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The foreign policy of William Howard Taft was largely a continuation of Theodore Roosevelt's, particularly as it related to Latin America. Both presidents advocated an active, even interventionist foreign policy, an approach often called "big stick" diplomacy under Roosevelt. Taft's presidency saw the advent of what became known as "dollar diplomacy." Under Taft, the United States government began to guarantee loans to foreign countries in an effort to keep European interests out. This was entirely consistent with the Roosevely Corollary to the Monroe Doctrine, which asserted the US right to intervene in countries where political stability left them open to European military efforts to protect financial interests. Under "dollar diplomacy," the United States would simply buy up debts owed by Latin American nations to European banks, or simply make new loans from the United States. Either way, the United States would gain considerable leverage over the nation in question. Nicaragua and Haiti both received millions in American loans, and were both invaded by American marines to secure the ensuing debts. Taft also encouraged, as Roosevelt had, investment in infrastructure, particularly railroads, in China. As in other aspects of the two presidencies, the chief difference between the two was perhaps temperamental and rhetorical.
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