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The US dollar continues to underpin the world economy and is the key currency for medium of international exchange, unit of account (e.g. pricing of oil), and unit of storage (e.g. treasury bills and bonds) and, despite arguments to the contrary, is not in a state of hegemonic decline (cf. Fields & Vernengo, 2011, 2012).
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]
During the 1990s, the United States mostly scaled back its foreign policy budget as well as its cold war defense budget which amounted to 6.5% of GDP while focusing on domestic economic prosperity under Clinton, who succeeded in achieving a budget surplus for 1999 and 2000.
The history of the United States dollar began with moves by the Founding Fathers of the United States of America to establish a national currency based on the Spanish silver dollar, which had been in use in the North American colonies of the Kingdom of Great Britain for over 100 years prior to the United States Declaration of Independence.
The 19th century saw the United States transition from an isolationist, post-colonial regional power to a Trans-Atlantic and Trans-Pacific power. From 1790 to 1797, the U.S. Revenue Marine served as the United States' only armed maritime service, tasked with enforcing export duties, and was the predecessor to the United States Coast Guard.
A Monetary History of the United States; A Patriot's History of the United States; A People's History of the United States; Cyclopaedia of Political Science, Political Economy, and the Political History of the United States; Land of Promise: An Economic History of the United States; The History of the United States of America 1801–1817 ...
Other commentators have accused the United States of practicing neocolonialism—sometimes defined as a modern form of hegemony—which leverages economic power rather than military force in an informal empire; the term "neocolonialism" has occasionally been used as a contemporary synonym for modern-day imperialism.
McKinley was assassinated in September 1901 and was succeeded by Vice President Theodore Roosevelt. He was the foremost of the five key men whose ideas and energies reshaped American foreign policy: John Hay (1838-1905); Henry Cabot Lodge (1850-1924); Alfred Thayer Mahan (1840-1914); and Elihu Root (1845-1937).