Elliott W. Montroll, "Dynamics of Technological Evolutions", Self-Organization and Dissipative Structures, Austin, University of Texas Press, 1982.
As long as investors are patient and bankers are lenient in calling their loans, this state of supersaturation may persist for some times, but with a business slump or money panic the weaker firms will not be able to pay their notes or bills and will be forced into bankruptcy (or may be absorbed by stronger firms). Thus, a phase transition occurs and a state in which there are many small firms is transformed into one with a small number of larger firms.
This 'condensation' effect is exhibited where the number of operating railroads in the United States is plotted as a function of time. [86]
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