Banking in the context of "Welser"

Commerce is the organized system of activities, functions, procedures and institutions that directly or indirectly contribute to the smooth, unhindered exchange of goods, services, and other things of value—predominantly through transactional processes—at the right time, place, quantity, quality and price through various channels among the original producers and the final consumers within local, regional, national or international economies. The diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage are the principal factors that give rise to commercial exchanges.

Commerce consists of trade and aids to trade (i.e. auxiliary commercial services) taking place along the entire supply chain. Trade is the exchange of goods (including raw materials, intermediate and finished goods) and services between buyers and sellers in return for an agreed-upon price at traditional (or online) marketplaces. It is categorized into domestic trade, including retail and wholesale as well as local, regional, inter-regional and international/foreign trade (encompassing import, export and entrepôt/re-export trades). The exchange of currencies (in foreign exchange markets), commodities (in commodity markets/exchanges) and securities and derivatives (in stock exchanges and financial markets) in specialized exchange markets, typically operating under the domain of finance and investment, also falls under the umbrella of trade. On the other hand, auxiliary commercial activities (aids to trade) which can facilitate trade include commercial intermediaries, banking, credit financing and related services, transportation, packaging, warehousing, communication, advertising and insurance. Their purpose is to remove hindrances related to direct personal contact, payments, savings, funding, separation of place and time, product protection and preservation, knowledge and risk.

Social inequality occurs when resources within a society are distributed unevenly, often as a result of inequitable allocation practices that create distinct unequal patterns based on socially defined categories of people. Differences in accessing social goods within society are influenced by factors like power, religion, kinship, prestige, race, ethnicity, gender, age, sexual orientation, intelligence and class. Social inequality usually implies the lack of equality of outcome, but may alternatively be conceptualized as a lack of equality in access to opportunity.

Social inequality is linked to economic inequality, usually described as the basis of the unequal distribution of income or wealth. Although the disciplines of economics and sociology generally use different theoretical approaches to examine and explain economic inequality, both fields are actively involved in researching this inequality. However, social and natural resources other than purely economic resources are also unevenly distributed in most societies and may contribute to social status. Norms of allocation can also affect the distribution of rights and privileges, social power, access to public goods such as education or the judicial system, adequate housing, transportation, credit and financial services such as banking and other social goods and services.

The Italian Renaissance (Italian: Rinascimento [rinaʃʃiˈmento]) was a period in Italian history during the 15th and 16th centuries. The period and place are known for the initial development of the broader Renaissance culture that spread from Italy to the rest of Europe (and also to extra-European territories ruled by colonial powers or where Christian missionaries and/or traders were active). The period was one of transition: it sits between the Middle Ages and the modern era. Proponents of a "long Renaissance" argue that it started around the year 1300 and lasted until about 1600. In some fields, a Proto-Renaissance, beginning around 1250, is typically accepted. The French word renaissance (corresponding to rinascimento in Italian) means 'rebirth', and defines the period as one of cultural revival and renewed interest in classical antiquity after the centuries during what Renaissance humanists labelled as the "Dark Ages". The Italian Renaissance historian Giorgio Vasari used the term rinascita ('rebirth') in his Lives of the Most Excellent Painters, Sculptors, and Architects in 1550, but the concept became widespread only in the 19th century, after the work of scholars such as Jules Michelet and Jacob Burckhardt.

The Renaissance began in Tuscany in Central Italy and centered in the city of Florence. The Florentine Republic, one of the several city-states of the peninsula, rose to economic and political prominence by providing credit to European monarchs and by laying the groundwork for developments in capitalism and banking. Renaissance culture later spread to Venice, the heart of a Mediterranean empire controlling trade routes with the east since its participation in the Crusades and following the journeys of Marco Polo between 1271 and 1295. Thus Italy renewed contact with the remains of ancient Greek culture, which provided humanist scholars with new texts. Finally the Renaissance had a significant effect on the Papal States and on Rome, largely rebuilt by humanist and Renaissance popes, such as Julius II and Leo X, who frequently became involved in Italian politics, in arbitrating disputes between competing colonial powers and in opposing the Protestant Reformation, which started c. 1517.

