Guild. Guild, also spelled gild, an association of craftsmen or merchants formed for mutual aid and protection and for the furtherance of their professional interests. Guilds flourished in Europe between the 11th and 16th centuries and formed an important part of the economic and social fabric in that era.Click to see full answer. Also to know is, what role did the guilds play in the Renaissance?Guilds in the Middle Ages played an important role in society. They provided a way for trade skills to be learned and passed down from generation to generation. Members of a guild had the opportunity to rise in society through hard work. The guild protected members in many ways.Also Know, what was the guild system? ld/ is an association of artisans or merchants who oversee the practice of their craft/trade in a particular area. The earliest types of guild formed as a confraternities of tradesmen, normally operating in a single city and covering a single trade. Also asked, what did the guilds protect? Craft guilds were created to protect craftsmen and traders against merchant guilds. They worked much in the way of the merchant guilds, shielding members from excessive taxes and providing care and protection for its members. Guilds were formed by people who produced the same type of product.What did medieval guilds do?Medieval Guilds played an important role in Medieval towns as guilds attempted to guarantee standards amongst crafts in Medieval England. A group of skilled craftsmen in the same trade might form themselves into a guild. They were taught a trade by a guild member.