Benchmarking the Middle Ages: fifteenth century Tuscany in European perspective

Abstract

AbstractThe article presents GDP estimates for fifteenth century Tuscany, based on the 1427 Florentine Catasto. In per capita GDP, Tuscany was only slightly above England and Holland. Furthermore, when compared to England and Holland, Tuscany was characterized by high extractive rates in favor of Florence, to the detriment of the subdued cities and the countryside, and by subsequent market blockades. This may explain why previous estimates, partly based on the construction wages in Florence, can lead to an overestimate of GDP. It may also explain the exceptional artistic blossoming of fifteenth century Florence, despite only a small lead in average GDP.