U.S. Businesses in Latin America
The United States had an interest in Latin America since the Monroe Doctrine was made in 1823, but it was only after the Spanish-American War in 1898 when President Roosevelt added the Roosevelt Corollary to the Monroe Doctrine that this country began to take charge of the Western Hemisphere. President Taft later introduced the idea of dollar diplomacy to Latin America. Dollar Diplomacy helped to ensure the financial stability of a region while protecting and extending American commercial and financial interests there.This included sending troops to Honduras, Cuba, Nicaragua, Panama, and the Dominican Republic.
It was the introduction of the banana that brought the U.S. to start thinking about expanding its power. Businesses and companies started brainstorming about profits that could be made in Central America. With government approval, U.S. businesses moved into Latin America. Entrepreneurs started to construct railraods and other transportation methods in order to exploit Latin America's agricultural and mineral weath. The most influential U.S. corporation would be the United Fruit Company, which held huge financial power in the banana, tobacco and sugar cane markets. In held a virtual monopoly in Central America, Colombia, and Ecuador.