What was the main economic policy initiated in the early 1900s to improve U.S. relations with Latin America?

The Good Neighbor Policy was a significant approach adopted by the United States in the early 1900s aimed at fostering better relations with Latin American countries. This policy was fundamentally about promoting mutual respect and cooperation, departing from earlier interventions that characterized U.S. relations with the region. Under the Good Neighbor Policy, the U.S. emphasized non-intervention and non-interference in the domestic affairs of Latin American states, which was a shift from military interventionism often employed previously.

The policy aimed to build partnerships based on mutual benefit and support. By fostering economic and cultural ties rather than asserting dominance, the Good Neighbor Policy sought to improve diplomatic and commercial relationships, which were crucial during the interwar years and leading up to World War II. This initiative significantly influenced U.S.-Latin American relations and helped create a more favorable atmosphere for American interests in that region.

In contrast, the Marshall Plan primarily focused on the economic recovery of Europe post-World War II, while the Open Door Policy was related to trade with China. The Monroe Doctrine, established in the 19th century, set a foundation for U.S. policy toward Latin America but was not a 20th-century initiative aimed at improving relations in the manner the Good Neighbor Policy was.