This third impression of the second edition was originally published in 1963, and in this classic study George Unwin attempted for the first time to bridge the gap between the economic development of medieval England and the England of the eighteenth century with a detailed study of the evolution and growth of the London Livery Companies and the early craft guilds. He discusses at length the various amalgamations of the crafts, the early joint-stock enterprises, protectionism under James I, and the early development of the Trade Union Movement.

In his introduction, Professor T. S. Ashton shows the importance of this pioneer study in the light of the industrial development today of the newly emergent nations.