Drago Doctrine
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The Drago Doctrine was announced in 1902 by the Argentinian Minister of Foreign Affairs Luis Maria Drago. Extending the Monroe Doctrine, it set forth the policy that no foreign power, including the United States, could use force against an American nation to collect debt. It was supplanted in 1904 by the Roosevelt Corollary.
It grew from the ideas expressed by Carlos Calvo in Derecho internacional teórico y práctico de Europa y América, commonly known as the Calvo Doctrine. The Calvo Doctrine proposed to prohibit diplomatic intervention before local resources were exhausted.
The Drago Doctrine itself was a response to the actions of Great Britain, Germany, and Italy, who had blockaded and shelled ports in response to Venezuela's massive debt, acquired under president Cipriano Castro. A modified version by Horace Porter was adopted at the Hague in 1907. This added that arbitration and litigation should always be used first.