Financial Missionaries to the World

Emily S. Rosenberg is DeWitt Wallace Professor of History at Macalester College. She is the author of A Date Which Will Live: Pearl Harbor in American Memory (also published by Duke University Press) and Spreading the American Dream: American Economic and Cultural Expansion, 1890–1945. She is coauthor of In Our Times: America since World War II and Liberty, Equality, Power: A History of the American People.

• Introduction 11 Gold-Standard Visions: International Currency Reformers, 1898-1905 4The Meanings of Money and Markets 5Turning Silver Standards into Gold 12The Commission on International Exchange 18The New Specialists in International Financial Advising 232 The Roosevelt Corollary and the Dominican Model of 1905 31Gender, Race, National Interest, and Civilization 31The Dominican Model 41Development of Investment Banking 47International Precedents for Fiscal Control 52Fiscal Control through Public-Private Partnership 563 The Changing Forms of Controlled Loans under Taft and Wilson 61Extending the Dominican Model 62Control by Private Contract 71Opposition to Taft's Dollar Diplomacy 77Tightening Dollar Diplomacy under Wilson 79Public-Private Interactions and Consenting Parties 934 Private Money, Public Policy, 1921-1923 97The Postwar Political Economy and Loan Policy 97Postwar Controlled Loans in the Western Hemisphere 1085 Opposition to Financial Imperialism, 1919-1926 122The Postwar Anti-imperialist Impulse 124"Is America Imperialistic?" Conflicting Cultural Narratives 131Anti-imperialist insurgency after 1924 137The U.S. Government Backs Away 1476 Stabilization Programs and Financial Missions in New Guises, 1924-1928 151Approaches to Stabilization 151The Kemmerer Missions in South America 155European Stabilization and the Dawes Plan 166Poland: A Kemmerer Mission in Europe 176Persia: The Millspaugh Mission 1837 Faith in Professionalism, Fascination with Primitivism 187Professionalization and Financial Markets 187Mass Culture and Primitivism 1988 Dollar Diplomacy in Decline, 1927-1930 219The Questionable Impact of Supervisory Missions 220Opposition to U.S. Supervision 230Deterioration of the Bond Market and the End of Foreign Lending 240Public Policy and the End of an Era 247Looking Backward and Forward 253Abbreviations 263Notes 265Index 327

"Fascinating." Christopher Clark, Times Literary Supplement "[A] major and superb contribution to the history of U.S. foreign relations ... [Rosenberg] has opened up a whole new research field in international history." Anders Stephanson, Journal of American History "[A] landmark in the historiography of American foreign relations." Melvyn P. Leffler, author of A Preponderence of Power: National Security, the Truman Administration, and the Cold War "In an analysis that is relevant to contemporary debates over international loans, she reveals how a practice initially justified as a progressive means to extend 'civilization' by promoting economic progress became embroiled in controversy."--Macalester Today "This is an impressive scholarly work that will appeal to many interested in economic and political diplomacy with a cultural dimension."-- Alan P. Dobson, Journal of American Studies "[F]or readers of the Journal of Interdisciplinary History, the book's most interesting features are probably its uses of cultural analysis to enhance our understanding of policy history... The volume can still be seen as timely."-- Ellis W. Hawley, Journal of Interdisciplinary History "Rosenberg's book is well-written and accessible to advanced undergraduate students. The book is well suited for supplementary reading in courses dealing with American economic and diplomatic history and it can serve as an excellent example of the "new" postmodern diplomatic history in courses emphasizing historiography."--Jerald Combs, The History Teacher