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The Roosevelt Corollary was articulated in the aftermath of the Venezuelan crisis of 1902–1903. In late 1902, Britain, Germany, and Italy imposed a naval blockade of several months against Venezuela after President Cipriano Castro refused to pay foreign debts and damages suffered by Europeans in a recent civil war. [3]
The Clark memorandum rejected the view that the Roosevelt Corollary was based on the Monroe Doctrine. However, it was not a complete repudiation of the Roosevelt Corollary but was rather a statement that any intervention by the U.S. was not sanctioned by the Monroe Doctrine but rather was the right of America as a state.
The episode contributed to the development of the Roosevelt Corollary to the Monroe Doctrine, asserting a right of the United States to intervene to stabilize the economic affairs of small states in the Caribbean and Central America if they were unable to pay their international debts, in order to preclude European intervention to do so.
The Roosevelt Corollary to the Monroe Doctrine was a substantial alteration (called an "amendment") of the Monroe Doctrine by President Theodore Roosevelt in 1904. [5] In its altered state, the Monroe Doctrine would now consider Latin America as an agency for expanding U.S. commercial interests in the region, along with its original stated ...
The blockade provided the initial basis of the Roosevelt Corollary to the Monroe Doctrine. [14] [15] In 1904, although he had mentioned the basis of his idea beforehand in private letters, Roosevelt officially announced the corollary, stating that he only wanted the "other republics on this continent" to be "happy and prosperous".
Seeking to minimize European power in Latin America, he mediated the Venezuela Crisis and declared the Roosevelt Corollary. Roosevelt mediated the Russo-Japanese War (1904–1905), for which he won the 1906 Nobel Peace Prize. He pursued closer relations with Great Britain. Biographer William Harbaugh argues:
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Partly as a result of the Roosevelt Corollary, the United States would engage in a series of interventions in Latin America, known as the Banana Wars. After Colombia rejected a treaty granting the U.S. a lease across the isthmus of Panama , Roosevelt supported the secession of Panama.