MONEY IS CHEAP: A RETROSPECTIVE ON THE FAILURES OF CONTEMPORARY CHECKBOOK DIPLOMACY

It's sometimes said that talk is cheap, but in diplomacy, money is even cheaper. In an age increasingly dominated by the influence of money, Checkbook Diplomacy is most well-known for its failures in the modern day. This discrepancy seems strange on the surface but is really symptomatic of the broader approach many countries have taken to foreign relations. Checkbook Diplomacy is still a relatively new concept. Still, policies that fit its mold have been propagated since ancient times. This essay first examines some of these examples before jumping into the four most important modern instances of Checkbook Diplomacy. The first, the Marshall Plan, is perhaps the most successful implementation of Checkbook Diplomacy ever and an important reference point from which to discover what went wrong later. The next three cases looked at are: Japan and German's Gulf War policies, Russia's push for the recognition of South Ossetia and Abkhazia, and lastly Taiwan and China's battle for global recognition. All of these are cases in which Checkbook Diplomacy failed to achieve any lasting gains and accomplish the aims of the countries involved. A method of historical inquiry will be used to determine the goals, points of failure, and lessons learned in each of these cases. In doing so, this paper aims to provide a starting point for thinking about future strategies for Checkbook Diplomacy, as well as providing a reference point to compare less well-known instances of Checkbook Diplomacy with those covered here. Through historical analysis, this paper finds that the most critical issues with modern Checkbook Diplomacy are a lack of commitment to broader and consistent engagement, using it to confront a long-term problem, employing it in response to security threats, and parties with uncomplimentary desires.