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Dollar diplomacy was the policy sought to further American interests in Latin America by using the financial power of American business.
What is Dollar diplomacy?
Dollar diplomacy refers to American foreign policy to minimize threats of military force. The term Dollar diplomacy was introduced by William Howard Taft and his secretary Philander C. Knox in 1912, In order to ensure financial stability of Latin American and Eat Asian countries. Dollar diplomacy refers to the process in which a county's financial power is used to extend international influence.
Dollar diplomacy played an important role in widening the economic markets of America and also established Unites states as a predominant power. Dollar diplomacy helped to boost the struggling economies of Latin American and East Asian countries while expanding the US. The countries like China, Mexico, Dominican Republic and Russia. In spite of the success dollar diplomacy failed to prevent economic instability and revolutions in Mexico, China and Dominican Republic.
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