The New Freedom Platform, proposed by Woodrow Wilson during his presidential campaign in 1912, focused on addressing issues of economic inequality and promoting social justice through a series of progressive reforms. Wilson's platform emphasized the need for a more active role of the federal government in regulating the economy, particularly to limit the power of monopolies and to promote fair competition.
While the New Freedom aimed for a smaller federal government in terms of reducing unnecessary bureaucratic oversight, it also called for specific regulations to curb the growing influence of large corporations and to protect consumers and workers. Key elements of the New Freedom included:
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Antitrust Legislation: Strengthening antitrust laws and enforcing them more vigorously to break up monopolies and prevent anti-competitive practices.
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Banking Reform: The establishment of a more flexible banking system, leading to the creation of the Federal Reserve System in 1913, which aimed to stabilize the economy and control the money supply.
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Tariff Reform: Lowering tariff rates to promote competition and to reduce the protection afforded to domestic industries that could harm consumers.
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Income Tax: Implementation of a federal income tax to address economic inequalities and fund government services, particularly after the ratification of the 16th Amendment in 1913.
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Labor Rights: Support for labor reforms, including better working conditions, child labor laws, and the right for workers to organize and collectively bargain.
The New Freedom sought to create a fairer economic landscape by promoting competition, protecting consumer rights, and addressing social issues, ultimately reflecting the progressive movement's goals of reforming the political and economic systems of the time.
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