Britain sought to expand its influence in Latin America following the independence movements of the early 19th century. It supported the Portuguese royal family in exchange for trading privileges. However, failing mining companies and saturated markets led to defaults on loans from British financial centers. Latin American governments then instituted free trade policies to boost exports and renegotiate debts without foreign intervention. Between 1870-1914, Britain's focus on Latin America peaked, but World War I and the rise of U.S. power diminished British presence and changed it from a creditor to a debtor status in the region.