The New Freedom platform, championed by Woodrow Wilson during his presidential campaign in 1912, indeed proposed a series of progressive reforms aimed at addressing issues stemming from industrialization and corporate power. Here are some key elements of the New Freedom platform:
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Smaller Federal Government: Wilson believed in a limited government that would intervene minimally in the lives of Americans. He advocated for a more decentralized federal structure that would empower states to have greater control over local issues.
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Regulation of Big Business: A major focus of the New Freedom was to break up monopolies and curb the power of large corporations. Wilson aimed to create a fairer competitive environment by promoting policies that would limit corporate influence over politics and reduce the size and power of monopolies.
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Economic Competition: To promote fair competition, Wilson and his administration supported the enforcement of antitrust laws, notably through the Clayton Antitrust Act of 1914, which sought to strengthen previous antitrust legislation and protect the rights of labor unions.
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Tariff Reform: Wilson pushed for lower tariffs to reduce the protectionist measures that favored large industrialists at the expense of consumers. The Underwood Tariff Act of 1913 effectively reduced tariffs and included a progressive income tax to compensate for the loss of revenue.
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Banking Reform: The Federal Reserve Act of 1913 established the Federal Reserve System, which aimed to provide a more flexible and stable monetary and financial system. This reform allowed for better regulation of the banking industry and helped to manage economic fluctuations.
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Labor Rights: While the New Freedom primarily focused on economic reforms, it also acknowledged the importance of labor rights. The establishment of the Federal Trade Commission (FTC) aimed to promote consumer protection and prevent unfair business practices that could harm workers.
Overall, the New Freedom sought to create a more equitable economic landscape, limit the reach and power of large corporations, and ensure that government played a role in maintaining fairness in the marketplace.
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