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Holding Up the Empire: Colombia, American Oil Interests, and the 1921 Urrutia-Thomson Treaty

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  • Duran, Xavier
  • Bucheli, Marcelo

Abstract

Why did the United States subsidize American multinationals' entry into countries treated as informal colonies? We study a classic case of American imperialism, the 1903 U.S. support of Panama's secession from Colombia and subsequent U.S. payment of the 1921 reparations that opened Colombia's oil fields to Standard Oil. We test Noel Maurer's (2013) empire trap hypothesis quantitatively. Archival and econometric evidence documents Colombia's threat to Standard Oil's sunk investment, which induced the multinational to build a supermajority coalition in the U.S. Senate to back a reparations treaty. Results support the empire trap hypothesis but point out important qualifications.

Suggested Citation

  • Duran, Xavier & Bucheli, Marcelo, 2017. "Holding Up the Empire: Colombia, American Oil Interests, and the 1921 Urrutia-Thomson Treaty," The Journal of Economic History, Cambridge University Press, vol. 77(1), pages 251-284, March.
    • Handle: RePEc:cup:jechis:v:77:y:2017:i:01:p:251-284_00
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    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economic History > Regional Economic History > Latin American Economic History > Economic History of Colombia

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    Cited by:

    1. Marcelo Bucheli & Xavier Durán & Minyoung Kim, 2024. "My best frenemy: a history-to-theory approach to MNCs’ corporate diplomatic activities," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(3), pages 326-341, April.
    2. Gerardo della Paolera & Xavier H. Duran Amorocho & Aldo Musacchio, 2018. "The Industrialization of South America Revisited: Evidence from Argentina, Brazil, Chile and Colombia, 1890-2010," NBER Working Papers 24345, National Bureau of Economic Research, Inc.
    3. Julián D. Gómez, 2018. "¿Qué determina la adopción de tecnologías para la generación de energías renovables entre países?," Documentos CEDE 17132, Universidad de los Andes, Facultad de Economía, CEDE.
    4. Bucheli, Marcelo & DeBerge, Thomas, 2024. "Multinational enterprises’ nonmarket strategies: Insights from History," International Business Review, Elsevier, vol. 33(2).

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