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Books > History > History of specific subjects > Economic history
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The Big Ditch - How America Took, Built, Ran, and Ultimately Gave Away the Panama Canal (Paperback)
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The Big Ditch - How America Took, Built, Ran, and Ultimately Gave Away the Panama Canal (Paperback)
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An incisive economic and political history of the Panama Canal On
August 15, 1914, the Panama Canal officially opened for business,
forever changing the face of global trade and military power, as
well as the role of the United States on the world stage. The
Canal's creation is often seen as an example of U.S. triumphalism,
but Noel Maurer and Carlos Yu reveal a more complex story.
Examining the Canal's influence on Panama, the United States, and
the world, The Big Ditch deftly chronicles the economic and
political history of the Canal, from Spain's earliest proposals in
1529 through the final handover of the Canal to Panama on December
31, 1999, to the present day. The authors show that the Canal
produced great economic dividends for the first quarter-century
following its opening, despite massive cost overruns and delays.
Relying on geographical advantage and military might, the United
States captured most of these benefits. By the 1970s, however, when
the Carter administration negotiated the eventual turnover of the
Canal back to Panama, the strategic and economic value of the Canal
had disappeared. And yet, contrary to skeptics who believed it was
impossible for a fledgling nation plagued by corruption to manage
the Canal, when the Panamanians finally had control, they switched
the Canal from a public utility to a for-profit corporation,
ultimately running it better than their northern patrons. A
remarkable tale, The Big Ditch offers vital lessons about the
impact of large-scale infrastructure projects, American overseas
interventions on institutional development, and the ability of
governments to run companies effectively.
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