I'm talking about the old notion of school of thought. If you look through history, it's geographically located with a few people who start to take the design form in a different direction. People then travel to study with those folks. Philosophies emerge and factions split off.
There's a physicality to it because people spend time together in a city at a point of time (Wiemar, Dessau, and Berlin for Bauhaus, for example). It's not an institution like we think of today, with accreditation, but more of a center of thought.
In an internet world, where co-location isn't central to the growth of a philosophy, I'm not sure where it would be. There would need to be some sort of discussion and interaction that leads to expansion of the school.
The other thing I think the school needs is something opposing it. There has to be a generalized philosophy or methodology that makes the school be in opposition, so that when the work is seen side-by-side, it's clear what is in the school and what is outside of it.