"What was the role of merchant guilds in the medieval and early modern economy? Does their wide prevalence and long survival mean they were efficient institutions that benefited the whole economy? Or did they simply offer an effective way for the rich and powerful to increase their wealth, at the expense of outsiders, customers and society as a whole? These privileged associations of businessmen were key institutions in the European economy from 1000 to 1800. Historians debate merchant guilds role in the Commercial Revolution, economists use them to support theories about institutions and development, and policy-makers view them as prime examples of social capital, with important lessons for modern economies. Sheilagh Ogilvies magisterial new history of commercial institutions shows how the answers to such questions can help us understand which types of institution made trade grow, why institutions exist, and how corporate privileges affect economic efficiency and human well-being"--"Cambridge Studies in Economic History comprises stimulating and accessible economic history which actively builds bridges to other disciplines. Books in the series will illuminate why the issues they address are important and interesting, place their findings in a comparative context, and relate their research to wider debates and controversies. The series will combine innovative and exciting new research by younger researchers with new approaches to major issues by senior scholars. It will publish distinguished work regardless of chronological period or geographical location"--.