Woodrow Wilson's "New Freedom"
-The progressive platform used by the democratic candidate for the 1912 election, Woodrow Wilson
-Called for stronger anti-trust legislation, banking reform, and tariff reductions.
-Favored small enterprise, entrepreneurship, and markets unaffected by regulation or monopoly.
TR's "New Nationalism"
-Another progressive platform used by TR in the 1912 election.
-Supported women's political rights and social justice
-Called for women's suffrage, minimum wage laws, and social insurance.
-Split the Republican Party
Election of 1912
-Wilson: Democratic (won)
-Wilson won, but was a minority president. The total votes against him were greater than the votes for him.
-Republicans lost because their house was divided between TR and Taft
-Greatly reduced tariff rates
-Introduced an income tax on annual incomes of $3000 or more (which was a lot at the time)
-"Congress has the power to lay and collect income taxes."
-Allowed for the passage of the Underwood Tariff
Federal Reserve System
-1913: Federal Reserve Act
-President appoints a Federal Reserve Board
-Federal Reserve Board oversees 12 reserve districts, each with a central bank.
-allowed for public control
-Board also allowed to print Federal Reserve Notes (paper money) in order to accommodate business.
-Protected the U.S. from financial crisis in WW1.
Clayton Anti-Trust Act
-Expanded the list of things deemed unacceptable by the Sherman Anti-Trust Act
-Blocked price discrimination and interlocking directorates
-gave benefits to laborers
-sought to exempt labor and agricultural organizations from anti-trust prosecution and legalize strikes and peaceful picketing