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Unformatted text preview: Act (1934)
forbidding loans to gov’ts not paying back.
- As the depression got worse, we exacerbated
international problems by upping tariffs: FordneyMcCumber Act (1922) and Hawley-Smoot Act (1930).
World trade declined, hurting all involved.
- Finally, in 1934 we passed the Reciprocal Trade
Agreements Act, which empowered the president to
reduce tariffs through special agreements with foreign 213 countries (most-favored-nation-principle entitled us to the
lowest tariff rate set by any nation with which a friend
nation had an agreement).
- The Export-Import Bank (1934) also helped things
along by providing loans to foreigners for the purchase of
American goods. In the long term, this stimulated trade
and so forth. Still, in the short term, even the new
economic programs had only mixed results. Uh oh…
*1920 – 1930: US Hegemony in Latin America*
- In the early 20th century, we had majorily gotten
involved in Latin America through the Platt Amendment
(Cuba, all treaties must have US approval, US basically
controls gov’t), the Roosevelt Corollary (US as police
power), the Panama Canal, and so on.
- This only increased after WWI, when we became
involved in numerous aspects of Latin American life.
Basically, we built stuff, changed tariff laws, invited
companies in, and got rid of people we didn’t like, among
other things. We occupied (at one time or another) Cuba,
DR, Haiti, Panama & Nicaragua. PR was a colony.
- Criticism of our domination, however, also increased in
the interwar years. Some charged that presidents were
taking too much power in ordering troops abroad w/o a
declaration of war, and business people worried that LA
nationalists would get mad at their products too. And
then talk about a double standard…
- Consequently, in the interwar years we shifted from
military intervention to other methods: Pan-Americanism,
support for local leaders, training nat’l guards,
economic/cultural power, etc. E/t this didn’t start w/him, 214 FDR wrapped it up nicely in 1...
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- Fall '10