Dollar Diplomacy (Noun)
Meaning
Diplomacy influenced by economic considerations.
Classification
Nouns denoting communicative processes and contents.
Examples
- The United States employed dollar diplomacy in its relations with Latin America, using economic aid and investment to promote its interests in the region.
- Critics argue that dollar diplomacy undermines the principles of genuine diplomacy, as it prioritizes economic gain over mutual understanding and cooperation.
- The concept of dollar diplomacy was first introduced by President William Howard Taft, who believed that the United States could exert its influence in the world through economic means rather than military force.
- In the 21st century, dollar diplomacy has become a key feature of Chinese foreign policy, with the country using its vast economic resources to build relationships with countries around the world.
- Some scholars argue that dollar diplomacy can be an effective way to promote peace and stability, as economic interdependence can create strong incentives for cooperation and restraint.