The New Economy Medieval guilds and merchants were subject to local regulations, and usually worked within limited areas. Because most prices were fixed, and the business was small, most of the masters of the workshops made very little profit. Whatever profit he could manage, was used to upkeep his shop, and take care of his family. The ideas of unlimited surplus and expansion of capital had not yet been introduced. The displacement of guild control …
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showed last 75 words of 358 total
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