How did U.S Foreign policy affect the development of Latin America?

Throughout American history there has always existed a
special relationship between the U.S and Latin America. Beginning with the Monroe
doctrine (1823), which claimed the U.S, had a natural right to cultivate and colonize
Latin American nations, and that this right was not shared by the U.S’s European
rivals.

In the early 20th century this relationship grew as
the U.S began to advocate for Latin American independence, in exchange for greater
influence and control. The Panama Canal highlights this relationship, as Roosevelt
offered Panamanian independence from Columbia in exchange for allowing the U.S to build
its canal. In addition, the trend of creating “banana republics” in Latin America became
popular. Banana republics were the nicknames for large American owned plantations and
factories that offer work for locals in exchange for the right to sale and manufacture
goods in Latin America.

More recently U.S policy towards
the region has been defined by important transnational themes, such as the Cold war,
drug trade and terrorism. All these issues have caused substantial U.S activities in
Latin America and have undoubtedly affected their development as independent and strong
nations. Many of these nations are still very much developing into truly modern
industrialized countries, in part to the great U.S involvement, aid, and influence in
the area. It is fair to say that the U.S has intervened in all Latin American affairs
and has tried to guide these nations in some ways and exploited them in
others.