Guilds are associations of artisans or merchants who come together to promote their common interests and regulate their trade. Historically, they played a significant role in the economic and social life of towns, especially during the Middle Ages in Europe. Members of a guild would often share resources, set standards for quality, and provide training for apprentices. In addition to economic functions, guilds also offered social support and community for their members. They often organized events, provided mutual aid in times of need, and established rules for fair competition. Examples of guilds include the Bakers' Guild and the Merchant Guild.