Final answer:
The phrase "substituting dollars for bullets" represents President Taft's strategy of using American economic power as a tool for influence, contrasting with Roosevelt's "big stick" diplomacy that relied on the threat of military force for American interests.
Step-by-step explanation:
President Taft's "dollar diplomacy" compares to President Roosevelt's "big stick" diplomacy in that Taft's approach was focused more on using American economic power to influence foreign nations rather than resorting to military intervention. The phrase "substituting dollars for bullets" suggests Taft's preference for economic influence over military force as a means to achieve American foreign policy goals, particularly in Latin America. Roosevelt's "big stick" diplomacy, on the other hand, relied on the threat of military force to secure American interests abroad, though he did not necessarily resort to actual conflict. Taft hoped that by investing in and economically supporting other countries, stability and prosperity would follow, leading to improved diplomatic relations. However, this often entailed the purchase of existing businesses, which did not significantly promote local job growth.