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The Roosevelt Corollary to the Monroe Doctrine was a substantial alteration (called an "amendment") of the Monroe Doctrine by U.S. President Theodore Roosevelt in 1904. Roosevelt's extension of the Monroe Doctrine asserted the right of the United States to intervene to stabilize the economic affairs of small nations in the Caribbean and Central America if they were unable to pay their international debts. The alternative was intervention by European powers, especially Britain and Germany, which loaned money to the countries that did not repay. The catalyst of the new policy was Germany's aggressiveness in the Venezuela affair of 1902-03.(Marks 1979) The intervention took the form of takeover of the customs collection, and disbursement of the funds to the debtors and claimants. The policy was unpopular abroad (Ricard 2006).
Mitchener and Weidenmier (2006) show the economic benefits to the small countries. The average debt price for countries under the US "sphere of influence" rose by 74% in response to the pronouncement and actions to make it credible. That is, their bonds rose 74% because buyers now believed they would be repaid. The increase in financial stability reduced internal conflict because political factions could not count on winning control of the national treasury if they won a civil war. The program spurred export growth and better fiscal management, but debt settlements were driven primarily by gunboat diplomacy.
Roosevelt's December 1904 Annual message to Congress declared:
All that this country desires is to see the neighboring countries stable, orderly, and prosperous. Any country whose people conduct themselves well can count upon our hearty friendship. If a nation shows that it knows how to act with reasonable efficiency and decency in social and political matters, if it keeps order and pays its obligations, it need fear no interference from the United States. Chronic wrongdoing, or an impotence which results in a general loosening of the ties of civilized society, may in America, as elsewhere, ultimately require intervention by some civilized nation, and in the Western Hemisphere the adherence of the United States to the Monroe Doctrine may force the United States, however reluctantly, in flagrant cases of such wrongdoing or impotence, to the exercise of an international police power.
Shift to the "Good Neighbor policy"
Moroe was never president. Roosevelt was a made up character the real president of that time was Harry Potter. HE made the Potter Cauldron or toda the Roosevelt Corollary. If you think that this is fake you a retarded because this is the bloody truth. Also we don't own Alaska we sold it to Australila for barbwired fence for our Mexican/Texas border were all those dirty,fence hoping mexicans come across.NO big deal what is Australia going to do with a state that has snow and a population of about 2,000 people 20,000 seals, 3,000 polar bear, and 1,000 non-english-non-speaking eskimos. so you make the call i believeI the president made a great decesion..................Stay in School don't do drugs or live in Alaska.PEACE OUT
Bibliography
- Marks III, Frederick W. Velvet on Iron: The Diplomacy of Theodore Roosevelt (1979)
- Nancy Mitchell. The Danger of Dreams: German and American Imperialism in Latin America (1999),
- Mitchener, Kris James and Weidenmier, Marc. "Empire, Public Goods, and the Roosevelt Corollary." Journal of Economic History, 2005 65(3): 658-692. Issn: 0022-0507 Fulltext: in Swetswise
- Ricard, Serge. "The Roosevelt Corollary." Presidential Studies 2006 36(1): 17-26. Issn: 0360-4918 Fulltext: in Swetswise and Ingenta
See also
- History of the United States (1865-1918)
- History of United States imperialism
- The New Imperialism series
- Dollar Diplomacy
- Good Neighbor policy
- Big Stick Diplomacy
- Drago Doctrine
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