A financial centre (financial center in American English) or financial hub is a location with a significant concentration of commerce in financial services.

The commercial activity that takes place in a financial centre may include banking, asset management, insurance, and provision of financial markets, with venues and supporting services for these activities. Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds, insurers, and hedge funds), and issuers (such as companies and governments). Trading activity often takes place on venues such as exchanges and involves clearing houses, although many transactions take place over-the-counter (OTC), directly between participants. Financial centres usually host companies that offer a wide range of financial services, for example relating to mergers and acquisitions, public offerings, or corporate actions; or which participate in other areas of finance, such as private equity, private debt, hedge funds, and reinsurance. Ancillary financial services include rating agencies, as well as provision of related professional services, particularly legal advice and accounting services.

A regulated market (RM) or coordinated market is an idealized system where the government or other organizations oversee the market, control the forces of supply and demand, and to some extent regulate the market actions. This can include tasks such as determining who is allowed to enter the market and what prices may be charged. The majority of financial markets such as stock exchanges are regulated, whereas over-the-counter markets are usually not at all or only moderately regulated.

One of the reasons for regulation can be the importance of the regulated activity – meaning the harm suffered should the industry fail would be so fatal that regulators (governments, legislators) cannot afford the risk. This includes fields like banking or financial services. Secondly, it is common for some markets to be regulated under the claim that they are natural monopolies, or that a monopoly would very likely appear should there be no regulation. It is crucial to prevent misuse of monopoly power, as this can lead to delivery of poor services with very high prices. This includes for example the telecommunications, water, gas, or electricity supply. Often, regulated markets are established during the partial privatisation of government controlled utility assets.

Islamic banking, Islamic finance (Arabic: مصرفية إسلامية masrifiyya 'islamia), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic finance include mudarabah (profit-sharing and loss-bearing), wadiah (safekeeping), musharaka (joint venture), murabahah (cost-plus), and ijarah (leasing).

Sharia prohibits riba, or usury, generally defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to riba). Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also haram ("sinful and prohibited").

The Paus family (pronounced [ˈpæʉs]), also styled de Paus or von Paus, is a Norwegian family that emerged as an aristocratic priestly family from Medieval Oslo in the 16th century. For centuries, it belonged to the "aristocracy of officials," especially in the clergy and legal professions in Upper Telemark. Later generations entered shipping, steel, and banking, becoming steel magnates in Oslo. The family's best-known members are Henrik Ibsen and Ole Paus. The name is recorded in Oslo from the 14th century and likely derives from a metaphorical use of the Middle Low German word for pope—perhaps meaning "the pious one"—reflecting foreign influence and name satire in medieval Oslo.

The priest brothers Hans (1587–1648) and Peder Povelsson Paus (1590–1653) from Oslo have long been known as the family's earliest certain ancestors. In Slekten Paus, Finne-Grønn identified their grandfather as Hans Olufsson (d. 1570), a canon at St Mary's Church who held noble rank and served as a royal priest both before and after the Reformation. Peder Povelsson Paus came to Upper Telemark as parish priest of Vinje in 1618, became provost of Upper Telemark in 1633, and was the ancestor of the extant family; in the 17th century the family also used the name Vind (Wind) after the parish of Vinje. From the 17th to the 19th century, the family were among the foremost of the regional elite, the "aristocracy of officials" in Upper Telemark, where family members served as priests, judges and other officials, often across generations. The family held the district judgeship—the region's chief governmental and judicial office—for 106 years (1668–1774). It was a meritocratic elite defined by education, priesthood, and service to the state, and the apex of the social order of Upper Telemark.

The 15th century was the century which spans the Julian calendar dates from 1 January 1401 (represented by the Roman numerals MCDI) to 31 December 1500 (MD).

In Europe, the 15th century includes parts of the Late Middle Ages, the Early Renaissance, and the early modern period. Many technological, social and cultural developments of the 15th century can in retrospect be seen as heralding the "European miracle" of the following centuries. The architectural perspective, and the modern fields which are known today as banking and accounting were founded in Italy.