Silver Lining: The World that the Disruption Created

In the famous book by Daron Acemoglu and James A. Robinson “Why Nations Fail” about creation of inclusive or extractive institutions in different countries, there is a section dedicated to the Black Death, or Bubonic Plague. According to the authors, it originated from China and was brought to the Mediterranean by Genoese traders, from where it quickly spread across the Europe. It was a disaster that “wiped out about half of the population of any area it hit”. The socio-economic consequences of the Black Death were tremendous. The plague changed dramatically the way feudal economy worked. In Western Europe, few…...