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Financial Missionaries to the World establishes the broad scope and significance of "dollar diplomacy"—the use of international lending and advising—to early-twentieth-century U.S. foreign policy. Combining diplomatic, economic, and cultural history, the distinguished historian Emily S. Rosenberg shows how private bank loans were extended to leverage the acceptance of American financial advisers by foreign governments. In an analysis striking in its relevance to contemporary debates over international loans, she reveals how a practice initially justified as a progressive means to extend “civilization” by promoting economic stability and progress became embroiled in controversy. Vocal critics at home and abroad charged that American loans and financial oversight constituted a new imperialism that fostered exploitation of less powerful nations. By the mid-1920s, Rosenberg explains, even early supporters of dollar diplomacy worried that by facilitating excessive borrowing, the practice might induce the very instability and default that it supposedly worked against.

In this second volume in the Hoover Centennial Seminars series, seven scholars reexamine a major segment of Herbert Hoover's public career and in doing so offer fresh perspectives on the political, administrative, and diplomatic history of the 1920s. Drawing upon new materials and new insights, they reconstruct Hoover's transformation of the Commerce secretariat, explore his thinking and action in a variety of policy areas, and explode conventional depictions of Hoover's political conservatism. These essays show a resourceful and creative mind wrestling with the central problems of twentieth-century America and projecting solutions remarkably similar to current proposals for public use of the private sector.