Question

explain any three major problems faced by new European merchants in setting up their industries in towns before the industrial revolution​

Answer 1

Answer:

(i) The urban crafts and trade guilds were powerful. These were associations of producers

that trained craftspeople and maintained control over production.

(ii) They regulated competition and prices and restricted the entry of new people into the trade.

(iii) Rulers granted different guilds monopoly right to produce and trade in specific products.