Explain any three major problems faced by new european merchants in setting up their industries in town before the industrial revolution
Following are some problems faced by the European merchants in setting up shop in towns before the industrial revolution:
- In towns, the urban crafts and trade guilds were extremely powerful.
- Apart from controlling the production and sale of goods, these guilds also controlled the entry of new people in the trade.
- The rulers too gave preference specific guilds and granted them monopoly of production and trade in specific goods. All of this made it difficult for new merchants to conduct business in the towns.
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