A guild /ɡɪld/ is an association of artisans or merchants who oversee the practice of their craft/trade in a particular area. The earliest types of guild formed as a confraternities of tradesmen. They were organized in a manner something between a professional association, a trade union, a cartel, and a secret society.
What are guild privileges?Typically the key "privilege" was that only guild members were allowed to sell their goods or practice their skill within the city. There might be controls on minimum or maximum prices, hours of trading, numbers of apprentices, and many other things.
What are the results of the guild framework?An important result of the guild framework was the emergence of universities at Bologna (established in 1088), Oxford (at least since 1096) and Paris (c. 1150); they originated as guilds of students (as at Bologna) or of masters (as at Paris).
What are the legacy of traditional guilds?A lasting legacy of traditional guilds are the guildhalls constructed and used as guild meeting-places. Guild members found guilty of cheating on the public would be fined or banned from the guild. Typically the key "privilege" was that only guild members were allowed to sell their goods or practice their skill within the city.
