How did the Black Death affect the economic institutions?

History The Black Death Questions



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How did the Black Death affect the economic institutions?

The Black Death had a significant impact on economic institutions. It caused a severe labor shortage as a large portion of the population died, leading to a decrease in agricultural production and a rise in wages. This resulted in a shift in power from the feudal lords to the peasants, as they were now in higher demand and could demand better working conditions and higher pay. Additionally, the reduced population led to a decline in trade and commerce, causing economic stagnation in many regions. Overall, the Black Death disrupted the existing economic system and led to significant changes in labor, wages, and power dynamics.