1. Increased US Influence: The policy led to increased US influence and control over the economic and political affairs of several Latin American countries. This was particularly evident in countries where significant financial investments were made, such as Cuba, Dominican Republic, and Panama.
2. Economic Dominance: US corporations gained a dominant position in Latin America's resource extraction industries, such as oil, bananas, and minerals, as well as in infrastructure development. This often resulted in the exploitation of local resources and labor for the benefit of US companies and investors.
3. Political Interference: To protect its economic interests, the US frequently intervened in Latin American politics, supporting or installing governments that were favorable to US policies and business interests. This led to resentment among many Latin Americans, who saw it as an infringement on their sovereignty and autonomy.
4. Military Interventions: Dollar diplomacy sometimes involved the threat of military force or actual military intervention to protect American economic interests and maintain control over regions of strategic importance. Examples include the US interventions in Cuba (1906, 1912), the Dominican Republic (1904, 1916), and Haiti (1915, 1916).
5. Nationalist Backlash: The heavy-handed approach of dollar diplomacy and the negative consequences it caused in terms of economic exploitation and political interference eventually led to a backlash in Latin America. Nationalist movements and anti-American sentiments gained momentum, challenging US influence and seeking greater economic and political independence.
6. Legacy and Impact: The legacies of dollar diplomacy in Latin America are complex and continue to shape the region's relations with the US. While it brought some economic development and infrastructure improvements, it also fueled deep-rooted resentment and distrust towards US interventionism and excessive influence in the region.