GO rD hIllwas gradually established (and continues today in the form of the Inter-
national Monetary Fund and the World Bank, controlled by the G-7).^24
During the same period, the U.S. was also setting footholds in the re-
gion. In 1853, five years after gold was discovered in previously unknown
areas in Central America, U.S. marines invaded Nicaragua. In 1898, fol-
lowing the Spanish-American War, Puerto Rico and Cuba were annexed
to the U.S. (Puerto Rico remains today as the last U.S. colonial nation). As
well, U.S. forces occupied the Philippines—carrying out massacres of men,
women, and children—and Hawaii came under U.S. control in 1893. With
these actions the U.S. established itself as an emerging capitalist power, and
the eventual extent of U.S. imperialism was beginning to take shape.
On a global scale, the development of imperialism had now estab-
lished itself internationally; the full division of the world between pre-
dominantly European powers and the U.S. was complete (and would
subsequently lead to two world wars).
- G-7: the grouping of the seven most advanced industrialized countries at the
time: Britain, Canada, France, Italy, Germany, Japan, and the USA. In 1998
the Group was joined by Russia, and is now known as the G-8. The Group
meets annually to determine world economic policies; together they hold
dominant positions in the world economic order.