Taft shared the view held by Knox, a corporate lawyer who had founded the giant conglomerate U.S. Metal, that the purpose of diplomacy was to create stability and order overseas that may best promote American business interests. Knox felt that not solely was the goal of diplomacy to improve financial opportunities, but additionally to use personal capital to additional U.S. interests overseas. Dollar diplomacy” was evident in extensive U.S. interventions in the Caribbean and Central America, especially in measures undertaken to safeguard American financial pursuits in the region. In China, Knox secured the entry of an American banking conglomerate, headed by J.P. Morgan, into a European-financed consortium financing the construction of a railway from Huguang to Canton. Regardless of successes, dollar diplomacy” did not counteract financial instability and the tide of revolution in places like Mexico, the Dominican Republic, Nicaragua, and China.
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