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President William Howard Taft coined the phrase "dollar diplomacy" in 1909, to describe providing loans and aid to countries that the U.S. wanted as allies, in order to increase commerce between these countries and the U.S. It was believed by some in Taft's administration that having economic influence in a region would make the countries there more likely to support American policies, and that helping countries in Asia and Latin America to be able to buy more American products would be a win-win situation. One problem with this concept, according to its critics, was that rather than helping foreign countries and forging close ties between them and the U.S., the real agenda was to support the interests of American businesses in foreign countries, and help those business to expand. Another similar problem was that if dollar diplomacy succeeded, American banks and other financial institutions would be able to dominate the economy of foreign countries, determine the country's politics, and influence its governments.