Guild

Medieval guilds were somewhat the equivalent of modern-day labor unions; however, many important differences do exist. The medieval guild held a monopoly on its trade in the town in which it operated; because of this, the guild could regulate pricing, quality, training, working hours, sales hours, and other such things. In many towns, the guilds were the wealthiest organizations and would use their considerable finances to build grandiose guild halls and to finance festivities.