For numerous reasons, including Japan and Russia’s competitive interest in Chinese business, the railroad project ultimately failed.Īside from his work in Asia, President Taft was also active at increasing American influence in Latin American countries and parts of Africa. Because of this, he worked to get America more involved in China by partnering with Britain, France, and Germany to invest in a massive Chinese railroad project. However, Taft felt that Japan and Russia had an unfair hold on Chinese business and revenue. According to this policy, China was open to free trade so that no one nation could gain too much economic control over the Asian country. With these goals in mind, Taft and his administration became involved in the economic affairs of countries in which America did not have any particular claim.Ĭhina had an existing “open door policy” that President Taft hoped to utilize. Taft primarily focused his efforts to imperialize through economic force on China and various countries in Latin America. He hoped that establishing the prominence of American business would limit power of other countries. Taft built on Roosevelt’s idea of “speak softly and carry a big stick,” except he replaced the use of military force with the use of economic or financial force. Appropriately known as dollar diplomacy, these policies were, in essence, an attempt to increase the value of the American dollar, both in the U.S. His interest in finance certainly guided diplomatic policy at this time. Knox was a businessman and had been immensely successful in the steel industry. Knox, was to expand the United States economic market. One of Taft’s biggest priorities, with the support of U.S. Many of Taft’s biggest changes occurred on an international scale, impacting global relationships. Outgoing US president Teddy Roosevelt (dressed as a cowboy) hands responsibility (in form of a baby that looks like Roosevelt labeled “My Policies”) to his successor William Howard Taft (wearing a nurse-maid’s apron and bonnet over his suit). However, his agenda proved to be quite different from Teddy’s. Thus, it seemed only natural that Taft would successfully run for the office of president in 1908, after Roosevelt’s very successful presidency. Taft was a highly influential and well-respected Republican leader of that time, and many considered him Roosevelt’s right-hand man. William Howard Taft served as the secretary of war under President Roosevelt from 1904-1908. With a powerful military to back its thriving economy, the United States became a force to be reckoned with internationally. As the United States increased its participation in international markets, the country started to gain a lot of global influence. The effects of the industrial revolution continued through this era, and industry became increasingly important in the U.S. influence in the global community, and if he had to use military force to do so, he would.Īt the beginning of the 20th century, America emerged as an economic powerhouse. exerted its power financially and militaristically. The desire for imperialism and expansion of American influence dominated policy during this period. Backgroundīefore Taft’s presidency, America experienced the executive authority of Theodore Roosevelt and his “Big Stick” diplomacy attitude about foreign affairs. influence in many countries, particularly China and Latin America. and particularly impacted countries with a significantly lower economic status. Taft’s policies relied on the financial strength of the U.S. Senate coined the term to describe his use of financial resources to exert control over foreign markets and governments. This occurred in the United States during William Howard Taft’s presidency between 19. In APUSH, we learn dollar diplomacy is exerting financial power as a form of imperialism. Thankfully, we’re here to give you a crash course on dollar diplomacy and to explain everything you need to know to ace this topic on the APUSH exam. Dollar diplomacy–aside from sounding like the name of a movie showing down the street, do you have any idea what it means? Could you explain it to a friend in easy-to-understand terms? More importantly, could you successfully answer an essay question about it on the AP® US History exam? Do you know the politicians involved or at least the associated time period and presidency? Chances are you answered no to at least one of those questions.
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