The very vital importance of the word "Master" is this. A Guild was, very broadly speaking, a Trade Union in which every man was his own employer. That is, a man could not work at any trade unless he would join the league and accept the laws of that trade; but he worked in his own shop with his own tools, and the whole profit went to himself. But the word "employer" marks a modern deficiency which makes the modern use of the word "master" quite inexact. A master meant something quite other and greater than a "boss." It meant a master of the work, where it now means only a master of the workmen. It is an elementary character of Capitalism that a shipowner need not know the right end of a ship, or a landowner have even seen the landscape, that the owner of a goldmine may be interested in nothing but old pewter, or the owner of a railway travel exclusively in balloons. He may be a more successful capitalist if he has a hobby of his own business; he is often a more successful capitalist if he has the sense to leave it to a manager; but economically he can control the business because he is a capitalist, not because he has any kind of hobby or any kind of sense. The highest grade in the Guild system was a Master, and it meant a mastery of the business. To take the term created by the colleges in the same epoch, all the mediaeval bosses were Masters of Arts. The other grades were the journeyman and the apprentice; but like the corresponding degrees at the universities, they were grades through which every common man could pass. They were not social classes; they were degrees and not castes. This is the whole point of the recurrent romance about the apprentice marrying his master's daughter. The master would not be surprised at such a thing, any more than an M.A. would swell with aristocratic indignation when his daughter married a B.A.