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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]
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. [92]
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. [206]
The United States occupation of Nicaragua from August 4, 1912, to January 2, 1933, was part of the Banana Wars, when the U.S. military invaded various Latin American countries from 1898 to 1934. The formal occupation began on August 4, 1912, even though there were various other assaults by the United States in Nicaragua throughout this period.
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. [63] [64]
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).
This model—in which United States advisors worked to stabilize Latin American nations through temporary protectorates, staving off European action—became known as "dollar diplomacy". The Dominican experiment, like most other "dollar diplomacy" arrangements, proved temporary and untenable, and the United States launched a larger military ...
November 21 - The United States demands reparations from Nicaragua for the killing of Americans. [12] December 1 - The United States ends diplomatic relations with Nicaragua. [13] December 7 - Taft delivers the 1909 State of the Union Address. [14] December 13 - Taft nominates Horace Harmon Lurton to the Supreme Court of the United States.