Guilds performed a variety of important functions in the local economy. They established a monopoly of trade in their locality or within a particular branch of industry or commerce; they set and maintained standards for the quality of goods and the integrity of trading practices in that industry; they worked to maintain stable prices for their goods and commodities; and they sought to control town or city governments in order to further the interests of the guild members and achieve their economic objectives.
In a world governed by philosophy of Thomas Hobbes because he truly believed in social peace.
Explanation:
- Basic thesis of Hobbes is that it is in man's interest to emerge from a natural state in which everyone wages war against all, and forms, through social contract, a state that will ensure social peace.
- Hobbes was a champion of sovereign absolutes, but he also developed some of the fundamental European thoughts: the right of the individual; the natural equality of all the mad; the artificial character of the political order (which led to a later distinction between civil society and the state); the view that all legitimate political power must be representative and based on the consent of the people; and a liberal interpretation of law that leaves people free to do what the law does not explicitly forbid.
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Answer:
An economic system is an organizational system of the resources and production of a given territory, generally a country. In other words, it is the method by which the economic production of a country and the benefits it produces are organized, regulated and distributed.
The two best-known economic systems today are capitalism and socialism. In the first of these, production is regulated through free competition and little or no state regulation, while in the second, state participation occupies a large part of the country's production.
There are marked differences between the two economic systems: for example, capitalism seeks capital investment through low taxes, and strictly respects private property; while socialism seeks high taxes for a further redistribution of economic capacity, and property rights yield to the common welfare.
