Business historians differ from economic historians on the subject of economic markets. When analyzing economic progress, many economic historians see markets as central and individual businesses as only incidental. While entrepreneur may determine the strategies of their businesses. market competition selects the businesses that pursue the most efficient strategies, thereby determining the patterns of business success and failure. Business historians, by contrast, have traditionally seen firms as much more autonomous and markets as mainly responsive to firms. Until 1980, under the influence of Alfred D. Chandler, Jr., business history focused heavily on the evolution of the modern corporation. The study of markets was, to some extent, reduced to the study of the marketing activities of large firms-the creation of demand through salesmanship and advertising, and their use of first-mover advantage to gain monopoly power. Since 1980, however, there has been significant convergence between economic and business history, although a considerable gap remains. For example, both economic and business historians have examined the history of antitrust. the regulation of utilities and the evolution of modern financial markets from broadly similar points of view.