A world safe for capitalism: dollar diplomacy and America's by Cyrus Veeser

By Cyrus Veeser

An international secure for Capitalism unravels a little-known incident: a Wall road corporation's takeover of the international 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 slender pursuit of revenue clashed with Theodore Roosevelt's aim of constructing the U.S. a good strength, therefore triggering a sweeping new policy-the Roosevelt Corollary to the Monroe Doctrine. Praised via Diplomatic historical past as "a version of globe-trotting multiarchival research," this intriguing background covers occasions in manhattan, Washington, Santo Domingo, Brussels, and London.

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The boom ended suddenly in 1890, however, when Argentina announced it would suspend payments on its foreign debt. Baring Brothers, the British merchant banking house that had executed many of the loans, teetered at the brink of insolvency. 45 As a result of the Baring panic, Latin American loans found few sponsors or buyers in European capital markets in the early 1890s. The New York 22 the gilded age goes abroad financial paper Bradstreet’s noted in January 1892 that “the downfall of Argentine credit gave a decisive blow to the whole inflation of unsound government credits in the money markets of Europe.

34 Long before Weed turned to overseas ventures, he had proven himself a minor master at using state power for private ends. Weed’s correspondence with Grover Cleveland took up such prototypical patronage concerns as appointments to custom houses, the national mint, and foreign consulates. Weed used his political pull to avoid competing freely in an economy falling under the control of large corporations. As Altina Waller has pointed out, by relying on traditional structures of patronage and personalism, Weed represented the past, not the future.

46 At the time, few if any foreign securities were traded in New York. 47 Loans were based on the sale of bonds, also called securities, notes, or paper, on the London stock exchange and stock markets in Paris, Brussels, Amsterdam, Geneva, and Berlin. The bankers or promoters who arranged the loan risked very little of their own funds. ”48 The collapse of the market for “questionable” loans had a paradoxical result. Throughout 1892, Bradstreet’s and other financial journals reported a “plethora of money” in the capital markets of New York and Europe.

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