SETTLING NORTH AMERICA 1497 1732
RISE OF THE SLAVE TRADE BLACK HISTORY IN COLONIAL AMERICA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It increased their profits to bypass them.
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They believed they paid unfair wages.
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Guilds were a front for slavery.
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Guilds controlled the government and wouldn’t let entrepreneurs participate in business.
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Detailed explanation-1: -What did entrepreneurs want to bypass the guilds?-Entrepreneurs wanted enough goods for large markets and greater freedom than the guilds allowed.-Entrepreneur are people who take a financial risk to make profits.
Detailed explanation-2: -Guilds provided an organi-zational mechanism for groups of businessmen to negotiate with political elites for exclusive legal privileges that allowed them to reap monopoly rents. Guild members then used their guilds to redirect a share of these rents to political elites in return for support and enforcement.
Detailed explanation-3: -Craft guilds broke down as the pace of technological innovation spread and new opportunities for trade disrupted their hold over a particular industry. Masters tended to become foremen or entrepreneurs, while journeymen and apprentices became labourers paid their wages by the day.
Detailed explanation-4: -The specialization within a trade provided by the guild structure, along with the training and skills, led to increased productivity, increased wages, and higher standards of living. Guilds became a major source of employment for workers in cities, and guild membership was widespread.