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We establish a canonical and unique tensor product for commutative monoids and groups in an∞–category C which generalizes the ordinary tensor product of abelian groups. Using this tensor product we show that E n–(semi) ring objects in C give rise to E n–ring spectrum objects in C. In the case that C is the∞–category of spaces this produces a multiplicative infinite loop space machine which can be applied to the algebraic K–theory of rings and ring spectra.