Panama Canal
Colombia, France, and later the United States controlled the territory surrounding the canal during construction. The US continued to control the canal and surrounding Panama Canal Zone until the 1977 Torrijos–Carter Treaties provided for handover to Panama. After a period of joint American–Panamanian control, in 1999, the canal was taken over by the Panamanian government. It is now managed and operated by the government-owned Panama Canal Authority.
History of the Panama Canal
French engineer and financier Philippe-Jean Bunau-Varilla played a key role in changing U.S. attitudes. Bunau-Varilla had a large stake in the failed French canal company, and stood to make money on his investment only if the Panama Canal was completed. Extensive lobbying of U.S. lawmakers coupled with his support of a nascent independence movement among the Panamanian people led to a simultaneous revolution in Panama and the negotiation of the Hay–Bunau-Varilla Treaty which secured both independence for Panama and the right for the U.S. to lead a renewed effort to construct the canal. Colombia's response to the Panamanian independence movement was tempered by U.S. military presence; the move is often cited as a classic example of the era of gunboat diplomacy.