Question

What were 5 major problem faced by new merchants in setting up industries in town before industrial revolution

Answer 1

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(i) Due to the expansion of world trade, the merchants wanted to expand their production. But hade and craft guilds were very powerful.

(ii) They could create money problems for the merchants in their town

(iii) Rulers had granted different guilds and the monopoly rights to produce and trade in specific products. So merchants were handicapped in towns.

(iv) Guilds regulated competition and prices.

(v) In the countryside, peasants and artisans were available for work.

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