mengunarvöldum

mengunarvöldum is an Icelandic term that translates to "rule of the guilds" or "guild powers." It refers to a historical period in Icelandic society, primarily from the late Middle Ages into the early modern era, where powerful guilds exerted significant influence over trade and economic life. These guilds were associations of merchants, artisans, or other tradesmen who sought to regulate their respective industries, control prices, and limit competition.

The establishment of guilds in Iceland was partly a response to the increasing integration of the island into European trade networks. As foreign merchants, particularly from Hanseatic cities, became more prominent, local Icelandic traders formed guilds to protect their interests and maintain a degree of control over the flow of goods. These organizations often dictated who could practice a certain trade, the quality of goods produced, and the prices at which they could be sold.

While guilds aimed to ensure standards and provide a framework for economic activity, they also had drawbacks. They could stifle innovation, create monopolies, and lead to higher prices for consumers due to restricted competition. The influence of mengunarvöldum gradually waned as the Icelandic economy evolved and state intervention in trade increased. The concept remains relevant for understanding the development of economic structures and the dynamics of power in historical Iceland.