An Intellectual Father of Modern Business

Mary Catherine Welborn

Business History Review, 1939, vol. 13, issue 2, 20-24

Abstract: Ours is not the only period in which business men have had annoying restrictions placed upon their activities by outside agencies. In the Middle Ages business was almost completely controlled by regulations imposed by the gilds, by political rulers, and by the Church. The gilds restricted the number of persons permitted to enter given occupations, sometimes established prices which would be fair primarily to the consumer and would allow only a small profit to the producer, and attempted to exercise control over the volume of production.

Date: 1939
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