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Dollar diplomacy of the United States, particularly during the presidency of William Howard Taft (1909–1913) was a form of American foreign policy to minimize the use or threat of military force and instead further its aims in Latin America and East Asia through the use of its economic power by guaranteeing loans made to foreign countries. [1]
Taft and Secretary of State Knox instituted a policy of Dollar Diplomacy towards Latin America, believing U.S. investment would benefit all involved and minimize European influence in the area. Although exports rose sharply during Taft's administration, his Dollar Diplomacy policy was unpopular among Latin American states that did not wish to ...
American foreign policy under Wilson marked a departure from President Taft's "Dollar Diplomacy." Wilson wished to correct the American errors of the nineteenth century. [16] Instead, Wilson desired to extend American friendship to the nations of Latin America. In his 1913 Address Before the Southern Commercial Congress, Wilson states:
Wilson sought to move away from the foreign policy of his predecessors, which he viewed as imperialistic, and he rejected Taft's Dollar Diplomacy. [156] Nonetheless, he frequently intervened in Latin America, saying in 1913, "I am going to teach the South American republics to elect good men."
Although exports rose sharply during Taft's administration, his Dollar Diplomacy policy was unpopular among Latin American states that did not wish to become financial protectorates of the United States. Dollar Diplomacy also faced opposition in the U.S. Senate, as many senators believed the U.S. should not interfere abroad. [91]
After 1900, experience deepened in the State Department, and at the very top level, Roosevelt, Taft, Wilson, Hoover and their secretaries of state comprised a remarkable group with deep knowledge of international affairs. American elections rarely featured serious discussion of foreign-policy, with a few exceptions such as 1910, 1916, 1920 and ...
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From 1909 to 1913, President William Howard Taft and his Secretary of State Philander C. Knox asserted a more "peaceful and economic" Dollar Diplomacy foreign policy, although that too was backed by force, as in Nicaragua.