This provocative question contains at least four historical sub-questions: what’s a captain of industry? what’s a robber baron? what’s the difference? and is Mr. Trump either one? Clearly, there is also a judgmental tone to these terms – the first speaks of admiration, the second of condemnation – though by whom?

In America’s manufacturing age (c.1870-1970), “Captains of Industry” were men (always men, in my experience) who built and dominated an important section of the expanding US economy, then reached beyond their business interests to underwrite significant educational, cultural, medical or humanitarian projects. These individuals were our business statesmen, with Andrew Carnegie the classic example (libraries, an endowment for peace, an early fund for teachers’ pensions). Bill Gates and Warren Buffet are perhaps contemporary successors to the steel industry giant, both likewise making extensive philanthropic contributions. Robber barons, by contrast, achieved vast wealth by what many regarded as dubious means, even in the laissez-faire 19th century.

Tricky stock maneuvers, shady contracts, credit squeezes, and at times outright fraud defeated competitors and paved the way to monopoly power (or to oligopolistic power-sharing among barons). As well, they used spies, lockouts, and force to crush their workers’ efforts to increase safety, job security, and earnings. Jay Gould, the high-energy railway consolidator, and John D. Rockefeller, the oil magnate, may stand out from the historical crowd, whereas in our financial age, Enron’s top leaders and Bernard Madoff might qualify. Robber barons may be seen as successful entrepreneurs who value money and power above all else. However, in time the two categories can blend. For example, although Rockefeller schemed mightily to create Standard Oil, his later charitable foundations, carried on by heirs, profoundly rehabilitated a spotty reputation. A “pure” robber baron would laugh off the disdain (and the envy) the title conveys, enjoying his pirate status. Now, on to Mr. Trump. My online research suggests that those describing him as a captain of industry tend to be journalists generally unaware of the term’s historical roots. Now it stands as a rough synonym for “big businessman.” Trump clearly did not build a major industry – his family had long been involved in real estate development, a long-established field to which he apprenticed and in which he prospered, twice weathering sharp reverses, in the 90s and after the 2008 economic smash. Though he managed dozens of deals, he has won without fraud and has often lost. One observer notes wisely that the term “captain of industry” represents “primarily a perception of the selflessness of the industrialist in question.” Though Mr. Trump has made many charitable donations, his successful self-promotion has made him a celebrity, so much so that condo developers have licensed his name, providing him an 8-15% royalty on gross sales. Thus, my sense is that Mr. Trump is neither a captain of industry nor a robber baron, but instead an extraordinarily-gifted entrepreneur who has transformed himself into a global brand.