One group will research and build a case in favor of dollar diplomacy. Body3: Focus on the least effective diplomacy and why. Dollar diplomacy is basically what it sounds like. Taft's dollar diplomacy was based on economic support, while Wilson's moral diplomacy was based on economic power.[3]. Financial managers would then move in and remake the economy that was better suited to the US's trade and business interests. What does the excerpt reveal about President Wilson's point of view on foreign policy? William Taft believed in Dollar Diplomacy, or protecting U.S. businesses interests in foreign countries. The significance of moral diplomacy is that it increased the power of America.