Guilds influenced the economy by setting prices, wages, and quality standards, thus impacting profitability for members.
Guilds had a significant impact on the economy by regulating admission to crafts, setting prices, wages, and quality standards, thus maintaining profitability for their members. The restriction on entry into privileged industries limited competition and allowed established producers protection in the market. The liberalization that followed, including the reduction of guild power, led to a freer movement of capital and labor, contributing to the expansion of a market economy.
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