Final answer:
The U.S. government intervened in business during the second Industrial Revolution to prevent monopolistic practices, promote fair competition, and protect consumers. The Interstate Commerce Act and Sherman Antitrust Act were central to these efforts. This regulation aligned with mercantilist views that government oversight was needed to maximize a nation's wealth.
Step-by-step explanation:
The United States government intervened in business practices during the second Industrial Revolution to curb the concentration of market power and anticompetitive practices that emerged, particularly in the railroad industry and among other large monopolies. The Interstate Commerce Act of 1887 and the Sherman Antitrust Act of 1890 were among the key pieces of legislation that sought to promote fair competition and prevent the monopolization of industries. The rise of large corporations, often labeled as 'robber barons', who controlled all aspects of an industry's production cycle and stifled competition, necessitated government regulations to protect consumers and smaller businesses, and to ensure a healthier economic environment.
Despite some business leaders' apprehension about regulations, governmental intervention was also seen as a means to promote stability and better labor-management relations. Additionally, small regulatory agencies were established to provide the appearance of government oversight, which helped appease reformers and absorb public criticism. The predatory tactics used by the monopolies during this time led to government action with the aim of breaking up monopolies and regulating key industries such as transportation, steel production, and oil and gas. Moreover, mercantilist theories supported the idea of economic regulation by the government to protect domestic industries and promote national wealth.