The American foreign policy principle that held that the United States had a right to exercise "an international police power" in the Western Hemisphere was called:

(Roosevelt Corollary) Monroe Doctrine

Explanation:

In 1934, renounced interventionism and established his Good Neighbor policy for the Western Hemisphere.

When the US in 1934 had renounced interventionism it set his Good Neighbor policy for the Western Hemisphere.

President Roosevelt introduced the notion of an American nation surveilling the continent for the interest of Americans.

The long and continuous history of U. S. interventions happening in the world was most clearly seen in Latin America. Since the emergence of the Roosevelt corollary had prevented European powers for furthering their influence and power in the region.

At the same time a "dollar diplomacy" also provoked that American foreign policy in the Western Hemisphere played a violent and recurrent role where guerrillas and wars of intervention had a colonial character