Stimulating and profiting from the growth of towns and the trade between them, the merchant emerged as a social class in the middle Ages.
Their prices and business practices were regulated by merchant guilds, the medieval equivalent of Ofcom, Ofwat or Ofgem – except much more powerful. Whereas today’s regulatory bodies derive their powers from laws enacted by a democratically accountable central government, the merchant guilds wielded considerable influence over local government and perpetuated the status quo.
Prices and business practices were regulated by merchant guilds, the medieval equivalent of Ofcom, Ofwat or Ofgem – except much more powerful
There were also guilds performing a function similar to that of the modern-day trade association. Tradesmen would collectively protect themselves and their particular trade through a craft guild.
However, the remit of a craft guild went further. Like the merchant guilds, they had a significant degree of executive power, and often dictated working hours and wages.
They also regulated the quality of goods produced and services rendered, protecting the consumer like the Trading Standards Authority does today. However, they were antithetical to another modern regulatory body with a virtuous mission, the Competition Commission, as they often restricted competition and fixed prices.
To own a business, the Middle Ages man (and it was, sadly, always a man) had to first become an apprentice. Then, if his work was deemed good enough, he’d be promoted to journeyman, and finally, a master craftsman, at which point he was permitted to own his own shop.
Though unburdened by complicated tax returns, and with rather fewer employment, environmental and health and safety regulations to adhere to than today’s business owners, medieval entrepreneurs were certainly not free of rules and regulations.
