay their debts.
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Meanwhile, the Catholic Church, the cultural and epistemological bedrock of Medieval Europe, was facing the most significant legitimacy crisis in centuries
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It was in the midst of this spiritual, economic and geopolitical crisis that the Black Death arrived, sweeping through Europe in 1347-1353 and upending the balance of power, almost overnight
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We might compare this crisis of faith with the current legitimacy crisis of science in the United States. Like the scientific method, the Church was a shared way of knowing — a pathway to common understanding, which was essential to the social order of Medieval Europe.
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he King's men attempted to arrest the elderly Pope, inadvertently killing him. Shortly thereafter, in 1305, a Frenchman, Clement V, was chosen to be the next pope, and the papacy was relocated to Avignon, France. This understandably cast a long shadow over the Holy See, and the Avignon Popes were widely disliked and distrusted. The crisis only deepened in 1378 when a second pope was elected in Rome and a third pope was briefly elected in 1409 before all three were deposed in 1417.
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This, combined with the soaring fiscal burden of near-constant war, set off a series of uprisings, most notably the French Jacquerie of 1358 and the English Peasants' Revolt of 1381. The aristocracy responded with force wherever they could, but they could not turn back the clock.
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Both of these developments substantially benefitted commoners, at the expense of the elite, particularly in England.
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The archetypal serf was not paid for their work in the lord's fields — that was their obligation to the lord in exchange for the use of the lord's land. The modern equivalent would be if your landlord was also your boss, and in order to live in your apartment, you had to sign away your freedom and that of your children, in perpetuity.
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Not only that, the medieval lord was also the primary unit of legal, civic and military power, often serving as the first stop for legal matters and the first defense against brigands and rival kingdoms.
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With perhaps half the population gone, there were simply not enough peasants to work the land, and the average income of the English lord declined significantly. In response, the lord's wheat fields were increasingly turned over to livestock, or rented out to tenant farmers, who would pay the lord a fixed rent, keeping the agricultural produce for themselves.
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The ambitious commoner could now acquire sizable tracts of land, and with the agricultural product of that land entirely at their disposal, commoners were incentivized to maximize the productivity of their land and sell the surplus at market for a profit. This transition is often referred to as the birth of Agrarian Capitalism.
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In the wake of the Black Death, plague doctors were among the first to believe they had surpassed the knowledge of the Greek and Roman world; ironically, they were wrong, but the lower mortality of later outbreaks led many doctors to proclaim they had cured the disease, which instilled a new faith in scientific progress
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Sumptuary laws, which restricted what commoners could wear and eat, also became common during the 14th and 15th Centuries. However, these laws do not appear to have been effective, and tensions continued to mount between the aristocracy and the wider populace, who were increasingly impatient for change.
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Urban laborers and craftsmen also benefitted from rising wages. The average lifespan increased, and standards of living improved across the board. The shortage of skilled tradesmen even created new opportunities for urban women
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starting in the 14th century, infantry units comprised of commoners, like the Swiss pikemen and English longbowmen, began to win a series of decisive victories against mounted knights, revolutionizing military tactics and hastening the obsolescence of the feudal aristocracy.
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a new intellectual spirit was taking root across western Europe. Influential thinkers like John Wycliffe and Marsilius of Padua began to question the worldly authority of both the Church and the state, arguing that power rested ultimately with the populace rather than the ruler, and the unworthy ruler could lose their right to govern
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the economic effects of the plague were nothing short of earthshattering. By killing perhaps 50% of the labor force, the Black Death drastically altered the supply of labor, land and coin. Wages skyrocketed, as labor was in short supply, and rents declined, as the plummeting population density created a surplus of land
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seven-hundred years later, what, if anything, can we learn from this — what can the crises and consequences of the 14th century tell us about our own pandemic and the impending aftermath?
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There will be no labor shortage in the wake of the coronavirus; quite the opposite, there will likely be a labor surplus, due to the ensuing economic contraction. As for rents, the housing market is essentially frozen as people shelter in place, and housing prices are likely to decline in a recession, but the real cost of housing relative to income is unlikely to see the kind of seismic shift experienced after the Black Death.
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most presciently for our own time, Europe was headed for a climate catastrophe, and regardless of the Black Death, the continent would have almost certainly faced a series of demographic shocks, like the Great Plague, until considerable changes were made to the existing socio-economic system.
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The lesson we should take from this today is not the differences between the coronavirus and the Black Death, but rather the broader similarities between the 14th century and the 21st century
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war between China and the US still looms ever larger, socio-economic inequality is reaching record levels, trust in institutions and our established epistemology is waning, and as we enter the worst depression since the 1930s, climate change once again threatens to throw us back into the Middle Ages
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if we continue business as usual, what happens next is likely to be much worse. The calamitous 21st century is just getting started, and a more apt parallel for the Black Death is probably yet to come
