Why did American economist conclude in the 1880s that the United States had developed its own aristocracy?

In the 1880s, American economists concluded that the United States had developed its own aristocracy due to the rise of a wealthy elite class that wielded significant economic and political power. The concentration of wealth in the hands of a few industrialists and financiers led to concerns about social stratification and the erosion of democratic ideals. This emerging aristocracy was characterized by its ability to influence government policies and shape societal norms, contrasting with the nation’s founding principles of equality and opportunity for all. The phenomenon highlighted the growing divide between the wealthy and the working class, prompting debates about class and privilege in American society.