If he's making money he's an industrialist.
If he's not then he's a philanthropist.
I think GP is merely arguing the word choice that's all.
These two aren't antonyms, nor even mutually exclusive. I would agree that profit-seeking is a nearly ubiquitous goal of industrialists, but that is not the defining characteristic. Being involved in industry is.
Being an "industrialist" doesn't require seeking a profit anymore than a "business" requires profit. There are certainly "non-profit businesses", and the phrase "non-profit industry" should be familiar to most here.
Industrialists don't have to be robber barons in order to be industrialists.
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