Woodrow Wilson's economic and social reforms were related to one another. Campaigning for the presidency in 1912, Wilson set forth a platform he called "The New Freedom." The ideas of the "New Freedom" platform called for various progressive reforms, a number of which were enacted during Wilson's first term in office as President.
Wilson's economic reforms included:
-- Tariff reform. The Underwood Tariff Act, passed in 1913, lowered tariffs for the first time in several decades. This went against protectionist interests of businesses and favored the common person as a consumer of goods, allowing competition that would lower prices.
-- Business reform: The Federal Trade Commission Act, passed in 1914, set up the Federal Trade Commission to put a stop to illegal business practices. This was another move that favored the American buyer over the big business owners.
Banking reform: The Federal Reserve System was created in 1913, and the Federal Farm Loan Act was passed in 1916 (to help farmers obtain loans). These were further moves to aid the average American over against the power of big businesses and banks.
All of these economic reforms aimed at helping members of society, a part of Wilson's overall progressive plans for social justice. During his administration, some other social reforms were enacted, such as setting a maximum 8-hour workday for railroad workers and setting a minimum working age of 14 for most jobs limiting work hours for minors. Some of Wilson's bigger campaign promises, however, never did get enacted, such as establishing a national health care system. And while the New Freedom campaign had promised social justice and equal opportunity for all, regardless of race, in practice Wilson's presidency supported racial segregation. Thus, major social reforms were less successful under his watch than were economic reforms that benefited the lower and middle classes within society.
