Dollar Diplomacy of The United States of America during term of President William Howard Taft's was defined as the form of the foreign policy of Americans to further its aims in Latin America along with East Asia through the proper usage of the economic power by guaranteeing the loans which are being made to the different foreign countries. In addition, dollar diplomacy is defined as the policy which is aimed at furthering different interests of the United States abroad by proper encouragement of the investments of US capital in the different foreign countries.
Dollar Diplomacy was evident in nature in extensive interventions of the US in Venezuela, Central America and Cuba especially in the different measures which have been undertaken for safeguarding the financial interests of Americans along with the government of United States in the respective region. The Dollar Diplomacy was to encourage as well as protect the trade within Latin America and Asia, however in spite of the different successes, Dollar Diplomacy failed to counteract economic instability and the tide of the revolution in different places such as Mexico, China and Dominican Republic.
With the help of Dollar Diplomacy, it refers to the usage of the diplomacy to promote the commercial interest of United States along with economic power abroad through proper guaranteeing the loans which are made in a strategic manner with important foreign countries. One of the most important events during presidency was the Taft’s Dollar Diplomacy and it was even successful in encouraging as well as protecting the trade within Latin America along with Asia. Moreover, when the administration talked about dollar diplomacy in Latin America, it always referred to Caribbean that had the strategic implications which was soon to be completed in a positive manner.
The major goals of the Taft’s Dollar Diplomacy were to further the economic power of the United States and it helped in promoting the trade in Latin America along with preventing the foreign powers from the gaining or increasing the overall financial foothold in the key markets. The president William Taft justified the Dollar Diplomacy as the natural kind of extension of Roosevelt Corollary to the Monroe Doctrine that helped in asserting the right the United States required to intervene as to stabilize the different economic affairs of the different small states in Central America along with Caribbean if they were not being able to pay the different kinds of international debts.
Moreover, the Taft’s Dollar Diplomacy helped in creating proper stability along with opportunities order in abroad that would be best suitable for promoting the American commercial related interests. In order to improve the different strategic loan system in an effective manner, Taft’s Dollar Diplomacy helped in improving the financial opportunities for the different United States Banking related operations and they helped in encouraging the Wall Street Banks as well as bankers to invest the surplus dollars into the foreign areas of the strategic concern related to United States which will be helpful.
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