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AbstractThe Panama canal represents a feature of great geopolitical and commercial importance. For most of the 20th century Panama has represented an extension of us hemispheric hegemony. Through treaty rights, the us maintained territorial control over this small but vital link between South and Central America, and operated the Panama canal. The former canal zone is now under Panamanian control. But new commercial forces and technological changes have made necessary a reassessment of the canal, in particular because of growing scale economies in container shipping. This paper explores how the Panamanian authorities are trying to cope with these challenges. While the canal has undergone a reversion to local control and sovereignty, international forces and actors are shaping the future. A us railroad company is upgrading the railway. A Hong Kong conglomerate is developing two port terminals, while a Taiwanese shipping line is developing another. The international significance of this small region appears set to continue.
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