USA HISTORY

Detailed explanation-1: -The wealthy elite of the late 19th century consisted of industrialists who amassed their fortunes as so-called robber barons and captains of industry. Both can be defined as business tycoons, but there was a significant difference in the way they made their fortunes.

Detailed explanation-2: -people saw them as Captains of Industry because they were inventive, hardworking and led the way in the rise of American business.

Detailed explanation-3: -Some 19th-century industrialists who were called “captains of industry” overlap with those called “robber barons”. These include people such as Cornelius Vanderbilt, Andrew Carnegie, Andrew Mellon, Leland Stanford and John D. Rockefeller.

Detailed explanation-4: -Cornelius Vanderbilt (1794–1877) was a shipping and railroad tycoon who built himself up from nothing to become one of the wealthiest individuals in 19th century America. He was the first person to be called robber baron, in an article in “The New York Times” on February 9, 1859.

Detailed explanation-5: -The term “robber baron” was applied to powerful nineteenth-century industrialists who were viewed as having used questionable practices to amass their wealth. On the other hand, “captains of industry” were business leaders whose means of amassing a personal fortune contributed positively to the country in some way.