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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]
President Taft acted quietly, and pursued a policy of "Dollar Diplomacy", emphasizing the use of U.S. financial power in Asia and Latin America. Taft had little success. Taft had little success. The Open Door Policy under President McKinley and Secretary of State John Hay guided U.S. policy towards China, as they sought to keep open trade equal ...
By 1912 the ongoing political conflict in Nicaragua between the liberal and conservative factions had deteriorated to the point that U.S. investments under President Taft's Dollar Diplomacy including substantial loans to the fragile coalition government of conservative President Juan José Estrada were in jeopardy.
Dollar Diplomacy also faced opposition in the U.S. Senate, as many senators believed the U.S. should not interfere abroad. [91] In Nicaragua, American diplomats quietly favored rebel forces under Juan J. Estrada against the government of President José Santos Zelaya, who wanted to revoke commercial concessions granted to American companies. [92]
For the first year a military governor, Adna Chaffee, ruled parts of the country still resisting American rule, concurrent with civil governor William Howard Taft. [35] Disagreements between the two were not uncommon. [36] The following year, on July 4, 1902, the civil governor became the sole executive authority of the islands. [37]
President Taft implemented the policy of dollar diplomacy to leverage influence in foreign affairs through economic rather than military means. Foreign affairs under the Taft administration focused on upheaval in several Latin American countries. Conflict with Nicaragua resulted in occupation of the country in 1912.
From 1909 to 1913, President William Howard Taft and Secretary of State Philander C. Knox followed a foreign policy characterized as "dollar diplomacy." 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 ...
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: