President Woodrow Wilson’s New Freedom plan focused on restoring competition in the economy and reducing the power of large corporations. Wilson wanted to make it easier for small business owners to compete and sought to reduce the power of trusts, or large corporations. He proposed breaking up these trusts, eliminating tariffs, and creating the Federal Trade Commission (FTC). He also proposed the introduction of a federal income tax and the introduction of an eight-hour work day.

Explanation

President Woodrow Wilson’s New Freedom plan was an attempt to restore competition in the economy and reduce the power of large corporations. Breaking up trusts, eliminating tariffs, creating the Federal Trade Commission (FTC), creating a federal income tax, and introducing an eight-hour work day were all part of the New Freedom plan.

The FTC was created to promote competition in the economy and protect consumers from unfair business practices. The FTC has the authority to investigate, prevent, and stop unfair or deceptive business practices and enforce consumer protection laws. This helps ensure that businesses act in the best interests of consumers and not just their own profits.

The introduction of a federal income tax and an eight-hour work day also had significant implications for the economy. The federal income tax allowed the government to fund social welfare programs and economic projects, while the eight-hour work day meant that workers had more time to spend with their families and pursue other interests.

The New Freedom plan had both positive and negative effects. It benefited consumers by providing more protections and oversight, but it also put a strain on businesses, as they had to adjust to new regulations and taxes. Ultimately, however, the plan helped create a stronger, more prosperous economy.