19/11 ACUH Seminar: “How do bad institutions survive? European guilds c. 1000 – c. 1880”, Sheilagh Ogilvie

Institutions – the social and political “rules of the game” – are widely viewed as central to economic growth. But what kind of institution makes an economy work better for everyone, and what kind mainly serves the interests of privileged groups? In many European economies, guilds ruled crafts and trades from the Middle Ages to the lndustrial Revolution. Did the benefits of guilds outweigh their costs? Read more.

Sheilagh Ogilvie is professor of Economic History at the University of Cambridge.

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