By Cyrus Veeser
A global 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 Eighteen 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 aim of constructing the us a very good strength, hence triggering a sweeping new policy-the Roosevelt Corollary to the Monroe Doctrine. Praised via Diplomatic background as "a version of globe-trotting multiarchival research," this fascinating background covers occasions in ny, Washington, Santo Domingo, Brussels, and London.
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Additional resources for A world safe for capitalism: dollar diplomacy and America's rise to global power
Indeed, this first encounter between the new partners hinted at problems that would dog the SDIC throughout its tenure in the Dominican Republic. S. government backed the SDIC in the belief that the private company’s control of Dominican finances would make the republic a virtual protectorate of the United States. In fact, the company never gained full control of the country’s finances, failed to achieve the modernizing goals that its name trumpeted, and in the end turned out to be as much a tool of Ulises Heureaux as it was of Washington or Wall Street.
Weed turned to overseas investment in the 1890s, he carried with him the assumptions about business-government collaboration that he had learned in New York State. Perhaps Weed looked abroad for grand opportunities which, as Waller suggests, New York State no longer offered to his brand of noncorporate promoters. Weed’s first overseas venture concerned not the Dominican Republic, but Central America. His friendship with Grover Cleveland allowed him to play an active role in promoting one of the era’s great unrequited projects—cutting an isthmian canal across Nicaragua.
In their six-year collaboration, the SDIC and Heureaux tried to reform Dominican society in basic ways, by building railroads, stabilizing the currency, and moving the mostly peasant nation from subsistence farming to cash-crop production. Theoretically, these changes would turn the Dominican Republic into a prosperous nation able to pay off old loans and the new debt that grew rapidly as the SDIC brokered a series of loans from 1893 to 1897. “The island is rich and fertile, and under proper management should be solvent, and more than that,” a foreigner familiar with the country told the New York Times in 1892.
A world safe for capitalism: dollar diplomacy and America's rise to global power by Cyrus Veeser