The classic capacity formula C=W log (1+P/N_0W) of the point-to-point AWGN channel not only quantifies exactly the performance limit of communication in terms of channel parameters, but perhaps more importantly also identifies two qualitatively different operating regimes: power-limited and bandwidth-limited regimes, which guide the design of optimal communication schemes. We propose an analogous theory for large wireless networks. We show that depending on the operating regimes, either multihop, distributed heirarchical MIMO or a hybrid combination of the two is asympototically optimal.