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1/27/2016
Economic Reforms (1901 - 1918)

Vocabulary:
New Freedom Wilsons economic policy of
breaking monopolies and encouraging competition
Bull Moose Party Roosevelts short-lived
progressive party, election of 1912

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Roosevelt: Trustbuster
Roosevelt used
Sherman Antitrust Act
(1890) to break up
Northern Securities
Company supported
by courts
After first symbolic
victory, pursued few
other trusts
Regulated industry
further (Elkins Act,

Taft: Trustbusterer?
Taft picked by Roosevelt as his
successor in election of 1908
Progressive Republicans
promised to lower tariffs but
conservative Republicans
passed Payne-Aldrich Tariff,
which raised rates
Taft broke up more trusts than
Roosevelt (including Standard
Oil)
16th Amendment (1913)
Graduated income tax

Election of 1912
Roosevelt and other Progressives refuse to back
Taft
Roosevelt founds Progressive Party, with
support of middle-class reformers, some AfricanAmericans
Woodrow Wilson ran as Democratic (had been a
progressive governor of New Jersey for 2 years)
Eugene V. Debs (Socialist) almost 1 million
votes

Election of 1912

Wilsons Economic Reforms

Reduced tariff: UnderwoodSimmons Tariff (1913), included
income tax on incomes above
$4,000
1913: creation of Federal Reserve
(national bank)
Trustbuster: broke up AT&T, US
Steel, & others (all owned by JP
Morgan)
1914: Clayton Anti-trust Act further
defined unfair trade practices

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