Question

Cause of decline of guild system

Answer 1

Explanation:

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Well, from what I can tell, there were several major decisive factors which came to head in the sixteenth century:

• 1) The needs of long distance trade and the development of transnational markets and banks. That is, guilds could not scale.

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Answer 2

Guild system was an association of merchants that flourished in Europe.

Explanation

• With the initialization of commercial expansion,rise of long distance trade began which initiated the process of loss and risk to the old guild system.This also put the master no longer manage the operation which further added to his loss of money due to lack of knowledge meanwhile rising of a new branch of entrepreneurs,who became prominent in the commercial life.
• Division of labour was yet an another reason,while with the rising of the new monarchs a new system of strong and self sufficient came into being which went well with the idea mercantilists  who successfully frowned the local and conservative outlook of the guild system,followed by losing influence and importance which once flourished in Europe that finally broke in 1563.
• The government also assisted new group of merchants who wanted to set up their local cottage industries which was against the protests of the guilds that forbidden the rural to engage in crafts in those days.

Learn more about the guild system

What is guild system

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