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It （= Annexation of territory ）involves the admission of new voters, who may be thought undesirable, and -- what is more important -- it extends the area of internal free trade, and is therefore damaging to important economic interests. The Monroe Doctrine, which involves a virtual protectorate over Latin America, is therefore more satisfactory to the dominant interests than annexation would be. If political conquest were economically advantageous, no doubt it would soon take place.
Source: Bertrand Russell : Power, a new social analysis, 1938
More info.: https://russell-j.com/beginner/POWER11_080.HTM