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When Woodrow Wilson became president in March 1913, he immediately canceled all support for Dollar diplomacy. Historians agree that Taft's Dollar diplomacy was a failure everywhere, In the Far East it alienated Japan and Russia, and created a deep suspicion among the other powers hostile to American motives. [21] [22]
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 Porfirio Díaz, Ciudad Juárez, Mexico, 1909. Díaz opened Mexico to foreign investment of Britain, France, Germany, and most especially the United States. Mexico–United States relations during Díaz's presidency were generally strong, although he began to strengthen ties with Great Britain, Germany, and France to offset U.S. power and influence. [7]
Taft did not enjoy the easy relationship with the press that Roosevelt had, choosing not to offer himself for interviews or photo opportunities as often as his predecessor had. [31] His administration marked a change in style from the charismatic leadership of Roosevelt to Taft's quieter passion for the rule of law. [32]
Since the 19th century, the United States government has participated and interfered, both overtly and covertly, in the replacement of many foreign governments. In the latter half of the 19th century, the U.S. government initiated actions for regime change mainly in Latin America and the southwest Pacific, including the Spanish–American and Philippine–American wars.
Taft shared the view held by Knox (a corporate lawyer who had founded the giant conglomerate U.S. Steel) that the goal of diplomacy should be to create stability abroad and, through this stability, promote American commercial interests. Knox felt that not only was the goal of diplomacy to improve financial opportunities, but also to use private ...
However, when Taft's secretary, Charles D. Norton, told the press that Roosevelt had begged for the meeting to boost his failing career, Roosevelt was privately incensed and denied the story, annoying Taft in turn. [35] Taft told Archibald Butt that he and Roosevelt had reached "the parting of the ways." [29]
Bemis's The Diplomacy of the American Revolution, published originally in 1935, is still the standard work on the subject. It emphasized the danger of American entanglement in European quarrels. European diplomacy in the eighteenth century was "rotten, corrupt, and perfidious," warned Bemis.