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.

The National Book Award–winning epic chronicle of the creation of the Panama Canal, a first-rate drama of the bold and brilliant engineering feat that was filled with both tragedy and triumph, told by master historian David McCullough. From the Pulitzer Prize–winning author of Truman, here is the national bestselling epic chronicle of the creation of the Panama Canal. In The Path Between the Seas, acclaimed historian David McCullough delivers a first-rate drama of the sweeping human undertaking that led to the creation of this grand enterprise. The Path Between the Seas tells the story of the men and women who fought against all odds to fulfill the 400-year-old dream of constructing an aquatic passageway between the Atlantic and Pacific oceans. It is a story of astonishing engineering feats, tremendous medical accomplishments, political power plays, heroic successes, and tragic failures. Applying his remarkable gift for writing lucid, lively exposition, McCullough weaves the many strands of the momentous event into a comprehensive and captivating tale. Winner of the National Book Award for history, the Francis Parkman Prize, the Samuel Eliot Morison Award, and the Cornelius Ryan Award (for the best book of the year on international affairs), The Path Between the Seas is a must-read for anyone interested in American history, the history of technology, international intrigue, and human drama.

Provides a comprehensive overview of the political and economic developments in Panama from 1980 to the present day.