We need not here follow the Guild system through its later stages of
decay and dissolution. Where the Guilds did not die they shrank up as
a rule into capitalistic and oligarchical associations. Step by step,
power within the Guild was taken away from the ordinary Guild member by
the creation of privileged orders, access to which was possible only
to "men of substance." This process of oligarchization can be traced
very clearly in Mr. George Unwin's admirable history of the Guilds and
Companies of London. No doubt its coming was more obvious in London
than in smaller industrial centres; but the essential features of the
change were everywhere substantially the same. The constant attacks on
patents and monopolies in the later years of the reign of Elizabeth and
under the Stuarts were, in part, attacks upon the privileges granted to
mere courtiers and adventurers; but when monopoly came their way, the
undemocratic Guilds and Livery Companies were to the full as forward in
abusing their powers as the merest of adventurers who found or bought
the royal favour.
From the time of the Stuarts, at least, the Guild system had ceased to
count at all as a method of industrial organization. It is doubtful
whether, even in their greatest days, the Guilds ever included the
whole personnel of the trades and industries which they controlled, and
it is certain that, as the tendency towards oligarchy became manifest
in them, they included a steadily decreasing proportion of those
whose work they claimed to regulate. Moreover, even of those whom they
included, a steadily decreasing number retained any control over their
policy.
Public-domain text, read in full here on John Shaqi.
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