In a new functioning paper, I explore the duty of trade and also infotech in the rise of impersonal markets, and in the decrease of merchant guilds. Improvements in infotech can lower search expenses and also raise standardisation, which can lower the high sychronisation expenses of impersonal market based (and non-hierarchical) exchange (Yates 1986, Malone et al. 1987). One such renovation at the end of the fifteenth century was the intro of the printing press. Cities in the 16th century in which syndicates of merchant guilds declined had been early adopters of printing technology.
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