Stephen G. Rabe
On March 13, 1961, President John F. Kennedy announced the Alliance for Progress, an economic assistance program to promote political democracy, economic growth, and social justice in Latin America. The United States and Latin American nations formally agreed to the alliance at a conference held in August 1961, at Punta del Este, Uruguay. U.S. delegates promised that Latin America would receive over twenty billion dollars in public and private capital from the United States and international lending authorities during the 1960s. The money would arrive in the form of grants, loans, and direct private investments. When combined with an expected eighty billion dollars in internal investment, this new money was projected to stimulate an economic growth rate of not less than 2.5 percent a year. This economic growth would facilitate significant improvements in employment, and in rates of infant mortality, life expectancy, and literacy rates. In agreeing to the alliance, Latin American leaders pledged to work for equality and social justice by promoting agrarian reform and progressive income taxes.
The Kennedy administration developed this so-called Marshall Plan for Latin America because it judged the region susceptible to social revolution and communism. Fidel Castro had transformed the Cuban Revolution into a strident anti-American movement and had allied his nation with the Soviet Union. U.S. officials feared that the lower classes of Latin America, mired in poverty and injustice, might follow similarly radical leaders.
Alliance programs delivered outside capital to the region, but the Alliance for Progress failed to transform Latin America. During the 1960s, Latin American economies performed poorly, usually falling below the 2.5 percent target. The region witnessed few improvements in health, education, or welfare. Latin American societies remained unfair and authoritarian. Sixteen extra-constitutional changes of government repeatedly unsettled the region.
The Alliance for Progress fell short of its goals for several reasons. Latin America had formidable obstacles to change: elites resisted land reform, equitable tax systems, and social programs; new credits often brought greater indebtedness rather than growth; and the Marshall Plan experience served as a poor guide to solving the problems of a region that was far different from Western Europe. The United States also acted ambiguously, calling for democratic progress and social justice, but worried that Communists would take advantage of the instability caused by progressive change. Further, Washington provided wholehearted support only to those Latin American governments and organizations that pursued fervent anticommunist policies.
Peter V. N. Henderson
While Europeans basked in the glory of their so-called century of peace between the end of the Napoleonic wars (1815) and the onset of World War I (1914), Latin Americans knew no such luxury. Conflict became a way of life for Latin Americans attempting to construct nation-states. Liberals and Conservatives dueled with one another for political power, while caudillos (military strongmen) added their unique twisted logic to the political process. Historians have spilled considerable ink detailing these internal conflicts that complicated Latin America’s struggle for effective state formation in the early national period but have paid much less attention to the external wars over disputed boundaries that involved every South American nation during the 19th century. As historian Robert Burr described it: boundary conflicts were the “congenital international disease of Spain’s former colonies.”
Between 1942 and 1964 millions of Mexicans came to the United States as guest workers, authorized by a set of bilateral agreements. Beginning in late 2005, a coalition of academic scholars and public historians from Brown University’s Center for the Study of Race and Ethnicity in America, the Institute of Oral History at the University of Texas at El Paso (UTEP), the Smithsonian Institution’s National Museum of American History (NMAH), and the Roy Rosenzweig Center for History and New Media (RRCHNM) at George Mason University came together to launch an effort to gather the stories of those workers. This unprecedented project resulted in the collection of oral histories, documents, and images over the course of five years. It involved not only scholars but also a host of local community groups that enabled the partners to surface previously hidden materials that were unlikely to make it into traditional archival collections. The collection and dissemination process was facilitated by the creation of the , an open-access website that allowed the project partners to simultaneously build the collections from widely dispersed locations as they worked to document the lives and experiences of those workers.
The Bracero History Archive serves as the primary repository for the stories, documents, and artifacts associated with the migrant laborers from Mexico who came to the United States under the auspices of the more than 4.6 million contracts issued during the years of the Mexican Farm Labor Program. As such, it is an important complement to the established scholarship on the program. At the same time, the site serves as a model of how to undertake and complete a distributed collecting project that builds upon important community relationships. This combination of scholarly value and methodological innovation was essential to ensuring the funding from the National Endowment for the Humanities Division of Preservation and Access that made the project possible. In recent years, the project has proven important for contemporary work on the Mexican Farm Labor Program, and it has contributed to enhancing our understanding of migration, citizenship, nationalism, agriculture, labor practices, race relations, gender, sexuality, the family, visual culture, and the Cold War era.
