More stereotype-busting about the Middle Ages. From Science Daily:
New research led by economists at the University of Warwick reveals that medieval England was not only far more prosperous than previously believed, it also actually boasted an average income that would be more than double the average per capita income of the world’s poorest nations today.
In a paper entitled British Economic Growth 1270-1870 published by the University of Warwick’s Centre on Competitive Advantage in the Global Economy (CAGE) the researchers find that living standards in medieval England were far above the “bare bones subsistence” experience of people in many of today’s poor countries.
The figure of $400 annually (as expressed in 1990 international dollars) is commonly is used as a measure of “bare bones subsistence” and was previously believed to be the average income in England in the middle ages.
However the University of Warwick led researchers found that English per capita incomes in the late Middle Ages were actually of the order of $1,000 (again as expressed in 1990 dollars). Even on the eve of the Black Death, which first struck in 1348/49, the researchers found per capita incomes in England of more than $800 using the same 1990 dollar measure. Their estimates for other European countries also suggest late medieval living standards well above $400.
This new figure of $1,000 is not only significantly higher than previous estimates for that period in England — it also indicates that on average medieval England was better off than some of the world’s poorest nations today including the following (again average annual income as expressed in 1990 dollars).
Central African Republic $536
Comoro Islands $549
Guinea Bissau $617
Sierra Leone $686
Haiti at $686