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Columbia Studies in Contemporary American History
A World Safe for Capitalism
This award-winning book provides a unique window on how America began to intervene in world affairs. In exploring what might be called the prehistory of Dollar Diplomacy, Cyrus Veeser brings together developments in New York, Washington, Santo Domingo, Brussels, and London. Theodore Roosevelt plays a leading role in the story as do State Department officials, Caribbean rulers, Democratic party leaders, bankers, economists, international lawyers, sugar planters, and European bondholders, among others.
The book recounts a little-known incident: the takeover by the Santo Domingo Improvement Company (SDIC) of the foreign debt, national railroad, and national bank of the Dominican Republic. The inevitable conflict between private interest and public policy led President Roosevelt to launch a sweeping new policy that became known as the Roosevelt corollary to the Monroe Doctrine. The corollary gave the U. S. the right to intervene anywhere in Latin American that "wrongdoing or impotence" (in T. R.'s words) threatened "civilized society." The "wrongdoer" in this case was the SDIC. Imposing government control over corporations was launched and became a hallmark of domestic policy. By proposing an economic remedy to a political problem, the book anticipates policies embodied in the Marshall Plan, the International Monetary Fund, and the World Bank.
The book recounts a little-known incident: the takeover by the Santo Domingo Improvement Company (SDIC) of the foreign debt, national railroad, and national bank of the Dominican Republic. The inevitable conflict between private interest and public policy led President Roosevelt to launch a sweeping new policy that became known as the Roosevelt corollary to the Monroe Doctrine. The corollary gave the U. S. the right to intervene anywhere in Latin American that "wrongdoing or impotence" (in T. R.'s words) threatened "civilized society." The "wrongdoer" in this case was the SDIC. Imposing government control over corporations was launched and became a hallmark of domestic policy. By proposing an economic remedy to a political problem, the book anticipates policies embodied in the Marshall Plan, the International Monetary Fund, and the World Bank.
- GenresHistory
190 pages, Hardcover
First published January 1, 2002
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Displaying 1 - 2 of 2 reviews
August 13, 2021
This is a revealing look at a corner of the nascent US expanding sphere of influence in Latin America in the late 19th century. While one usually thinks of Cuba and PR given the salience of the 1898 war, the DR in those years remains unexplored by textbooks.
One must appreciate the author’s effort in bringing these events to light. The problem is with the telling which is repetitive and constantly jumps ahead to reveal what will be covered by subsequent chapters. This happens too often, like someone who already saw the movie and let’s you know all that’s going to happen just as it starts.
One must appreciate the author’s effort in bringing these events to light. The problem is with the telling which is repetitive and constantly jumps ahead to reveal what will be covered by subsequent chapters. This happens too often, like someone who already saw the movie and let’s you know all that’s going to happen just as it starts.
August 15, 2015
Loved it. It's no small feat to weave an excellent story out of economic history.
Displaying 1 - 2 of 2 reviews