Short Answer 
The Monroe Doctrine, established in 1823, aimed to prevent European interference in Latin America, reinforcing the sovereignty of the region. Economic colonialism focused on the extraction of resources from developing nations for industrial growth in developed countries, while settler colonialism involved the migration of settlers and often displaced native populations. Additionally, President Theodore Roosevelt’s “Big Stick” policy emphasized U.S. interests in Latin America, particularly during the construction of the Panama Canal.
1. Understanding the Monroe Doctrine
The Monroe Doctrine, established in 1823 during President James Monroe‘s administration, aimed to safeguard Latin America by discouraging European nations from interfering in the region. This doctrine was vital in shaping U.S. foreign policy by reinforcing the idea that the Americas were off-limits to further colonization and intervention from European powers. Its main purpose was to ensure the sovereignty and independence of Latin American countries.
2. Exploring Economic Colonialism
Economic Colonialism focuses on the extraction of raw materials from less developed nations to fuel industrial growth in more developed countries. This practice primarily revolved around the idea of resource exploitation, where countries would strip underdeveloped regions of their natural resources for their economic benefit. The driving purpose behind this approach was to secure a continuous supply of essential industrial materials for the prospering economies of colonial powers.
3. The Impact of Settler Colonialism and Roosevelt’s Policies
Settler Colonialism involved the migration of settlers into a new territory, often leading to the displacement of the native populations who originally inhabited those lands. This form of colonialism was rooted in the desire to provide new living spaces for settlers. Similarly, President Theodore Roosevelt employed a “Big Stick” policy, particularly to facilitate the construction of the Panama Canal. His approach emphasized strong diplomatic and military presence, asserting U.S. interests effectively in Latin America during the canal’s development.