The drug trade in Mexico and efforts by the Mexican government—often with United States assistance—to control the cultivation, sale, and use of narcotics are largely 20th-century phenomena. Over time, U.S. drug control policies have played a large role in the scope and longevity of Mexico’s drug trade. Many argue that these policies—guided by the U.S.-led global war on drugs—have been fruitless in Mexico, and are at least partially responsible for the violence and instability seen there in the early twentieth century.
A producer of Cannabis sativa and the opium poppy, Mexico emerged as a critical place of drug supply following World War II, even though domestic drug use in Mexico has remained low. Since the 1960s and 1970s, the drug trade in Mexico has reached epic proportions due to drug demand emanating from the United States. Mexico’s cultivation of psychoactive raw materials and its prime location—connecting North America with Central America and the Caribbean and sharing a 2,000-mile-long border with the United States—have made it an ideal transit point for narcotics originating from other parts of the Western Hemisphere and the world. Although Mexico implemented a smaller, less organized antidrug campaign in the late 1940s, the inauguration of the global war on drugs in 1971 represents a distinctive shift in its drug control and enforcement policies. The government began utilizing U.S. supply-control models, advice, and aid to decrease the cultivation of drugs inside the country. America’s fight against drug trafficking in Central America and the Caribbean in the 1980s and 1990s shifted the geographic locus of the drug trade to Mexico by the early 2000s. Mexico’s powerful drug cartels proved more than capable of eluding (sometimes colluding with) the Mexican government’s efforts against them in the first decade of the 21st century during the administration of President Felipe Calderón (2006–2012). Calderón’s fight against the cartels brought about a drug war in Mexico, characterized by widespread violence, instability, and an estimated death toll of more than 70,000 people.
Dora María Téllez
Throughout their history, the countries of Central America have attempted several forms of political and economic integration. After declaring independence in the 19th century, the region lacked its earlier cohesion vis-à-vis Spanish colonial governance. The former provinces aligned themselves in favor of either centralizing regional power in a federal republic or establishing complete political autonomy through the formation of new nation-states. Forces in favor of the latter eventually prevailed.
An attempt at economic integration began in the mid-20th century. It was actively backed by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) and eventually led to the creation of the Central American Common Market (CACM). Despite favorable economic conditions in the Post-World War II period, a number of complications undermined integration efforts: war, political crises, and interests that ran contrary to those of the United States. Integration was postponed until the end of the 1980s, after the Esquipulas II Accord reestablished peace in the region.
After the countries of Central America signed the Guatemala Protocol in 1993, economic integration was promoted under the banner of free trade. This was done by regional economic groups with the goal of reconnecting the region to global commerce under the most advantageous circumstances possible.
Luz María Hernández-Sáenz
In 1861, Spanish, British, and French forces all landed in Veracruz to collect the debts Mexico owed them. After two months, the Spanish and British representatives reached an agreement with the Mexican government, but the French troops remained with the objective of imposing a monarchy. This period of occupation, 1861 to 1867, is known as the French Intervention. France’s interference in Mexico was partly due to the efforts of a group of conservative Mexican politicians who believed that a monarchical rather than a republican system would solve Mexico’s problems. In 1863, with the French army occupying Mexico City, the provisional government offered the crown to the Austrian archduke Maximilian of Habsburg. After long negotiations between Maximilian and the French emperor, Napoleon III (who would lend military support and extend credit to the future emperor), Maximilian signed the Treaty of Miramar and accepted the crown.
The empire faced the opposition of President Benito Juárez and his republicans, who rightfully claimed to be Mexico’s legitimate government. Furthermore, Maximilian, a liberal who believed in a secular society, clashed with both the clergy and his conservative supporters. A dismal financial situation, military opposition, and the emperor’s inability to reconcile the different political factions doomed his reign. The premature withdrawal of the French troops and Maximilian’s inability to form an effective army resulted in the empire’s demise. The last remnants of the imperial army were defeated in Querétaro on May 15, 1867, and Maximilian was executed. The monarchical experiment was a complete political and military failure for those who promoted it and for Napoleon III, who supported it.
Nonetheless, the empire was not a complete failure. The monarchy did set important precedents for the administrative organization of the country: promoting nationalism, solidifying liberal reforms including the separation of church and state, and establishing the foundation for the modernization of Mexico.
