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
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