The dynamic Ran calls to our attention is reflective of similar changes in society and many professional or industrial endeavors. The Marathon automobile was produced in Nashville from 1914 to 1918 at Southern Motor Works. There were likely plenty of manufacturers producing quality automobiles in this early era. What killed the company? Perhaps a change in consumer taste, but more likely a lack of demand for other reasons.
I throw out the following answer to Ran's question: There is precious little demand for new great golf courses worldwide, and particularly in the U. S. Possible reasons? There are plenty of great golf courses in existence, many of which have capacity be they public or private. Also, today's golfer places little, if any premium, on great architecture with affordability, ease of access and conditioning being of greater import. In the case of private clubs, there is precious little correlation between wealth and golf course architecture acumen, emabling architects to "get away with" solid, though not great designs (think Fazio, whose work I like better than most, and his strong portfolio of 6 and 6.5 rated golf courses).
Also, I would agree that Doak and C & C lead the list of today's practicioners, but I am extremely reluctant to put them in the same company, as Ross, MacKenzie, Macdonald, Flynn, Raynor, Colt, Tillinghast because, as Vince Gill sings "everybody's crazy 'bout the next big thing." It seems to be no course can be considered timeless without the benefit of time. No better example exists than Old Macdonald, which has apparently broken into the World Top 50 before opening - a testament to the fact that Keiser and to a lesser extent Doak, are capable of generating terrific free PR - Doak in particular plays this web-site like a maestro. I do, however think that 50 years from now Doak will join that fraternity and while I am a huge fan of C & C I have yet to see the multiple dimensions in their work that Doak's work displays. Talking Stick South suggests they're plenty capable and I must admit I have only seen a portion of their work.
MIke