On March 12, 1956, Basque National and Columbia University lecturer Jesús María de Galíndez Suarez disappeared from New York City never to be seen again. While no conclusive evidence was ever uncovered, it has been widely accepted that he was taken by functionaries of the regime of Rafael Trujillo in the Dominican Republic, flown to the island, tortured, and killed. Galíndez, who had worked for the Trujillo regime after fleeing Spain in 1939 and subsequently immigrated to the United States in 1946, had just completed a dissertation on the Trujillato at Columbia. The regime did not look kindly on his chosen perspective and set in motion a plan to have him disappeared. Following his abduction, many U.S. solidarity activists joined forces with Dominican exile groups to push for greater attention to the atrocities of the Trujillo regime as well as for a closer investigation into Galíndez’s disappearance. While Trujillo had similarly disappeared a number of individuals in the United States and other Latin American countries, the Galíndez case is unique for several reasons. First, Galíndez’s life offers a prime example of a transnational identity, of someone who juggled multiple identities and causes, crossed physical and ideological borders, and operated daily with conflicting alliances and allegiances. Second, the murder of the Basque national mobilized a significant collective of solidarity activists in the United States, garnered considerable national press, and built a foundation for future activism. Moreover, as Galíndez had been working as a U.S. intelligence operative since before his arrival in the United States, his story complicates the traditional nexus of solidarity work. Finally, the case offers a unique window onto the geopolitics of the early Cold War (prior to the Cuban Revolution) and the intricacies of the second half of the Trujillo regime.
Bryan A. Banks
Huguenots refer to the group of French Calvinists in France, those expelled from France into the wider European, Atlantic, and global diaspora, and those descendant from either of the first two groups. Driven by faith, religious factionalism, and dynastic rivalries, Huguenots enflamed the French Wars of Religion (1562–1598). Henri IV ended the war by extending a degree of toleration to the Huguenots in 1598 with the Edict of Toleration. Despite the king’s royal edict, the first wave of Huguenots (1530s–1660s) continued to leave France well into the 17th century. The second wave (1670s–1710s) occurred in the second half of the 17th century, when Louis XIV’s persecutory policies began to limit Huguenot communal activities, meeting spaces, available professions, and then with the Revocation of the Edict of Nantes (1685), the ability to be Calvinist legally at all. Following 1685, those who remained in France entered into what is often called the Désert period, when French Calvinists continued to practice their faith in clandestine settings, away from the French dragonnades. Those who rode the two waves out of France, settled in the Netherlands, Switzerland, Great Britain, Ireland, and many of the German states. Some used other European states to ride successive waves of diaspora movement out further into Europe and the Atlantic World, relocating to North America, the Caribbean, Suriname, Brazil, South Africa, and then later on into the Indian and Pacific oceanic worlds. Huguenots took advantage of Atlantic spaces in order to prove their value to the French state, but when France no longer proved safe for Huguenots, the Atlantic offered them a refuge, wherein a complex diaspora community emerged in the early modern period.
Although on a lesser scale than the United States, southern South America became a major receiving region during the period of mass transatlantic migration in the late 19th and early 20th centuries. Even as the white elites of most Latin American countries favored European immigration in the late 19th century, since in their eyes it would “civilize” their countries, it was the temperate areas closely tied into the Atlantic economy as exporters of primary products that received the bulk of European laborers. Previously scarcely populated lands like Argentina, Uruguay, and southern Brazil thus witnessed massive population growth and in some ways turned into societies resembling those of other immigration countries, such as the United States and Canada. This article concentrates on lands where the overwhelming majority of migrants headed, although it also briefly deals with Latin American nations that received significantly fewer newcomers, such as Mexico.
This mass migration lastingly modified identity narratives within Latin America. First, as the majority of Europeans headed to sparsely populated former colonial peripheries that promised economic betterment, migration shifted prevalent notions about the region’s racial composition. The former colonial heartlands of Mexico, Peru, and northeastern Brazil were increasingly regarded as nonwhite, poor, and “backward,” whereas coastal Argentina, São Paulo, and Costa Rica were associated with whiteness, wealth, and “progress.” Second, mass migration was capable of both solidifying and challenging notions of national identity. Rather than crossing over well-established and undisputed boundaries of national identities and territories, migration thus contributed decisively to making them.
