Final answer:
The first attempt to regulate business in the interest of society was with the Interstate Commerce Act of 1887, which aimed to regulate the railroad industry and established the first federal regulatory agency.
Step-by-step explanation:
The first attempt to regulate business in the interest of society was with the Interstate Commerce Act of 1887. This act was aimed at addressing the issues related to the railroad industry, which was dominant at the time. It intended to ensure fair rates and to eliminate rate discrimination, that is, charging different rates to different customers for similar services. The Interstate Commerce Act established the Interstate Commerce Commission (ICC), the first federal regulatory agency, which had the authority to investigate and prosecute companies for unfair practices.
Although the Sherman Antitrust Act of 1890 also played a significant role in regulating business by preventing anti-competitive practices such as monopolies, it was not the first act established for business regulation. The Clayton Antitrust Act and the Social Security Act both came after the Interstate Commerce Act and addressed different aspects of regulation and social welfare, respectively.