Bailouts have been around for quite some time. Most recently was the bailout in 2009, but there was another bailout in 1912. In 1912, President William Howard Taft rolled out the Dollar Diplomacy. “The Dollar Diplomacy involved arrangements by which insolvent foreign governments gained access to U.S. private bank loans in return for direct U.S. financial supervision or for acting as part of an economic consortium of great powers. Often U.S. financial experts tied to the loan process assumed the tasks of fiscal reorganization and administrative management within the client country, while U.S. government emissaries orchestrated the arrangements. Imposed fiscal reforms included adoption of the gold standard, "scientific" tax reform, and administrative rationalization” (Doenecke, 2003). In discovering this, it appears to me that the description of money and power are interchangeable. In order to gain control over another territory by having the upper hand can be considered imperialism. On the other hand, the bartering of businesses should benefit all regions involved. For instance, expanding McDonalds to Japan is an advantage for everyone.
This image is an illustration of Howard Taft leading people like sheep tend to follow a leader. The name "Howard" is of an English origin and means "sheep herder". Many people felt that Howard Taft was a one-man sheep herder leading people, whether the direction they were going was right or wrong. (http://babynamesworld.parentsconnect.com)
Image retrieved from: http://paw.princeton.edu/issues/2008/09/24/pages/2698/PoliticalCartoon4.jpg
References
"Dollar Diplomacy." Gale Encyclopedia of U.S. Economic History. Vol. 1. Detroit: Gale, 1999. 250-252. Gale Virtual Reference Library. Web. 26June 2010.
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Doenecke, Justus D. "Dollar Diplomacy." Dictionary of American History. Ed. Stanley I. Kutler. 3rd ed. Vol. 3. New York: Charles Scribner's Sons, 2003. 70-71. Gale Virtual Reference Library. Web. 26 June 2010.
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Murphy, John F., Jr. "Imperialism." Encyclopedia of Politics. Ed. Rodney P. Carlisle. Vol. 2: The Right. Thousand Oaks, CA: Sage Reference, 2005. 695-698. Gale Virtual Reference Library. Web. 26 June 2010.
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