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US Dollar Diplomacy in Latin America

Page history last edited by PBworks 13 years, 5 months ago

 

Week 25: Latin American Consolidation IDs 

 

"Money often costs too much." - Ralph Waldo Emerson

     ...the u.$. and dollar diplomacy in latin america...

 

 

Dollar Diplomacy was foreign policy utilized by the US, mainly president Taft, to characterize interactions with Latin America and East Asia in which they guarenteed loans made to foreign countries.  The term is also used, mainly by Latin America, to show disapproval of the economic and political interactions that the US government had in their markets.  In other words, they pumped money into unstable countries in order to take control over them...

  • Dollar Diplomacy was backed by the US's intent to intervene on behalf of Western Hemisphere countries if they seemed to be susceptable to invasion by Europe either politically or economically (which began with the Monroe Doctrine)
  • Taft worked with this concept in Panama when he attempted to take control by paying off debts to Britain
  • Taft's Secretary of State, Philander Knox, played a key role as his aggressions to extend U.S. investents into underdeveloped regions brought about the name to these policies -- "Dollar Diplomacy"
  • In Nicaragua the US sent military support for insurgents overthrowing their government and then offered them substantial loans which increased the US's financial leverage over the country
  • The US also intervened in Caribbean nations (Honduras and Haiti) to keep out foreign funds and markets, because of this the US was obligated to their national debts
  • Though it did have some successes, Dollar Diplomacy failed to counteract all economic instability and revolution in places like Mexico, the Dominican Republic, Nicaragua, and China

 

         

     ^president taft^                  ^dominican republic, early 1900's, around when US intervened^

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