Final answer:
Big businesses in the late 19th and early 20th centuries were managed by corporate executives, despite growing government involvement in regulation through various acts and the formation of federal agencies to oversee market practices.
Step-by-step explanation:
Big businesses during the late nineteenth and early twentieth centuries saw massive growth and were managed by corporate executives, not by centralized government agencies, labor unions, or social reformers. During this era, there was a significant expansion of bureaucracies, as corporations like Carnegie Steel and Standard Oil dominated their markets and operated with a focus on cutting costs and maximizing profits. This environment led to government intervention with the establishment of agencies and acts such as the Interstate Commerce Commission, the Sherman and Clayton Anti-Trust Acts, and the Federal Trade Commission, aiming to regulate trusts, monopolies, and protect consumer safety.
Despite the existence of these government entities, the day-to-day management of corporate bureaucracies remained in the hands of corporate executives. These leaders were the ones responsible for navigating complex labor relations, market strategies, and ensuring regulatory compliance all while staving off the threats of labor unrest and the calls for more radical societal reforms.
Meanwhile, the Progressive Movement advocated for increased government regulation over businesses to ensure fair competition and conditions for workers, reflecting a balance between socialism and capitalism that some business leaders found acceptable as a compromise to prevent greater social uprisings. Ultimately, it was these corporate executives who managed the massive bureaucracies and had to walk the fine line between profitability and compliance with government regulations.