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Financial Missionaries to the World: The Politics and Culture of Dollar Diplomacy, 1900–1930
- Author(s): Emily S. Rosenberg
- Published: 2004
- Pages: 352
- Series: American Encounters/Global Interactions
- Series Editor(s): Gilbert M. Joseph, Emily S. Rosenberg
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- Introduction 1
- 1 Gold-Standard Visions: International Currency Reformers, 1898-1905 4
- The Meanings of Money and Markets 5
- Turning Silver Standards into Gold 12
- The Commission on International Exchange 18
- The New Specialists in International Financial Advising 23
- 2 The Roosevelt Corollary and the Dominican Model of 1905 31
- Gender, Race, National Interest, and Civilization 31
- The Dominican Model 41
- Development of Investment Banking 47
- International Precedents for Fiscal Control 52
- Fiscal Control through Public-Private Partnership 56
- 3 The Changing Forms of Controlled Loans under Taft and Wilson 61
- Extending the Dominican Model 62
- Control by Private Contract 71
- Opposition to Taft's Dollar Diplomacy 77
- Tightening Dollar Diplomacy under Wilson 79
- Public-Private Interactions and Consenting Parties 93
- 4 Private Money, Public Policy, 1921-1923 97
- The Postwar Political Economy and Loan Policy 97
- Postwar Controlled Loans in the Western Hemisphere 108
- 5 Opposition to Financial Imperialism, 1919-1926 122
- The Postwar Anti-imperialist Impulse 124
- "Is America Imperialistic?" Conflicting Cultural Narratives 131
- Anti-imperialist insurgency after 1924 137
- The U.S. Government Backs Away 147
- 6 Stabilization Programs and Financial Missions in New Guises, 1924-1928 151
- Approaches to Stabilization 151
- The Kemmerer Missions in South America 155
- European Stabilization and the Dawes Plan 166
- Poland: A Kemmerer Mission in Europe 176
- Persia: The Millspaugh Mission 183
- 7 Faith in Professionalism, Fascination with Primitivism 187
- Professionalization and Financial Markets 187
- Mass Culture and Primitivism 198
- 8 Dollar Diplomacy in Decline, 1927-1930 219
- The Questionable Impact of Supervisory Missions 220
- Opposition to U.S. Supervision 230
- Deterioration of the Bond Market and the End of Foreign Lending 240
- Public Policy and the End of an Era 247
- Looking Backward and Forward 253
- Abbreviations 263
- Notes 265
- Index 327
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"In an analysis that is relevant to contemporary debates over international loans, she reveals how a practice initially justified as a progressive means to extend 'civilization' by promoting economic progress became embroiled in controversy."—Macalester Today
"This is an impressive scholarly work that will appeal to many interested in economic and political diplomacy with a cultural dimension."—Alan P. Dobson, Journal of American Studies
"[F]or readers of the Journal of Interdisciplinary History, the book's most interesting features are probably its uses of cultural analysis to enhance our understanding of policy history. . . . The volume can still be seen as timely."—Ellis W. Hawley, Journal of Interdisciplinary History
"Rosenberg's book is well-written and accessible to advanced undergraduate students. The book is well suited for supplementary reading in courses dealing with American economic and diplomatic history and it can serve as an excellent example of the "new" postmodern diplomatic history in courses emphasizing historiography."—Jerald Combs, The History Teacher
"[E]ssential reading for economic historians. . . . Emily Rosenberg's book . . . deserves a wide readership for how it traces contemporary global economic policy to its roots in dollar diplomacy."—Richard H. Robbins, Journal of World History
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"In an analysis that is relevant to contemporary debates over international loans, she reveals how a practice initially justified as a progressive means to extend 'civilization' by promoting economic progress became embroiled in controversy."—Macalester Today
"This is an impressive scholarly work that will appeal to many interested in economic and political diplomacy with a cultural dimension."—Alan P. Dobson, Journal of American Studies
"[F]or readers of the Journal of Interdisciplinary History, the book's most interesting features are probably its uses of cultural analysis to enhance our understanding of policy history. . . . The volume can still be seen as timely."—Ellis W. Hawley, Journal of Interdisciplinary History
"Rosenberg's book is well-written and accessible to advanced undergraduate students. The book is well suited for supplementary reading in courses dealing with American economic and diplomatic history and it can serve as an excellent example of the "new" postmodern diplomatic history in courses emphasizing historiography."—Jerald Combs, The History Teacher
"[E]ssential reading for economic historians. . . . Emily Rosenberg's book . . . deserves a wide readership for how it traces contemporary global economic policy to its roots in dollar diplomacy."—Richard H. Robbins, Journal of World History
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Description
Winner of the Society for Historians of American Foreign Relations Robert H. Ferrell Book Prize
Financial 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
About The Author(s)
Emily S. Rosenberg is DeWitt Wallace Professor of History at Macalester College. She is the author of A Date Which Will Live: Pearl Harbor in American Memory (also published by Duke University Press) and Spreading the American Dream: American Economic and Cultural Expansion, 1890–1945. She is coauthor of In Our Times: America since World War II and Liberty, Equality, Power: A History of the American People.
