Mr. For over one hundred years, the Panama Canal has been a world-renowned marvel of engineering, creating a vital shipping link between the Atlantic and Pacific Oceans. We want here to look at the economics of such an undertaking. In 1849 Cornelius Vanderbilt built a … Supporters say it could lift country out of poverty, but opponents point to potential for environment and rights abuses. Introduction. lease on a new canal to be built across Nicaragua to compete with the Panama Canal. In December 2014, workers broke ground on the Nicaragua Grand Canal, a planned 175-mile-long canal through Nicaragua. The plan is to build a canal through Lake Nicaragua and connect the Pacific and Caribbean coasts to provide passage for ships too big to fit through the Panama Canal. The prospects offered by … In 1902, Panama beat out Nicaragua for the American-built canal route, when the U.S. Senate voted for the smaller, more southerly nation by a mere eight votes. A Chinese plan to build a $50 billion canal across Nicaragua could modernize one of the Western Hemisphere’s poorest nations. It was billed as the biggest earth-moving operation in history: the creation of a 170-mile canal across Nicaragua, linking the Caribbean Sea and the Pacific Ocean.The Grand Interoceanic Canal Nicaragua’s interoceanic canal: will the benefits outweigh the risks? The Nicaraguan canal is a delusion, but human rights abuses and land grabs in the project’s name are all too real. Kamilo Lara, a member of the Nicaragua Canal Commission, a group appointed by the government to oversee the project, said many critics of the project were political opportunists. A proposed canal in Nicaragua, built by China, is a tangible signal that the United States can’t set the terms of the world … Ego-driven The deal was, in a sense, the fulfillment of a longtime national dream. The possibility of a transoceanic canal through Nicaragua has been discussed for almost 400 years. A storm like Hurricane Mitch, which killed 3,800 people in Nicaragua in 1998, would probably cause the canal to flood, triggering mudslides that would breach locks and dams. An interoceanic canal could double Nicaragua’s per-capita gross domestic product from its current $3,300, the government says. If so, it might be built after all. Nicaragua's Congress votes in favour of a Chinese plan to built a waterway between the Caribbean and the Pacific, to rival the Panama Canal. Nicaragua was almost the place for the U.S.-built canal until, for a … Updated February 2015. The project is financed by a wealthy Chinese businessman, Wang Jing. It could, in fact, be the largest excavation in human history: On July 3, 2012, with the story that Nicaragua would advance on a definitive route to “defeat the poverty inherited from the neoliberal past”, the Ley del Régimen Jurídico del proyecto del Gran Canal (Law of the Legal Regime of the Grand Canal project) and the establishment of the Grand Canal Authority was approved to form the legal basis of the failed attempt. If built, the Nicaragua Canal would be longer, wider, and deeper than the 51-mile Panama Canal to the south. This is a direct quote form Smithsonian: "The new canal and its infrastructure, from roads to pipelines to power plants, will destroy or alter nearly one million acres of rainforest and wetlands. Editors' note: Work on Nicaragua's canal began today, December 22, 2014. 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