In this featured roundtable essay for Vol. 2, Iss. 1, Colin Dueck takes stock of conservative foreign policy — past, present, and future. He examines how past presidents have shaped America's approach to international relations and how these decisions continue to influence current foreign policy debates.
During his presidency, William Howard Taft implemented a foreign policy strategy known as Dollar Diplomacy. This approach emphasized the use of economic power to achieve political goals and promote American interests abroad. Taft believed that by investing in foreign countries, the United States could expand its influence and create stability in regions of strategic importance.
One of the key aspects of Dollar Diplomacy was the promotion of American business interests overseas. Taft encouraged private investment in countries such as China and Latin America, viewing economic development as a way to foster political stability and prevent the spread of communism. By supporting American businesses abroad, Taft sought to create strong economic ties that would benefit both the United States and its trading partners.
In addition to promoting economic interests, Taft also used diplomacy to resolve international disputes and prevent conflict. He believed in the power of negotiation and diplomacy to maintain peace and stability in the international arena. By engaging in diplomatic efforts with other countries, Taft sought to build relationships based on mutual respect and cooperation.
Despite its emphasis on economic power, Dollar Diplomacy was not without its critics. Some argued that the policy prioritized American business interests over human rights and democratic values. Critics also pointed to instances where economic intervention led to political unrest and instability in foreign countries. However, Taft remained committed to his belief that economic development was essential for promoting peace and prosperity on a global scale.
The GOP in 2024 is moving toward a reprise of its most consequential foreign policy debate ever in a presidential primary. As the Republican Party looks to define its approach to international relations in the 21st century, it can draw lessons from past presidents like Taft who sought to balance economic interests with diplomatic efforts.
In conclusion, President Taft's foreign policy emphasized the use of economic power and diplomacy to achieve political goals and promote American interests abroad. By implementing Dollar Diplomacy, Taft sought to expand American influence, build strong economic ties, and prevent conflict through peaceful negotiation. While the policy had its critics, Taft's commitment to economic development as a tool for promoting peace and stability continues to shape America's approach to foreign affairs today.
