The article by Harold L. Cole and Lee E Ohanian also describe how these codes of conduct brought about distortion in the economy by increasing the prices and wages, restricting output and eventually reducing the capacity of production. Though the increased wages did benefit the fortunate few who had jobs in NIRA companies, in the bigger picture it shrunk employment and productive initiatives because the costs in the form of high wages exceeded the growth in productivity. Their article is important as it sheds light on how certain reforms or policies can have a negative effect on a country’ s economy Carlos Gibson in his article on ‘ American Regionalism and the United Nations’ explains to us about the ‘ Monroe Doctrine’ stating that it was at first a unilateral policy of the United States that was initiated to safeguard America from European encroachment such as Great Britain and France.
The Monroe Doctrine upheld the values of freedom, democracy, and peace that reflected the progress of humankind. However, as times changed the Monroe Doctrine held different meanings for different people. Both Great Britain and France were on a campaign to gain economic control over the poorer nations by lending them money with the knowledge that they would not be able to pay it back.
Gibson explains how by the end of the 19th-century American regionalism became institutionalized after the Pan American Union was formed by the American Congress. Ever since this happened, the very concept of American regionalism became distorted and paved the way for a unilateral enforcement policy by America which was at that time under the leadership of President Wilson. President F. D.
Roosevelt, however, did not find this policy favorable and so introduced a policy called the ‘ Good Neighbor Policy’ by which the United States would build a good and healthy relationship with other neighboring countries and states. This policy was well accepted and guided by Sumner Welles who took all efforts to initiate and establish regionalism in America that was based on equal partnership.
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