As the term industrialist (from Latin industria, “diligence, industriousness”) was more widely used in the context of “old world” physical industries such as steel, oil, newspapers, shipping and rail transport.

A business magnate (or Industrialist) is an entrepreneur who has achieved wealth and prominence from a particular industry (or industries). Other similar terms are czar, mogul, tycoon, baron, or oligarch.

The word magnate itself derives from the Latin word magnates (plural of magnas), meaning “great person” or “great nobleman.

“Such people are businessmen that usually amass substantial fortunes in the process of running their business. Some are widely known in connection with their business(es) or through other pursuits such as philanthropy. 

The terms “mogul”, “tycoon” and “baron” were often attributed to late 19th and early 20th century North American business magnates in extractive industries such as mining, logging and petroleum, transportation fields such as shipping and railroads, manufacturing, including steelmaking, banking, and newspaper publishing. This era was known as the Second Industrial Revolution or the Gilded Age.

Article:	Industrial system: The industrial system is the system that deals with exporting and importing of manufactured or produced goods, and commercial productions…
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