Which president urged American banks and businesses to invest in Latin America to protect and increase US investments abroad?

Study for the Virginia US History SOL Test. Study with flashcards and multiple-choice questions. Understand historical contexts, key events, and figures. Get ready to ace your exam!

The correct choice is William Howard Taft. During his presidency, Taft promoted a foreign policy known as "Dollar Diplomacy." This approach aimed to encourage American financial investment in Latin America and East Asia as a means to secure economic interests and promote stability in those regions. Taft believed that by increasing American investments abroad, particularly in Latin America, the United States could protect its economic interests and prevent European influence in the region. This policy marked a significant shift towards incorporating economic power into U.S. foreign relations, contrasting with earlier policies that relied more on direct military intervention or diplomatic efforts without a strong economic component.

Other presidents mentioned, while influential in their own rights, had different focuses and policies. For example, Theodore Roosevelt was known for his "Big Stick" diplomacy, which emphasized military strength and negotiation, while Woodrow Wilson aimed for moral diplomacy, promoting democracy and moral principles over economic interests. Franklin D. Roosevelt, on the other hand, is noted for his Good Neighbor Policy, which sought to improve relations with Latin American countries but did not emphasize investment in the same manner as Taft's Dollar Diplomacy.

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