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Financial Missionaries to the World - The Politics and Culture of Dollar Diplomacy, 1900-1930 (Paperback)
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Financial Missionaries to the World - The Politics and Culture of Dollar Diplomacy, 1900-1930 (Paperback)
Series: American Encounters/Global Interactions
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Winner of the Society for Historians of American Foreign Relations
Robert H. Ferrell Book PrizeFinancial Missionaries to the World
establishes the broad scope and significance of "dollar
diplomacy"-the use of international lending and advising-to
early-twentieth-century U.S. foreign policy. Combining diplomatic,
economic, and cultural history, the distinguished historian Emily
S. Rosenberg shows how private bank loans were extended to leverage
the acceptance of American financial advisers by foreign
governments. In an analysis striking in its relevance to
contemporary debates over international loans, she reveals how a
practice initially justified as a progressive means to extend
"civilization" by promoting economic stability and progress became
embroiled in controversy. Vocal critics at home and abroad charged
that American loans and financial oversight constituted a new
imperialism that fostered exploitation of less powerful nations. By
the mid-1920s, Rosenberg explains, even early supporters of dollar
diplomacy worried that by facilitating excessive borrowing, the
practice might induce the very instability and default that it
supposedly worked against. "[A] major and superb contribution to
the history of U.S. foreign relations. . . . [Emily S. Rosenberg]
has opened up a whole new research field in international
history."-Anders Stephanson, Journal of American History "[A]
landmark in the historiography of American foreign
relations."-Melvyn P. Leffler, author of A Preponderence of Power:
National Security, the Truman Administration, and the Cold War
"Fascinating."-Christopher Clark, Times Literary Supplement
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