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Unit 4 Part 1
Presidency of WoodrowWilson
Mr. Klein
Fall 2012
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Woodrow Wilson
President of PrincetonUniversity (1902-1910)
Governor of New Jersey(1911-1913)
Democrat
Three books on Politics: Congressional Government
The State
Constitutional Government
in the United States
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Controversial Political Views
Critical of notion of inalienable individual rights :
No doubt a lot of nonsense has been talked
about the inalienable rights of the individual,and a great deal
that was mere sentimentand pleasing speculation has been putforward
as fundamental principle
-Constitutional Government in the United States
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Controversial Political Views
Believed in moral right of leaders to direct livesof
subjects:
The competent leader of men cares little for the
internal niceties of other peoples characters: he
cares mucheverythingfor the external uses towhich they may be
put. He supplies the power;
others supply only the materials upon which thatpower operates.
It is the power which dictates,
dominates; the materials yield. Men are as clay inthe hands of
the consummate leader. Leaders of Men (1890 essay)
Opposed checks and balances in favor of
expansion of executive power
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First Term (1913-1916)
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Federal Reserve Act (1913) Response to panic of 1907
System of banks who makeshort-term loans to otherbanks
(preventing bank
failure)
Combination of Govt and
Private Institutions
Officials (Board ofGovernors) appointed byPresident
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Federal Reserve Act (1913)
Begin issuing Federal Reserve Notes as
currency in 1914
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Federal Reserve Act (1913)
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Federal Reserve Act (1913)
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Federal Reserve Act (1913)
Fed Controls Monetary Policy:
1. Maximize Employment
2. Keep Prices Stable
- (called dual mandate of Fed)
- Means Fed dictates amount of $ incirculation
- Done via controlling interest rates
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Clayton Antitrust Act (1914)
Clarifies and Strengthens Sherman
Specifically bans:
Price discrimination (betweencustomers)
Exclusive dealings contracts
Product tying
Provides for Treble (3x) damages
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Clayton Antitrust Act (1914)
Contains provisions to protect Labor:
Says Unions NOT combinations for purposes
of antitrust laws
Limits injunctions against unions for striking,
picketing, etc. unless there is a threat ofdamage to
property
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Wait a Second?!?!?
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Clayton Antitrust Act (1914)
Courts determine that Clayton Actsambiguous wording does not
add
new anti-injunction protections for
unions
Duplex Printing Press Company v. Deering,254 U.S. 453 (1921)
Took Norris-LaGuardia Act to eliminateinjunctions as management
tool
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Federal Trade Commission Act (1914)
Creates FTC to investigateunfair business practicesforbidden by
Clayton Act
Issues cease and desist
orders to offending
company Reviews business mergers
to determine if too
monopolistic
http://localhost/var/www/apps/conversion/tmp/scratch_6//upload.wikimedia.org/wikipedia/commons/4/43/US-FederalTradeCommission-Seal.svg
