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Article: Dollar Diplomacy
- Article from:
- Gale Encyclopedia of U.S. Economic History
CopyrightCOPYRIGHT 1999 The Gale Group Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DOLLAR DIPLOMACY
The concept of the U.S. government protecting U.S. commercial enterprises abroad and offering political loans to foreign governments is not unique to any specific time period. The term "Dollar Diplomacy," however, became particularly associated with the policies of President William Howard Taft (1909
–
13) that were designed to further U.S. interests in Latin America and China. Taft sought to use U.S. economic aid in order to coax underdeveloped countries to follow U.S. political leadership and at times accept a U.S. military presence.
Almost a century earlier in 1823 President James Monroe (1817
–
25) established what became known as the Monroe Doctrine. ...