Dollar Diplomacy, 1909–1913 - 1899–1913 - Milestones

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1. Home
2. Milestones
3. 1899-1913
4. Dollar Diplomacy, 1909–1913

Milestones: 1899–1913

NOTE TO READERS “Milestones in the History of U.S. Foreign Relations” has been retired and is no longer maintained. For more information, please see the full notice. Dollar Diplomacy, 1909–1913

From 1909 to 1913, President William Howard Taft and Secretary of State Philander C. Knox followed a foreign policy characterized as “dollar diplomacy.”

William Howard Taft

Taft shared the view held by Knox, a corporate lawyer who had founded the giant conglomerate U.S. Steel, that the goal of diplomacy was to create stability and order abroad that would best promote American commercial interests. Knox felt that not only was the goal of diplomacy to improve financial opportunities, but also to use private capital to further U.S. interests overseas. “Dollar diplomacy” was evident in extensive U.S. interventions in the Caribbean and Central America, especially in measures undertaken to safeguard American financial interests in the region. In China, Knox secured the entry of an American banking conglomerate, headed by J.P. Morgan, into a European-financed consortium financing the construction of a railway from Huguang to Canton. In spite of successes, “dollar diplomacy” failed to counteract economic instability and the tide of revolution in places like Mexico, the Dominican Republic, Nicaragua, and China.

Table of Contents

• 1899–1913: Defending U.S. International Interests
• The Philippine-American War, 1899–1902
• Secretary of State John Hay and the Open Door in China, 1899–1900
• Japanese-American Relations at the Turn of the Century, 1900–1922
• Roosevelt Corollary to the Monroe Doctrine, 1904
• The Treaty of Portsmouth and the Russo-Japanese War, 1904–1905
• Dollar Diplomacy, 1909–1913
• The Chinese Revolution of 1911
• Building the Panama Canal, 1903–1914

Milestones

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