I studied the Meiji restoration in school, but I can’t remember anything about it other than its name.
We must maintain the new and get rid of the old. It's time for a restoration of policy! This also refers to the Meiji Restoration too. In fact, it probably mostly refers to this, though you'll learn a more full version of this later.
This is a jukugo word that uses the on'yomi readings of the kanji. You should be able to read this on your own.