In the second wave we can see concepts of standardization and mass production as center of attention of economist and scientist alike. These systems were basically focused on maximizing production and minimizing inputs. These concepts of mass production have their driving force in the massive increase in population over the last few centuries. With the massive increase in population the only route to success was to increase production and minimize cost. This was basically because technology in genetics was still not advanced, that meant you could not increase production from your raw materials and land many times over. The only control humans had at that moment was on machines, therefore they engaged in a massive mechanization of humans and production systems alike. This revolution was not only aimed towards manufacturing but services as well. This affected local shops and small businesses as they began to die out because they could not compete on price with machine inputs. This revolution was psychological as well as economic people began to look alike, dress alike and think alike. In similar words individuality was slowly becoming obsolete and absent.
Over time the second wave began to end as we reached the third wave practices of second wave were slowly abolished. The human society began to revert back to old practices and customs. One of the biggest signs of this reversion was birth control. Great emphasis was now being laid on keeping population in check. The concepts of standardization and mass production once again became obsolete. Emphasis was laid on individuality and personality once again. This information wave has triggered a ‘need’ in each human being to be different from others. Therefore in the present age the concept of small business catering to specific needs is once again in demand.
These small businesses in management theory are usually termed SME (Small Medium Enterprise)