The pandemic begins in Asia, rips through the capital cities of Europe and wipes out at least a third of all human beings in its way. When it is all over, revolts begin, cherished institutions fall, and the entire economic system has to be reconfigured.
That is a short history of the Black Death, a bubonic plague pandemic caused by the bacterium, Yersinia pestis, which spread from Mongolia to Western Europe in the 1340s.
Because the economy then was based on local agriculture and crafts, ordinary life bounced back relatively quickly.
But, by radically reducing the number of workers, it gave the survivors increased bargaining power, which soon translated into new concepts of liberty among the population of medieval cities.
That, in turn, started a process of economic change that brought an end to the feudal system and, some argue, triggered the rise of capitalism.
Capitalism’s plague nightmare
Today, capitalism faces its own plague nightmare. Though the COVID-19 virus may kill…
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2020-04-03 07:00:00
