Guilds were associations of craftsmen and merchants that played a significant role in European society during this period. They regulated trade, set standards for quality, protected the interests of their members, and controlled the production and sale of goods within their respective industries.
Related terms
Apprenticeship: A system where individuals learned a craft or trade under the guidance of skilled masters within a guild.
Journeyman: Skilled workers who completed their apprenticeship but were not yet considered master craftsmen.
Mercantilism: An economic policy that emphasized government control over trade to enhance national wealth through exports while limiting imports.