There is one important piece of information missing. The benefit of upping a Market to a RE is 300 commerce and +5 town growth at the cost of 1 food. The benefit of going from Market to Merchant Guild is +800 commerce and +15 town growth for only 1 more food (edit: IE 2 food more than a Market).
If Merchant Guilds did not exist, Rice Exchanges would be close to worthless.
Edit: No, they would be completely worthless. What do you know.
Edit2: No, they are actually only close to worthless and at least not counterproductive unless you blitz (excluding the taking-up-a-building-slot-thing, but I guess the market would anyway)
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