By viewing a ring as a $\mathbb{Z}$-module, it is possible to define the direct limit of rings following the same procedure for modules. Let's suppose to work with commutative rings with unity. It seems quite evident to me that the direct limit of rings is still a commutative ring, but could not have the neutral element respect to the multiplication. Am I missing something, or is it right? Furthermore, it is the same for an arbitrary direct sum of rings, isn't it?
Thanks in advance.
Cheers
Ps: roughly speaking, the reason that I see is that the multiplication in both cases is defined components by components, and because in a direct sum the number of non zero components is finite, "the element $(1,1,..1,...)$" cannot exists.
There is a unit element because all units in the different $A_i$ (identified with their image in the direct sum) satisfy the equivalence relation. In other words, $(\dots, 0,1\,(i\text{-th place}), 0, \dots)$ is equivalent to $(\dots, 0,1\, (j\text{-th place}), 0, \dots)$, so that, multiplying the class of an element $(x_i)_{i\in I}$ by $1$ amounts to multiply each $x_i$ (which are non-zero for a finite number of them) by the relevant unit.