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By Cyrus Veeser
An international secure for Capitalism unravels a little-known incident: a Wall highway corporation's takeover of the international debt, nationwide railroad, and nationwide financial institution of the Dominican Republic within the Nineties. operating with the republic's tyrannical president, the yankee enterprise attempted to show self-sufficient peasants into cash-crop farmers, with disastrous effects. by way of 1904, the company's slender pursuit of revenue clashed with Theodore Roosevelt's objective of creating the USA a superb strength, therefore triggering a sweeping new policy-the Roosevelt Corollary to the Monroe Doctrine. Praised by way of Diplomatic heritage as "a version of globe-trotting multiarchival research," this fascinating background covers occasions in big apple, Washington, Santo Domingo, Brussels, and London.
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Additional info for A world safe for capitalism: dollar diplomacy and America's rise to global power
12 At the beginning of the 1890s, the American policy that did the most to reshape power relations in the Caribbean was commercial reciprocity. Since the early 1880s, Secretary of State James G. Blaine had envisioned a Western Hemisphere system organized under American leadership but demanding little in the way of responsibility from Washington. 13 At the first Pan-American Conference in Washington in 1889–90, a majority of participants, led by 32 remapping the caribbean Argentina, vetoed a customs union because Latin American governments relied on customs receipts for much of their revenue.
68 Smith M. Weed and the SDIC stand in a curious relation to theories of imperialism, like those of Charles A. Conant, John A. Hobson, and Vladimir Lenin, that assume accumulations of surplus capital and falling rates of profit in metropolitan countries pushed investors to look overseas for better returns on investments. It is certainly true that the SDIC took advantage of surplus savings in Europe that sought higher rates of return. But Weed and his associates did not correspond to the powerful monopoly capitalists that both 28 the gilded age goes abroad Hobson and Lenin described.
45 As a result of the Baring panic, Latin American loans found few sponsors or buyers in European capital markets in the early 1890s. The New York 22 the gilded age goes abroad financial paper Bradstreet’s noted in January 1892 that “the downfall of Argentine credit gave a decisive blow to the whole inflation of unsound government credits in the money markets of Europe. . ”46 At the time, few if any foreign securities were traded in New York. 47 Loans were based on the sale of bonds, also called securities, notes, or paper, on the London stock exchange and stock markets in Paris, Brussels, Amsterdam, Geneva, and Berlin.