The New Freedom Platform, championed by Woodrow Wilson during his 1912 presidential campaign, indeed aimed to address the challenges posed by the growing power of corporations and the need for reform in American society. Wilson's vision was rooted in the belief that a smaller federal government could foster greater economic competition and protect individual rights.
Key components of the New Freedom included:
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Banking Reform: The establishment of the Federal Reserve System in 1913 to create a more stable and secure banking environment, aimed at preventing financial crises.
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Tariff Reform: The Underwood Tariff Act of 1913 reduced tariffs on imported goods and implemented a graduated income tax to replace lost revenue; this was intended to lower prices for consumers and increase competition.
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Regulation of Corporations: The Clayton Antitrust Act of 1914 strengthened earlier antitrust laws and provided protections for labor unions, ensuring that they were not prosecuted for engaging in strikes and boycotts, which were often seen as violations of antitrust laws.
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The Federal Trade Commission (FTC): Established in 1914, the FTC was tasked with regulating unfair business practices and promoting competition, helping to prevent monopolistic practices that could harm consumers and smaller businesses.
Wilson's New Freedom sought to create a more equitable economic landscape by limiting the power of large corporations and ensuring that smaller businesses could thrive. These reforms were part of a broader Progressive Era movement that aimed to address various social, political, and economic issues resulting from rapid industrialization and urbanization in the United States.