Final answer:
Social Darwinism in the context of late 19th-century business advocated a cutthroat approach to competition, with minimal government intervention, allowing 'fit' businesses to dominate markets and grow by natural economic selection.
Step-by-step explanation:
The concept of Social Darwinism as it applied to business in the late 19th century is closely associated with the idea that, in a capitalistic society, only the most fit businesses would survive in a competitive market. This ideology advocated for a cutthroat approach to business competition, where economic success was seen as a demonstration of superior traits, be they business practices, innovation, or management. Figures like Andrew Carnegie and John D. Rockefeller epitomized this practice, growing vast enterprises like Carnegie Steel and Standard Oil by embracing strategies such as lowering costs, paying minimal wages, and dominating market share.
Influenced by a broad interpretation of Charles Darwin's scientific theories and Herbert Spencer's notion of "survival of the fittest," Social Darwinism in the business context meant that government intervention was minimal, therefore allowing the market to control itself. This hands-off governmental stance enabled larger corporations to consume less efficient rivals, growing even more dominant—this was viewed as the natural evolution of the business world, despite the fact that some practices may have actually stifled true competition and innovation.