The rise of the large corporation.
“… modern business enterprise appeared for the first time in history when the volume of economic activities reached a level that made administrative coordination more efficient and more profitable than market coordination.
   Such an increase in volume of activity came with new technology and expanding markets.  New technology made possible an unprecedented output and movement of goods.  Enlarged markets were essential to absorb such output.  Therefore modern business enterprise first appeared, grew, and continued to flourish in those sectors  and industries characterized by new and advancing technology and by expanding markets.” (Chandler 1977, p. 8.)
Alfred D. Chandler, Jr., 1918-