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Negotiating under the Monroe Doctrine: Weetman Pearson and the Origins of U.S. Control of Colombian Oil

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  • Bucheli, Marcelo

Abstract

Before World War I, most foreign investment in Latin America came from Britain. By World War II, however, the United States had become the main and unchallenged foreign investor in the region. This analysis of the negotiations that took place between the British firm (Pearson and Son) and the Colombian government over oil contracts reveals the reasons for the shift in influence. The company's lack of awareness that Britain had been overtaken by the United States as the hegemonic power in the hemisphere eventually caused the negotiations to collapse. While talks were proceeding, the company failed to consider how much influence the United States had on Colombian internal politics, and it overlooked the history of U.S.–Colombia relations. As a result, Pearson never received oil concessions in Colombia; instead, they were granted to American companies, consolidating U.S. power in the region.

Suggested Citation

  • Bucheli, Marcelo, 2008. "Negotiating under the Monroe Doctrine: Weetman Pearson and the Origins of U.S. Control of Colombian Oil," Business History Review, Cambridge University Press, vol. 82(3), pages 529-553, October.
    • Handle: RePEc:cup:buhirw:v:82:y:2008:i:03:p:529-553_08
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    Cited by:

    1. Marcelo Bucheli & Ruth V. Aguilera, 2010. "Political Survival, Energy Policies, and Multinational Corporations," Management International Review, Springer, vol. 50(3), pages 347-378, June.
    2. Bucheli, Marcelo & DeBerge, Thomas, 2024. "Multinational enterprises’ nonmarket strategies: Insights from History," International Business Review, Elsevier, vol. 33(2).
    3. Carney, Michael & Estrin, Saul & Liang, Zhixiang & Shapiro, Daniel, 2022. "Are Latin American business groups different? An exploratory international political economy perspective," LSE Research Online Documents on Economics 111821, London School of Economics and Political Science, LSE Library.

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