Many researchers have noted that electronic commerce is a major change in the way business is conducted and compare it to other historic changes in economic organization such as the Industrial Revolution. However, the Industrial was not a single Revolution event, but a series of developments that took place over a 50- to 100-year period Economists Chris Freeman and Francisco that occurred in the Industrial Revolution Louca describe four distinct waves (or phases in their book As Time Goes (see the For Further study and Research section at the end of the book). In each wave, different business strategies were successful. Electronic commerce and the information revolution brought about by the Internet will likely go through a series of waves, too. Researchers agree that the second wave of electronic commerce is well under way. This section outlines the defining characteristics of the first wave of electronic commerce and describes how the second wave is different. Later, you will learn about the third wave that is taking shape