The Roosevelt Corollary was an addition to the Monroe Doctrine articulated by President Theodore Roosevelt in his State of the Union address in 1904 after the Venezuela Crisis of 1902–1903. The corollary states that the United States will intervene in conflicts between the European countries and Latin American countries to enforce legitimate claims of the European powers, rather than having the Europeans press their claims directly.
Roosevelt tied his policy to the Monroe Doctrine, and it was also consistent with his foreign policy included in his Big Stick Diplomacy. Roosevelt stated that in keeping with the Monroe Doctrine, the United States was justified in exercising «international police power» to put an end to chronic unrest or wrongdoing in the Western Hemisphere. While the Monroe Doctrine had sought to prevent European intervention, the Roosevelt Corollary was used to justify US intervention throughout the hemisphere. In 1934, President Franklin D. Roosevelt renounced interventionism and established his Good Neighbor policy for the Western Hemisphere.
Dollar diplomacy
Dollar diplomacy of the United States—particularly during President William Howard Taft‘s term— was a form of American foreign policy to further its aims in Latin America and East Asia through use of its economic power by guaranteeing loans made to foreign countries. Historian Thomas A. Bailey argues that dollar diplomacy was nothing new, as the use of diplomacy to promote commercial interest dates from the early years of the Republic. However, under Taft, the State Department was more active than ever in encouraging and supporting American bankers and industrialists in securing new opportunities abroad. Bailey finds that dollar diplomacy was designed to make both people in foreign lands and the American investors prosper.The term was originally coined by previous President Theodore Roosevelt, who did not want to intervene between Taft and Taft’s secretary of state.
Speaking Countries 