Student Question
What is the "triple wall of privilege" and how did Wilson approach each issue?
Quick answer:
The "triple wall of privilege" refers to the banks, tariffs, and trusts that Woodrow Wilson believed disadvantaged ordinary people. He argued that banks withheld loans from small farmers and businesses, tariffs inflated prices and supported big businesses, and trusts created monopolies that exploited consumers. To address these issues, Wilson worked to lower tariffs, dismantle trusts, and regulate banks through the establishment of the Federal Reserve system.
Wilson felt that there was a triple wall of privilege that hurt the people outside of the elites. He believed that the banks hurt them by withholding loans from small farmers and small businesses. He believed that tariffs hurt the people by making them pay higher prices for goods and by artificially supporting big businesses. He believed that trusts hurt the people by creating monopolies in certain sectors of the economy. These monopolies could then exploit the people by charging them high prices. Wilson therefore worked to lower tariffs, "bust" the trusts, and regulate banks through the Federal Reserve system.
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