Question

explain the term trade guilds ?list their function.​

Answer 1

• A guild  is an association of artisans or merchants who oversee the practice of their craft/trade in a particular area. The earliest types of guild formed as a confraternities of tradesmen. They were organized in a manner something between a professional association, a trade union, a cartel, and a secret society.

FUNCTIONS

The following were the roles of Trade guilds:(i) Trade guilds were associations of producers that trained craft people, maintained control over production, regulated competition and prices(ii)They enjoyed monopoly rights to produce and trade in specific products(iii) They also had the right to restrict the entry of new producers into the trade.