Short Answer 
The Monroe Doctrine, established in 1823, aimed to prevent European interference in Latin America and marked a shift in U.S. foreign policy towards regional autonomy. Economic colonialism focused on resource extraction and led to dependency in poorer nations, while settler colonialism involved displacing indigenous populations, exemplified by Teddy Roosevelt’s “Big Stick” policy which facilitated U.S. territorial expansion for projects like the Panama Canal.
Step 1: Understand the Monroe Doctrine
The Monroe Doctrine, established in 1823 under President James Monroe, aimed to prevent European nations from interfering in Latin America. This policy was significant as it signaled a shift in U.S. foreign policy, emphasizing regional autonomy. Key aspects include:
- Warning against European colonialism in the Americas.
- Assertion of U.S. influence in the Western Hemisphere.
- Paving the way for future U.S. interventions in Latin America.
Step 2: Grasp Economic Colonialism
Economic colonialism focuses on extracting raw materials from less developed countries to support industrialized nations. This practice emphasizes the control over economic resources and has notable consequences. Aspects include:
- Supply of industrial materials to developed countries.
- Exploitation of resources causing dependency in poorer nations.
- A means to fuel economic growth in industrialized nations.
Step 3: Explore Settler Colonialism and Teddy Roosevelt’s Role
Settler colonialism involves the establishment of new communities by immigrants, often displacing indigenous populations. Within this context, President Theodore Roosevelt employed the “Big Stick” approach to facilitate U.S. access to land, particularly for the Panama Canal. Consider these points:
- Settlement aimed to create new living spaces for immigrants.
- Displacement of original inhabitants through population growth.
- Roosevelt’s policies directly linked to U.S. territorial expansion and infrastructure development.