  The moduli space of rank-n commutative algebras equipped with an ordered
basis is an affine scheme B_n of finite type over Z, with geometrically
connected fibers. It is smooth if and only if n <= 3. It is reducible if n >= 8
(and the converse holds, at least if we remove the fibers above 2 and 3). The
relative dimension of B_n is (2/27) n^3 + O(n^{8/3}). The subscheme
parameterizing etale algebras is isomorphic to GL_n/S_n, which is of dimension
only n^2. For n >= 8, there exist algebras are not limits of etale algebras.
The dimension calculations lead also to asymptotic formulas for the number of
commutative rings of order p^n and the dimension of the Hilbert scheme of n
points in d-space for d >= n/2.
