Several European nations had attempted to forcibly collect debts owed to them by Latin American nations like Venezuela in 1902; the country was receiving messages from Britain and Germany to pay off long-standing debts. British and German forces took naval action with a blockade on Venezuela, Roosevelt denounced the blockade. The blockade began the basis of the Roosevelt Corollary to the Monroe Doctrine and in 1904 Roosevelt officially issued the “corollary”, stating that the United States would prohibit any intervention from foreign countries. Roosevelt called this “Dollar Diplomacy,” arguing that if any nation in the Western Hemisphere appeared politically and financially unstable as to be vulnerable to European control, the United States had the right to intervene. Roosevelt wanted to increase their own influence and remove all international influence. However, it was President William H. Taft that expanded the effort and aimed to increase the interests of the United States by encouraging the investment of U.S. capital in foreign countries. Taft recognised the potential influence the economy could have and bought the debts from countries in an endeavour to establish control over Honduras.
Thirdly, the Roosevelt Corollary itself stated that it was America’s duty to resolves issues such as wars or revolutions and America could intervene when they wanted to, showing that America wanted to become active imperialistically having already taken over Cuba, the Philippines, Guam, Hawaii and Puerto Rico. Furthermore, it also acted as an extension of foreign policy as America took over the Dominican Republic, Haiti and Nicaragua which ensured a U.S. military presence in the Caribbean and Central America for decades.
However, there were other key factors and individuals that helped develop American imperialism. As previously discussed the development of imperialism also emerged through Dollar Diplomacy. Taft used American bankers to provide loans to the new government of Nicaragua to support America’s mining interests. In addition to the Honduras, an example of Dollar Diplomacy includes in 1909 when the US government backed the rebellion against José Santos Zelaya, a dictator of Nicaragua and sent US marines to safeguard foreign nationals. Due to the backing by the US, Adolfo Díaz, a supporter of the United States became the president of Nicaragua. A treaty was signed between the two governments wherein the USA was allowed to refund the foreign debts of Nicaragua. The Dollar Diplomacy was also used in the Far East in 1911 in addition to Latin America. Taft instructed American financiers led by JP Morgan to join a European consortium that was backing railroad projects in China. American bankers then attempted to buy another railway scheme: the South Manchurian. This was an endeavour to block Russian and Japanese in China influence and increase American influence, illustrating the impact of the Dollar Diplomacy on the development of US imperialism therefore negating the notion that Roosevelt was the most significant President contributing to the development of US imperialism.
McKinley also made an agreement by signing the Treaty of Paris that resulted in Spain surrendering control of Cuba and ceding Puerto Rico, parts of the West Indies, Guam, and the Philippines to the United States. The cession of the Philippines involved a payment of $20 million to Spain by the United States and ended the Spanish-American War in 1898. The Treaty transformed the US into an empire, controlling numerous countries giving Roosevelt a large foundation to build on.
In 1899 and 1900, Secretary of State John Hay issued what became known as the Open Door Notes to foreign powers involved in China. Secretary Hay called on those powers to respect the rights of each other, to agree to an open market and equal trading opportunities for merchants of all nationalities, and to respect the territorial and administrative integrity of China. The Open Door Policy was an important step in the process by which the United States emerged as a global power and developed a distinctive and expansive set of interests in East Asia, showing America was spreading their influence beyond Latin America and South America. The America government wanted more power and influence and wanted to prevent other powers from splitting up China between them, showing they desired an overseas empire.
Theodore Roosevelt accelerated expansionism the imperialism was partly influenced by the ‘Civilising Mission’ and ‘Social Darwinism’. The former idea emerged with the European imperialist ideologies. For the racial and cultural superiority, there was a need for the US to raise up non-white societies from their ‘backwardness’. It was also claimed that this was the responsibility of America to conquer weaker nations as they were not fit to the world and at the same time, strong nations survived. The America, therefore, had an excuse to intervene other countries such as Cuba, Colombia and China and achieved imperialism completely. After Theodore Roosevelt was elected as the president, there had already been an elementary background of imperialism, which made a lot easier for Roosevelt to continue and implement. Theodore Roosevelt was essential for the development of American imperialism in terms of intervention to weaker nations, Panama Canal Project and Roosevelt Corollary. After his presidency, expansionism was continued by the next Republican president William Taft, who became the president in 1908. The Platt Amendment set out by the Congress and John Hay’s Open Door policy also contributed to develop the imperialism. Thus, Roosevelt was significant, but not the only factor.