Selfa A. Chew
The lives of Latin American Japanese were disrupted during World War II, when their civil and human rights were suspended. National security and continental defense were the main reasons given by the American countries consenting to their uprooting. More than 2,000 ethnic Japanese from Peru, Panama, Bolivia, Colombia, Costa Rica, Cuba, Ecuador, El Salvador, Mexico, and Nicaragua were transferred as “illegal aliens” to internment camps in the United States. Initially, US and Latin American agencies arrested and deported male ethnic Japanese, regardless of their citizenship status. During the second stage, women and children joined their relatives in the United States. Most forced migration originated in Peru. Brazil and Mexico established similar displacement programs, ordering the population of Japanese descent to leave the coastal zones, and in the case of Mexico the border areas. In both countries, ethnic Japanese were under strict monitoring and lost property, employment, and family and friend relationships, losses that affected their health and the opportunity to support themselves in many cases.
Latin American Japanese in the United States remained in camps operated by the Immigration and Naturalization Service and the army for the duration of the war and were among the last internees leaving the detention facilities, in 1946. At the conclusion of World War II, the Latin American countries that had agreed to the expulsion of ethnic Japanese limited greatly their return. Some 800 internees were deported to Japan from the United States by the closure of the camps. Those who remained in North America were allowed to leave the camps to work in a fresh produce farm in Seabrook, New Jersey, without residency or citizenship rights. In 1952, immigration restrictions for former Latin American internees were lifted. Latin American governments have not apologized for the uprooting of the ethnic Japanese, while the US government has recognized it as a mistake. In 1988, the United States offered a symbolic compensation to all surviving victims of the internment camps in the amount of $20,000. In contrast, in 1991, Latin American Japanese survivors were granted only $5,000.
Japanese immigration to Brazil started in 1908 as a replacement for European immigrants to work for the state of São Paulo’s expanding coffee industry. It peaked in the late 1920s and early 1930s, in the face of growing anti-Japanese sentiment in Brazil. The Japanese migrated to Brazil in mandatory family units and formed their own agricultural settlements once they competed their colono labor contracts and became independent farmers. Under Getúlio Vargas’s nationalistic policies, a 1934 immigration law severely limited the entry of the Japanese. Strict legal restrictions were also imposed on them during Vargas’s Estado Novo (1937–1945). Japanese immigration was eventually terminated in 1942. Then the number of Japanese immigrants reached 188,986. At the end of the war, the Japanese were sharply divided among themselves over the defeat of Japan, and Sindō Renmei’s attacks on other Japanese factions terrified the nation of Brazil. Having given up their hope of returning to their homeland, the Japanese and their descendants began to migrate on a large scale to the cities, especially São Paulo City. Japanese immigration resumed in 1953 and peaked in 1959–1960. A total of 53,657 postwar immigrants, including many single adult men, arrived in Brazil before 1993. By 1980, the majority of Japanese Brazilians had joined the urban middle class, and many were already mixed racially. In the mid-1980s, Japanese Brazilians’ “return” labor migrations to Japan began on a large scale, due to Brazil’s troubled national economy. More than 310,000 Brazilian citizens were residing in Japan in June 2008, when the centenary of Japanese immigration was widely celebrated in Brazil. But the story does not end there: the global recession soon forced unemployed Brazilians and their Japanese-born children to return to Brazil.
Fabián Herrera León
At the moment of its founding in 1920, the League of Nations enjoyed the solid support of Latin American countries, whose early and extensive participation helped legitimize the new international system and facilitate the functioning of its institutional representation. While this support was tremendously valuable for the Geneva-based League, it continuously suffered temporary, though significant, lapses on the part of nations that were particularly representative of the region, such as Argentina, Brazil and Mexico. Despite the characteristically pacifist rhetoric enunciated by this group of states, Latin American support cannot be called disinterested or sincere. Indeed, their collaboration with the multilateral and universalistic pretensions of the League was notoriously reserved, to such an extent that in the 1920s the organization’s General Secretariat granted them special treatment and prerogatives, while simultaneously ensuring that the League would continue to exert its influence in the Western Hemisphere. This reality was confirmed, sadly, in the context of two conflicts, the Chaco and Leticia wars, during which Latin American loyalty to the League became seriously questioned. With few exceptions in the decade that followed—one characterized by complicated crises that would lead to a new worldwide conflagration—the general tendency with respect to the system of collective security described in the Society’s Charter was scarred by dissatisfaction, incompliance, and increasing disillusionment that undoubtedly contributed to the weakening and eventual collapse of this organization so emblematic of the interwar period.
