Final answer:
The rise of large corporations led to enhanced production, economic growth, and consolidation of power in the U.S. industry. Advances in technology and corporate practices shaped societal structures, prompting legislative actions to ensure market competition and address job losses due to globalization.
Step-by-step explanation:
Impact of Large Corporations on U.S. Industry
The rise of large corporations significantly shaped U.S. industry by enhancing production efficiency and national economic growth, yet also leading to the consolidation of power and a shift in societal structures. Giants like U.S. Steel, Standard Oil, and General Electric dominated their industries, influencing prices and worker conditions. This prosperity, however, also coincided with low unemployment and high wages, contributing to a booming economy where investment in stock became a middle-class norm.
Technological advancements further drove corporate growth, with inventions from the telephone to the assembly line changing America's economic landscape. This growth also instigated the relocation of factories to countries with cheaper labor costs. However, this globalization brought with it political controversy over job losses and increasing inequality in the U.S., prompting political calls for regulations to protect domestic jobs.
Essentially, the expansion of corporations prompted political responses and legislation. The government responded to monopolistic practices with laws such as the Sherman Antitrust Act, aimed at breaking up monopolies and protecting the public's interest by ensuring a competitive free market. Over time, this has influenced a widespread acceptance of a more robust federal presence in regulating industry.