US ECONOMIC IMPERIALISM

28.3 Notes

Independence meant little…• Most citizens stuck in poverty cycle• Worked for landowners, paid in vouchers=debt peonage• Unequal distribution of land

Political Instability• Army leaders during independence became military

dictators=caudillos• People had no experience with democracy• Ex: Juan Vicente Gomez, ruled Venezuela for 30 years

Economies Grow Under Foreign Influence

• LA economies depended on exports• New technology helped

• Railroads• Refrigeration• Steamships

• Imported manufactured goods• No reason to industrialize

Outside Investment and Interference• LA countries borrowed money at high interest rates• Couldn’t always pay back money• New Age of “Economic Colonialism”

US Involvement• US believed its security

depended on LA• Worried Europe may try

to reconquer

• 1823 James Monroe issued Monroe Doctrine• America for Americans;

Europe stay out!

Cuba Declares Independence• Cuba was one of Spain’s last

colonies in Americas• 1868 it declared independence,

fought 10 yr war, lost• 1895: Jose Marti, a writer who was

exiled from Cuba, returned to launch second war for independence

• By mid 1890s US interested in Cuba because• economic interests • Spain had set up concentration camps

Spanish-American War• 1898 US joined fight, called the Spanish-American War

• lasted only 4 months • US struck first at Philippines • Spain unprepared and quickly collapsed

• 1901 Cuba became “independent” • US installed military gov’t • exerted control in affairs

• Spain lost rest of colonies to US after war: Guam, Puerto Rico, and Philippines

Connecting the Oceans• US wanted to build canal across narrow part of Central

America in Panama, a province of Colombia• President Teddy Roosevelt offered Colombia $10 million

plus yearly payment, they refused wanted more money• US responded by encouraging revolution in Panama

• with help from US Navy Panama won independence in 1903• Panama then gave US the 10 mile wide zone for canal

• 1914: Panama Canal opened

The Roosevelt Corollary• Panama Canal, presence in Cuba, and large investments

in LA strengthened US’s foothold there• To protect economic interests, Teddy issued the

Roosevelt Corollary: gave US right to be an international police power in Western Hemisphere

• US used the Corollary as justification several times when intervening in LA