"An apprenticeship is a system of training a new generation of practitioners of a trade or profession with on-the-job training and often some accompanying study (classroom work and reading)."
"In the 16th century, merchant guilds began to decline in northwest European cities like Amsterdam, Hamburg, and London. In their place, institutional innovations like the stock market and the joint stock company emerged. They enabled a more impersonal form of trade."
"Arguably the most important business organisations in medieval Europe were the merchant guilds. These associations of wholesale traders were networked, and were considered reliable, because they were:
In the medieval era there were no formal institutions like courts and police, and the methods of gaining information about new opportunities were limited. In such a setting, trade in impersonal settings beyond networks was risky and networked trade therefore dominated, especially trade based on relationships.
Today, formal contractual institutions continue to be weak in many parts of the world, and acquiring credible information about partners is often difficult. Therefore, relationship-based exchanges continue to be a prominent mode of exchange."