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Download A world safe for capitalism: dollar diplomacy and America's by Cyrus Veeser PDF

By Cyrus Veeser

An international secure for Capitalism unravels a little-known incident: a Wall highway corporation's takeover of the overseas debt, nationwide railroad, and nationwide financial institution of the Dominican Republic within the Nineties. operating with the republic's tyrannical president, the yankee company attempted to show self-sufficient peasants into cash-crop farmers, with disastrous effects. through 1904, the company's slender pursuit of revenue clashed with Theodore Roosevelt's objective of creating the us a very good energy, therefore triggering a sweeping new policy-the Roosevelt Corollary to the Monroe Doctrine. Praised by means of Diplomatic heritage as "a version of globe-trotting multiarchival research," this interesting heritage covers occasions in manhattan, Washington, Santo Domingo, Brussels, and London.

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S. exports to the region, the policy did dramatically reshape Caribbean trade. S. trade policy was a major factor in the region’s defining crisis of the 1890s—Cuba’s struggle for independence. In Cuba, the immediate effect of reciprocity was an upsurge in exports to the United States. Sugar exports to the United States leaped from $54 million in 1890 to $79 million in 1893. By 1894, the United States was buying almost 90 percent of all Cuba’s exports. ”17 While the renewed outbreak of an armed independence struggle in February 1895 obviously reflected the internal dynamic of Cuban politics, it also underscored the political repercussions of Washington’s trade policies.

Reciprocity was, in effect, selective free trade, lowering tariff barriers only to nonindustrial nations with few manufactured exports. The policy promised the benefits of free trade, especially reduced prices for raw materials and tropical crops, without substantially increasing competition for American manufacturers. “We should confine our reciprocity negotiations,” President Harrison told Blaine, “. . ”16 At Blaine’s insistence, Congress made a last-minute change in the tariff bill of 1890 giving the executive branch the discretion to allow the free entry of tropical products in return for lower duties on American goods.

Their corporation, the San Domingo Improvement Company, had bought control of the Dominican foreign debt from a Dutch firm, Westendorp, six months earlier. The New Yorkers had gone to Santo Domingo to see how their imperial venture would play out in practice. They faced the delicate task of coming to terms with Ulises Heureaux, a dictator who ruled the Dominican Republic with an iron fist. 6 The first contacts between the New Yorkers and the Dominicans had not been cordial. When the SDIC notified the Dominican government that they had bought the country’s foreign debt, Minister of Finance Juan F.

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