Irving W. Levinson
The Mexican-American War ranks among the most consequential events in the history of both nations. Although the casus belli for the United States’s May 12, 1846, declaration of war was the Mexican ambush of a U.S. Army patrol in the disputed Nueces Strip on April 25 of that year, two underlying causes rendered conflict inevitable. The dispute over Texas was the first, and the desire of both nations to control the Mexican provinces of Nuevo Mexico and California was the second. President James Knox Polk identified the acquisition of that territory as the principal objective of his administration.
The conflict also remains noteworthy for the extent to which the political milieu in both countries proved as important as events on the battlefields. In México, a devastating war of independence (1810–1821), multiple violent overthrows of the federal government, the failure of two constitutions to produce a structure acceptable to both conservatives and liberals, and enmities generated by the socioeconomic structure severely limited México’s growth, tranquility, and potential for armed resistance to an invader. In the United States, the national unity evident at the outbreak of the war faded in the face of sectional rivalries, unexpectedly high casualties, and declining relations between the executive and legislative branches.
The military phases of the war fall into two segments. In the first, forces considerably smaller than those deployed in later phases of the war fought in Texas and in the Mexican provinces of Nuevo Mexico, California, Tamaulipas, and Nuevo Leon. When United States victories in northern Mexico failed to produce the anticipated Mexican surrender, the second phase of the conflict began on March 9, 1847, with General Winfield Scott’s invasion of central Mexico and ended with his entrance in Mexico City on September 14, 1847.
In the following seven months, both governments sought to obtain the best terms. A rising tide of violent rural rebellion in Mexico and a rising tide of Whig opposition to the Polk administration in Washington served as catalysts during the negotiations. Two agreements, the February 2, 1848, Treaty of Guadalupe-Hidalgo and the March 6, 1848, Truce Agreement brought hostilities a close.
Consequences of the conflict included the Mexico’s loss of 525,000 square miles of territory, the emergence of the United States as the dominant continental power, the dispossession of many Mexican citizens living in what had become U.S. territory, and the reestablishment of Mexican sovereignty over territories in rebellion.
Amelia M. Kiddle
During the Mexican Revolution and the long period of reconstruction that followed, successive Mexican presidents navigated the stormy seas of international relations. Though forced to manage repeated cases of foreign intervention in its internal affairs, the government actually enjoyed considerable freedom of action during and after the Revolution because of the world historical context. From the First World War to the Second, heightened tensions and mounting international conflicts worldwide diverted the attention of foreign governments and enabled skillful Mexican diplomats to take advantage of world conditions to advance their own agendas for international relations and domestic reform on the international stage as they sought to establish Mexico’s place within the international states system, and world history, as the first social revolution of the 20th century.
First utilized in Latin America in response to the mid-20th-century decline of populist economic policymaking in the region, modern neoclassical theory, or neoliberalism, can be generally defined as a market-oriented form of economy policymaking that seeks to decentralize state authority and redefine state administrative responsibilities through deregulation, privatization, and the creation of common markets. Based on principles of classical 19th-century economic liberalism, the economic and political framework of neoliberalism advocates for a dramatically limited role for the state, which should only act to maintain the integrity of contract law and private property as a means of supporting the market. In the absence of state intervention, neoliberalism in Latin America alternatively emphasized the role of multilateral organizations, such as the International Monetary Fund, the World Bank, Inter-American Development Bank, and the U.S. Agency for International Development in bringing financial stability and growth to the region through the manipulation of interest rates, the devaluation of exchange rates, and the establishment of free-market pricing of goods. Ultimately, the widespread implementation of neoliberal reforms through the 1980s and 1990s ushered in a new era of transnational economic policymaking that had long-term, mixed results for the environmental, political, and social landscape of Latin America.
Before there was Mexico, there was oil. Millennia of organic matter that collapsed and liquefied into fossil fuel rested deep underground and underwater along the half-moon territorial formation that 19th-century geographers named the Mexican Gulf. Hidden by the lush tropical rainforests, marshes, and mangroves that occupied the landscape from the Pánuco River on the border between modern day Tamaulipas and Veracruz and the Bay of Campeche on the South, the oil seeped to the surface in small ponds, sometimes blackening the waters of streams and lagoons from Tabasco to the Huasteca. The human communities who inhabited that part of the globe thousands of years later knew about and utilized nature’s oozing sticky black tar.
