HIST-UA 651 Lecture Notes - Lecture 3: Barter, Monroe Doctrine, Roosevelt Corollary
2 Sep 2016
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Document Summary
Economic dependence occurs when less-developed nations export raw materials and commodities to industrial nations and import manufactured goods, capital, and technological know-how. The relationship is unequal because the more developed and wealthier nation can control prices and terms of trade. Under colonial rule, mercantilist policies made latin america economically dependent on spain and portugal. The region remained as economically dependent as before. In 1823, the united states issued the monroe doctrine, which stated that the american continents were no longer open to colonization by any european powers. In 1904, the united states issued the roosevelt corollary to the monroe doctrine. Under this policy, the united states claimed international police power in the western hemisphere. In the next decade, the united states frequently intervened militarily in latin american nations to protect american lives and investments. In 1903, the united states backed the panamanians in a revolt against colombia in order to gain land to build the panama canal.
