Panama Canal
France began work on the canal in 1881, but stopped due to engineering problems and a high worker mortality rate. The United States took over the project in 1904 and opened the canal on August 15, 1914. One of the largest and most difficult engineering projects ever undertaken, the Panama Canal shortcut greatly reduced the time for ships to travel between the Atlantic and Pacific Oceans, enabling them to avoid the lengthy, hazardous Cape Horn route around the southernmost tip of South America via the Drake Passage or Strait of Magellan.
History of the Panama Canal
It soon became clear that the only way to recoup expenses for the stockholders was to continue the project. A new concession was obtained from Colombia, and in 1894 the Compagnie Nouvelle du Canal de Panama was created to finish the canal. To comply with the terms of the contract, work began immediately on the Culebra excavation while a team of engineers began a comprehensive study of the project. They eventually settled on a plan for a two-level, lock-based canal.