Guilds were the union and associations of ____.

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Detailed Solution

Guilds were the union or associations of traders. This association is a familiar phenomenon. Instead, it has its roots in ancient times also. Guilds were very powerful in old as well as modern times. They were the ones who regulated the trade, exports, imports, and production of goods. All the merchants and traders were working under the strict regulations created by the members of the higher order in the guild. Guilds, at a point in time, became so powerful that they also regulated their currencies and made trade laws. These trade laws were followed even by the rulers.

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