I think the biggest and also least attributable benefit of it was it enabled the Venicians of Venice (iirc?) to create money, outside of what hard currency allowed at a time and with it opened the world of financing.
By create money I mean the same way your bank today creates money anytime it finds a willing and credit worthy borrower.
Double entry book keeping basically invented the concept of ledger money which is pretty much the “money” we use today. It enabled elasticity of the money supply where elasticity was lacking.
By create money I mean the same way your bank today creates money anytime it finds a willing and credit worthy borrower.
Double entry book keeping basically invented the concept of ledger money which is pretty much the “money” we use today. It enabled elasticity of the money supply where elasticity was lacking.