People sometimes think of the medieval trade-guild as something like the modern trade-union, but this is a mistake; it was in many ways quite different. Perhaps one might call it a sort of a cross between a labor-union and a manufacturing trust. Within a certain district, all who were occupied in a particular business were required to belong to the guild; otherwise they were not allowed to do business, and the "district" might include the whole country. In order to gain an idea of a guild, imagine in this country a single association of jewelers to which everyone connected with the jewelry business was forced to belong, whether he were manufacturer or retailer, employer, or employee, the head of his firm or the last new clerk behind the counter. Or, to look at it in another way, imagine a trust controlling the whole industry and a union including all the workmen under a closed-shop system, and then suppose that the trust and the union were one and the same. That would be like one of the great medieval guilds. It was easy for such an organization to create a monopoly of the entire national product. Sometimes the guild would forbid the importation of foreign goods and would not permit workmen to come from other countries. It usually regulated, to some extent, the conditions of wages and labor. It fixed its own standards of quality of the product; if goods did not come up to this standard, they might not be sold, and the rules of the guild had practically the force of law. But it did not attempt to control prices, nor to limit the quantity of production, nor to interfere, except very indirectly, with free competition among its own members. Thus, it was not, in our modern sense of the conception, a company at all, but an association of independent manufacturers or tradesmen, each in business for himself, each in competition with his fellow craftsmen, and all kept upon a tolerably even footing by limiting the amount of labor that each one might employ. Its members were the master craftsmen, each the head of his own house; through them were associated the journeymen, or skilled workmen in their employ, and the apprentices. These latter might rise to be masters, in business for themselves. But no one without such a connection could engage in the business at all, in any capacity whatever.