ABSTRACT
Rational commerce is the field in which quantitative reckoning first appeared, to become dominant finally over the whole extent of economic life. Occidental bookkeeping was built up on the basis of familiarity with the position notation. Bookkeeping grew up on the basis of the trading company. The first form of group organization was occasional in character, the commenda, already referred to. The continual participation in such ventures might gradually lead to a permanent enterprise. With the spread of the commenda organization, developed permanent industrial enterprise. In detail the development took various courses. In the south the field of its development was the great family commercial houses, not only in Italy but in Germany as well, as illustrated by the Fuggers and Welsers. In the north the course of development was through small-families and associations of small traders.
