To what extent are economic shifts that originated in medieval Europe evident in today’s economy?

One major shift is the law of supply and demand. After the Black Plague killed more than forty percent of Europe's population, serfs were treated better and allowed more rights due to the their newfound ability to leave and join another manor. Similarly, in the modern economy, when workers are scarce companies offer incentives such as higher pay or more generous benefit packages to keep them.

Another change that happened in medieval Europe is a...

One major shift is the law of supply and demand. After the Black Plague killed more than forty percent of Europe's population, serfs were treated better and allowed more rights due to the their newfound ability to leave and join another manor. Similarly, in the modern economy, when workers are scarce companies offer incentives such as higher pay or more generous benefit packages to keep them.

Another change that happened in medieval Europe is a coinage system. The Roman Empire used coins, but after it fell, parts of Europe reverted back to a barter system. As kingdoms started to emerge, rulers started to implement coins for trade. They also used coins in order to make taxation easier to collect. The modern economy still uses coins and hard currency, though there is a push to go to virtual currency.

Another shift that originated in Europe during this time was the concept of private property. By the end of the medieval era, people started to graze their animals less on public land and more on their own fields. This concept of private property also meant that Europeans needed fences to keep their animals in and keep that which could harm their animals out. In the modern era, private property drives capitalistic society. People aspire to buy houses and other goods for status and comfort reasons.