In: Economics
What are the types of diplomacy that the US can use in conducting foreign policy? What are the advantages and disadvantages of using each of these types of diplomacy?
Diplomacy is the action of extending negotiation with other members of the states or the groups who are willing and open to share a common idea. It involves attracting the decision of the foreign government and its officials through holding dialogue and negotiation that will yield relations.
Some of the diplomacies that the US can use is Dollar diplomacy, it is the use of financial muscle of a country to convince the other government to enter into relation. Having one of the stable economies the US can use the power of the dollar to lure other government officials. Another diplomacy is moral policy, moral diplomacy holds that the political conflict can be shaped by negotiation and acting as an intermediary.
Advantage of using dollar diplomacy is that it is easy to lure the country that has no economic power, again dollar diplomacy can it can be measurable hence easy to convince the other government.
It has a disadvantage that it can lead to deterioration of the economic power of the governments' again it is hard to lure the governments with equal economic power like China.
It provides a better economic environment through opposing imperialism. It has a disadvantage that it can fail to be effective in the states or countries with political unrest.