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# University of Trades

## Definition

The medieval term for incorporated trades and crafts, which Smith notes was the proper Latin name for any incorporation, drawing a parallel between the seven-year terms for apprenticeships and the seven-year terms for obtaining academic degrees.

## Source Chapter

Book I, Chapter 10

## Context

Smith uses the historical terminology of "universities" for trades to illustrate the common origin of both craft guilds and academic institutions in medieval incorporation practices. This etymological observation supports his argument that long apprenticeship requirements have no rational basis in the nature of the work itself.

## Economic Domain

Regulation

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