Dollar Diplomacy is the effort of the United States—particularly under President William Howard Taft—to further its aims in Latin America and East Asia through use of its economic power by guaranteeing loans made to foreign countries. The term was originally coined by President Theodore Roosevelt on account of money that made it possible to pay soldiers without having to fight; most would agree it was a considerably meager wage.
The concept is relevant to both Liberia, where American loans were given in 1913, and Latin America. Latin Americans tend to use the term "Dollar Diplomacy" disparagingly to show their disapproval of the role that the U.S. government and U.S. corporations have played in using economic, diplomatic and military power to open up foreign markets.
Read more about Dollar Diplomacy: Dollar Diplomacy in The Americas, Complete Overview
Famous quotes containing the words dollar and/or diplomacy:
“You like money. You got a great big dollar sign there where most women have a heart.”
—Stanley Kubrick (b. 1928)
“The policy of dollar diplomacy is one that appeals alike to idealistic humanitarian sentiments, to dictates of sound policy, and strategy, and to legitimate commercial aims.”
—William Howard Taft (1857–1930)