By Cyrus Veeser
A global secure for Capitalism unravels a little-known incident: a Wall road 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 yank enterprise attempted to show self-sufficient peasants into cash-crop farmers, with disastrous effects. by way of 1904, the company's slim pursuit of revenue clashed with Theodore Roosevelt's aim of creating the U.S. a very good strength, therefore triggering a sweeping new policy-the Roosevelt Corollary to the Monroe Doctrine. Praised through Diplomatic background as "a version of globe-trotting multiarchival research," this fascinating heritage covers occasions in long island, Washington, Santo Domingo, Brussels, and London.
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Extra info for A world safe for capitalism: dollar diplomacy and America's rise to global power
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. In addition, Argentina, Chile, and Brazil objected to exposing their infant industries to direct competition with goods from the United States.
Allegedly, the company was set up after a hunting party in the Adirondacks noticed that their blazing campfire melted an outcropping of iron ore. “At the time of its discovery,” the report continued, there was living in Plattsburgh a shrewd laywer, Smith M. Weed, who had no capital except his brains. The land at Lyon Mountain was owned by a resident of a distant city, but Mr. Weed leased it and then strove to interest capitalists in his scheme to develop the mine. . But the mine was almost inaccessible.
That decision had major consequences. S. 66 Confusion of American strategic goals with the company’s private interests would define Washington’s policy toward the Dominican Republic for the next decade. The overlap of public and private spheres was perceptively described by a naval officer, evidently familiar with Santo Domingo, in a letter to the New York Times in early 1893. “It is to be presumed,” the writer said, that the gentlemen who compose the syndicate know what they are undertaking and see in their scheme considerable profit, for it is a well-known fact that American capital is of the stay at home kind, and when it does journey across the seas it is in search of some great prize or is assured that it will be protected if need be by the power of the United States.