Was he just a guy in the right place with the right idea? Did he know that the consequences of his business decisions would change the world’s economy? It all started with a very simple concept: selling stuff for less. Walton started a fire by taking cost out of the supply chain. He also recognized that downtown was no longer the place to sell dog food, laundry soap, and underwear. We can see the implications in those places where Main Street either died, as shopping migrated out to the highways, or evolved into antiques stores and restaurants. Many of the small-town jobs and businesses that Wal-Mart killed off were going to die anyway, just not as quickly.

Walton’s big idea drives technological innovation. He reinvented the distribution center, recognizing that efficient shipping was the backbone of the modern merchant empire. Wal-Mart’s future is still tied to supply-chain issues.

What other industries can apply Walton’s approach? One obvious choice is consumer banking. Today, people need lower credit-card rates, more local loan officers, and cheaper money orders. Last year, Wal-Mart opened a bank in Mexico. Many suspect that this is just the beginning.

The second likely area is health care. From the price of prescription drugs to access to preventive care, America needs to find a cheaper way. If Walton were still around, you know he’d be working on it.