Wilson domestic policy (1912-20) Flashcards
1
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3
Describe the 1912 election campaigns
A
- Wilson’s ‘New Freedom’ - tariff reduction and banking reform
- TR’s ‘New Nationalism’ - social insurance programmes and 8hr work day
- Taft ran subdued ‘progressive conservatism’ campaign
2
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3
Describe the 1912 election results
A
- 4 way contest between Wilson (Dem), TR (Pro), Taft (Rep), Debs (Soc)
- Wilson would win in landslide with 435/531 EC votes, despite lowest pop vote since 1860 (lower than any Bryan result)
- Taft’s certain victory before 1910 turned into 3rd place with only 2 states carried
3
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4
Describe the significance of the 1912 election
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- landslide for progressivism
- dramatic rejection for Taft’s conservative Republicanism
- Wilson first President to win over 400 electoral votes
- Only Dem Pres from 1896-1932 - one of two elected Dem Pres from 1860-1932 (+ Cleveland)
4
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5
Describe the rise of socialism by 1912
A
- Rising industrial action e.g. railroad industry Pullman Strike 1894
- Many European imms influenced by socialist ideas
- Debs won 6% vote in 1912
- IWW (Industrial Workers of the World) demanded huge changes to socio-economic system
- Moderate socialists like Samuel Gompers more willing to work with big business as long as wages and employment was guaranteed
5
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3
Describe the 1916 election campaign
A
- Wilson used campaign slogan ‘He kept us out of war’ to capitalise on public mood
- Republicans picked moderate SC justice Charles Evan Hughes who could appeal to both progressives and conservatives
- TR declined to run for progressive party again, instead endorsing Hughes
6
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3
Describe the 1916 election results
A
- Elec college: Wilson 277, Hughes 254
- Narrow victory due to reformation of Republican vote
- Led to collapse of progressivism as partisan movement
7
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4
What did President Wilson do for banking?
A
- Federal Reserve Act 1913:
- 12 banking districts were created, each under the supervision of a Federal Reserve Board
- All banks that wanted to participate in this system had to invest 6% of their capital and surplus into the reserve bank
- This means money is no longer dependent on the amount of gold - greater monetary control potential
8
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2
What were the successes of President Wilson’s banking reforms?
A
- Banks could use rediscount rates to control the amount of money in circulation
- By 1923, 70% of the national banking resources were part of the federal reserve system
9
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3
What were the limitations of President Wilson’s banking reforms?
A
- 30% of national banking resources were not part of the federal reserve
- conservative opposition as threatened state rights
- Regional/smaller banks largely existed outside system - effect on 1929
10
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6
Describe Wilson’s economic policies
A
- Rebalance of government for federal intervention
- Underwood Tariff Act 1913
- Federal Trade Commission Act 1914
- Clayton Anti-Trust Act 1914
- Federal Farm Loan Act 1916
- Revenue Act 1916
11
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2
Describe the FTC
A
- Formed 1914 to investigate corporations and stop ‘unfair’ practices
- Established regulatory body for business that covered every possible dubious business activity
12
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1
Describe the successes of the FTC
A
- Under Wilson the FTC administered 400 cease-and desist orders to companies engaged in illegal activity
13
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2
Describe the weaknesses of the FTC
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- ‘unfair’ practices not defined
- needed to be strengthened
14
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2
Describe the Clayton Anti-Trust Act 1914
A
- strengthened Sherman Anti-Trust Act 1890
- made certain practices illegal
15
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3
Describe the practices made illegal by the Clayton Anti-Trust Act 1914
A
- price discrimination to foster monopolies
- ‘tying arrangements’ which forbade retailers from handling rivals’ products (e.g. purchase of fridge and transport tied together)
- interlocking directorates - when a board member of one company is also on the board of a rival company