Image via WikipediaDouble-entry accounting One of the essential instruments of modern capitalism appears to have been developed collectively in Renaissance Italy. Now the cornerstone of bookkeeping, double-entry's innovation of recording every financial event in two ledgers (one for debit, one for credit) allowed merchants to accurately track the health of their businesses. It was first codified by the Franciscan friar Luca Pacioli in 1494, but it had been used for at least two centuries by Italian bankers and merchants.
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