1. US ECONOMIC IMPERIALISM 28.3 Notes

2. Independence meant little… Most citizens stuck in poverty cycle Worked for landowners, paid in vouchers=debt peonage Unequal distribution of land

3. Political Instability Army leaders during independence became military dictators=caudillos People had no experience with democracy Ex: Juan Vicente Gomez, ruled Venezuela for 30 years

4. Economies Grow Under Foreign Influence LA economies depended on exports New technology helped Railroads Refrigeration Steamships Imported manufactured goods No reason to industrialize

5. Outside Investment and Interference LA countries borrowed money at high interest rates Couldn’t always pay back money New Age of “Economic Colonialism”

6. US Involvement US believed its security depended on LA Worried Europe may try to reconquer 1823 James Monroe issued Monroe Doctrine America for Americans; Europe stay out!

8. Cuba Declares Independence Cuba was one of Spain’s last colonies in Americas 1868 it declared independence, fought 10 yr war, lost 1895: Jose Marti, a writer who was exiled from Cuba, returned to launch second war for independence By mid 1890s US interested in Cuba because economic interests Spain had set up concentration camps

9. Spanish-American War 1898 US joined fight, called the Spanish-American War lasted only 4 months US struck first at Philippines Spain unprepared and quickly collapsed 1901 Cuba became “independent” US installed military gov’t exerted control in affairs Spain lost rest of colonies to US after war: Guam, Puerto Rico, and Philippines

10. Connecting the Oceans US wanted to build canal across narrow part of Central America in Panama, a province of Colombia President Teddy Roosevelt offered Colombia $10 million plus yearly payment, they refused wanted more money US responded by encouraging revolution in Panama with help from US Navy Panama won independence in 1903 Panama then gave US the 10 mile wide zone for canal 1914: Panama Canal opened

11. The Roosevelt Corollary Panama Canal, presence in Cuba, and large investments in LA strengthened US’s foothold there To protect economic interests, Teddy issued the Roosevelt Corollary: gave US right to be an international police power in Western Hemisphere US used the Corollary as justification several times when intervening in LA