dollar diplomacy
Definition
- Noun:
- Diplomacy influenced by economic considerations: A foreign policy approach where a nation uses its financial power, such as investments, loans, or economic aid, to secure its strategic objectives, extend its influence, or protect its commercial interests abroad.
Usage
- Noun:
- The country's expansion of influence in the region was achieved through a policy of dollar diplomacy, offering substantial development loans.
- Critics argue that dollar diplomacy often prioritizes corporate interests over genuine democratic development in recipient nations.
Advanced Usage
- As a historical term: The phrase is often used specifically to describe the foreign policy of the United States, particularly under President William Howard Taft (1909–1913), which sought to promote and protect American business interests in Latin America and East Asia through financial means.
- Historians note that Taft's administration favored dollar diplomacy over the military "big stick" policy of his predecessor.
Variants and Related Words
- Economic diplomacy (n): A broader, more modern term for the use of economic tools and negotiations to achieve foreign policy goals.
- Gunboat diplomacy (n): The pursuit of foreign policy objectives with the explicit or implicit threat of military force, often contrasted with dollar diplomacy.
Synonyms
- Economic statecraft: The use of economic instruments to achieve geopolitical aims.
- Financial diplomacy: Diplomacy centered on monetary and fiscal policies and agreements.
Related Phrases
- To practice dollar diplomacy: To engage in or implement this specific foreign policy approach.
- The superpower was accused of continuing to practice dollar diplomacy in developing economies.
Related Idioms
- Follow the dollar: An idiom suggesting that political power or influence trails behind financial investment and economic interest.
- In international relations, it's often said that to understand a country's foreign policy, you must follow the dollar.
Noun
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diplomacy influenced by economic considerations
