Cruel windfall: How wars, plagues, and urban disease propelled Europe’s rise to riches

Hans-Joachim Voth, Nico Voigtländer 29 July 2009

In modern economic thinking, peace and prosperity go hand in hand. However, there are good reasons why in pre-modern societies, the opposite relationship held true – war, disease, and urban death spelled high incomes. This column explains why Europe’s rise to riches in the early modern period owed much to exceptionally bellicose international politics, urban overcrowding, and frequent epidemics.