Question

bakit mahalaga ang guilds sa panahon ng medyibal? ​

Answer 1

English Translation:

Why were guilds important in medieval times?

Guilds are organisations of artisans and businesspeople created to protect and benefit one another as well as to advance the economic interests of their members. Between the eleventh and sixteenth centuries, guilds were common throughout Europe as social and business institutions.

• The guild system, which served economic, educational, social, and religious purposes, was a large component of the skilled labour force in mediaeval cities.
• Specialization, labour division, productivity, human capital (skills or education), monopolistic power, economic systems, and labour unions are just a few of the important economic principles that may be taught through the study of guilds in a historical context.
• Local monopolies, guilds served this purpose. By limiting the output of products and services and managing to price, they attempted to enhance wages through higher profits in the traditional monopolistic manner. So as not to oversupply marketplaces with goods and drive down prices, guild membership was restricted.
• Fewer masters and apprentices would become journeymen during difficult economic times when demand was low.
• By offering education and training to apprentices and by assisting journeymen in developing their talents, guilds contributed to the development and expansion of the era's economy.

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