The Olmec, who flourished in southern Veracruz from 1200 to 400
Anita Casavantes Bradford
Between the autumn of 1960 and October of 1962, the parents of more than fourteen thousand Cuban children made the difficult decision to send their children alone to the United States, where a young Irish immigrant priest, Father Bryan O. Walsh, arranged for them to be cared for by U.S. foster homes and in Catholic children’s homes and orphanages. The Cuban children’s exodus would later become known as Operation Pedro Pan; the federally funded and Catholic Church–administered program that was established to care for these children would be called the Cuban Children’s Program. Their interconnected trajectories are central to the history of post-revolutionary Cuba and of the Miami Cuban exile community, and shed important light on U.S.-Cuba and U.S.-Latin America relations during the height of the Cold War.
Throughout the 1980s, Central America was wracked by conflict. El Salvador faced a guerrilla insurgency, Guatemala’s long conflict festered, and Nicaragua faced a continually escalating U.S.-led proxy war that used fighters, loosely referred to as the Contras, to wage war on the Nicaraguan government through cross-border raids that implicated Costa Rica and Honduras in persistent violations of sovereignty. The Treaty of Esquipulas, spearheaded by Costa Rican President Oscar Arias Sanchez, ended these conflicts and brought stability to the region.
The Treaty of Esquipulas stands as one of the most significant and understudied peace agreements of the late Cold War. These accords ran counter to the will of the more powerful United States, which throughout the 1980s had sought to use military force as the key to achieving regime change in Nicaragua. The United States policy of supporting guerrillas that waged a war of regime change in Nicaragua fanned the flames of conflict and destabilized the region. Esquipulas undermined this destructive policy. For the first time, the small nations of Central America, so long considered the imperial servants of the United States, thwarted an aggressive U.S. military policy. Through intense diplomatic meetings, and in the wake of the controversy that developed from the Iran–Contra scandal, President Arias of Costa Rica succeeded in creating a peace agreement for Central Americans and authored by Central Americans. The Esquipulas accords were a blanket repudiation of the near decade-long Contra war policy of the United States. Central America created diplomatic unity and facilitated a successful opposition to the military policy of its more powerful neighbor. This agreement was a great triumph of peace and diplomacy created in the face of what seemed like overwhelming odds.
Spain entered the Age of Atlantic Revolutions (1775–1825) motivated by a desire to re-establish its traditional status as a major European power, a position that its Habsburg monarchs gradually had relinquished over the course of the 17th century and that was lost in dramatic fashion during the War of the Spanish Succession (1701–1713). Over the first six decades of the 18th century, the newly installed Bourbon dynasty launched a series of administrative, military, clerical, and economic reforms designed to spark and then protect an imperial revival. As a regular participant in the colonial wars of the period, the Spanish crown relied heavily on military strength to signify its renewed standing vis-à-vis its international adversaries. Any gains won by force of arms also needed to be confirmed by treaty and reinforced by positive peacetime relationships with these same rivals. As a result, an assertive diplomacy played an important role in promoting Spanish interests during a tumultuous era that began with great hopes for the restoration of Spain’s historic preeminence in the Atlantic World but ended with the collapse of its American empire.
Stephen W. Campbell
The Transatlantic Financial Crisis of 1837 produced a global depression that lasted until the mid-1840s. Falling cotton prices, a collapsing land bubble, and fiscal and monetary policies pursued by individual actors and financial institutions in the United States and Great Britain were all responsible. A comprehensive understanding of the panic must take into account the global movements of gold and silver that linked Mexico, China, the United States, and Great Britain in complex networks of credit and debt. In the United States, businesses, banks, and individuals declared bankruptcy; states defaulted on their debts; commodity prices dropped; credit instruments lost their value; and unemployment rose amid a general atmosphere of pessimism and an erosion of confidence. The severity of the panic prompted politicians and financial theorists to reevaluate their ideological assumptions regarding the proper role of governmental regulation in an economy. In a larger sense, the panic demonstrated how the expansion of slavery in the United States, British imperialism, financial speculation, and recurring cycles of boom and bust were emerging as defining features of modern capitalism.