William H. Taft Republican President Dollar Diplomacy

“DOLLAR DIPLOMACY”  Taft’s Foreign Policy –Emphasized U.S. economic power and business investment to influence Latin American governments.  Dollar Diplomacy = President Taft’s policy of influencing Latin American and Asian nations through American businesses rather than military force.

TR’s Policy  Taft continued TR’s policy of enforcing the Monroe Doctrine through the Roosevelt Corollary. –U.S. would intervene in Latin American affairs when necessary to help keep the Western Hemisphere economically and politically stable. –In 1905 TR took on the responsibility of collecting tariffs in the Dominican Republic whom had fallen behind in paying its debts to European nations.

“DOLLAR DIPLOMACY”  Taft promoted investment of private money in Latin America. –Taft focused on helping the region’s industries. –Benefits would include (Taft’s beliefs):  increase U.S. trade  increase American businesses’ profits  help get Latin American countries out of poverty.  He reasoned that this would produce stability and peace in Latin American countries.

“Dollar Diplomacy”  Note: Taft wanted to enforce the Monroe Doctrine by allowing U.S. economic power to influence Latin American governments.  Allowed Taft to maintain informal treaty agreements with Nicaragua and Honduras

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