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List each of the reforms that Wilson developed to address the Triple Wall of Privilege. Please list and explain each in one sentence.

1. Tariff Reform: Wilson implemented the Underwood Tariff Act, which significantly lowered tariffs to increase competition and reduce consumer prices.
2. Business Reform: The Clayton Antitrust Act was introduced to strengthen antitrust laws and prevent unfair business practices.
3. Banking Reform: Wilson established the Federal Reserve System to provide a safer, more flexible, and stable monetary and financial system.



Answer :

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Final answer:

Wilson developed reforms like progressive taxation, the Federal Reserve System, and the Clayton Antitrust Act to tackle the Triple Wall of Privilege.


Explanation:

The reforms that Wilson developed to address the Triple Wall of Privilege were:

  1. Progressive Taxation: Wilson introduced the Revenue Act of 1913, instituting a progressive income tax to reduce the influence of the wealthy elites.
  2. The Federal Reserve System: Wilson signed the Federal Reserve Act in 1913, creating a decentralized banking system to regulate the money supply.
  3. Clayton Antitrust Act: This act aimed to limit the power of monopolies and protect small businesses and consumers from unfair business practices.

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