Late 1800s: England, France, and Italy are the cultural epicenters of the Western world. England produces the best literature and drama; Italy leads in art and architecture; and French style and society are considered the height of sophistication. The United States is viewed as a sort of cultural country cousin to Europe; its arts and culture are considered far inferior to those of the Continent.

Today: The United States is the cultural pacesetter for the world. American movies, television, music, fashions, and lifestyles are in demand and emulated, not only in Europe but around the globe.

Late 1800s: Most wealthy Americans made their money in industry during the Industrial Revolution of the early 1800s. Factory owners and railroad developers are among those who have amassed huge fortunes. Many of the wealth-producing ventures are family-owned and passed down from father to son. The gap between...