Relevant conditions are seldom naturally found in modern societies. However they are often artificially simulated by governmental institutions. E.g. warranty laws, public approval of medical products, safety and quality standards. But these procedures are costly and then the regime is not necessary cost dominant. Exchange is voluntary.
Relevant conditions are common in modern society.
This pushes for merging the business of the buyer and the seller. Exchange is voluntary. Relevant conditions are common in modern society. The cost of firm exchange increase with number of diverse activities within the firm, and weakness of competitive check. This push for splitting up the firm in smaller less diversified firms.