Final answer:
The U.S. sought access to Panama for strategic military and economic reasons, with the Panama Canal significantly shortening maritime routes between the Atlantic and Pacific, enhancing U.S. trade dominance, and contributing to Panama’s goal of becoming an economic center for the region.
Step-by-step explanation:
Strategic and Economic Significance of the Panama Canal
The desire of the United States to gain access to Panama was primarily driven by both strategic military concerns and significant economic interests. Before the Panama Canal was constructed, the U.S. Pacific Fleet, after the victory over Spain in the Philippines, had to journey around South America to reach the Caribbean. This lengthy route was made evident due to the military importance highlighted during the Spanish-American War. The isthmus of Panama provided a strategic shortcut that could drastically reduce naval deployment times and shipping distances between the Atlantic and Pacific Oceans.
Moreover, the economic benefits of having a canal in Panama were immense. It translated into shorter and more cost-effective maritime routes, which were particularly essential after the California Gold Rush, when there was a high demand for faster transportation of goods and people between the east and west coasts of the United States. U.S. companies were already heavily involved in the region's fruit and coffee production, and establishing a canal facilitated transportation and enhanced U.S. dominance over regional trade. The economic globalization and trade implications for both the U.S. and the region were significant, as the canal became a pivotal point for international commerce.
After assisting in the independence of Panama from Colombia in 1903, the United States was able to secure the rights to build and control the canal, which was completed in 1914. The canal's construction also had an effect on Panama's ethnic makeup, as workers were imported from various countries. Although control was eventually returned to Panama in 2000, the canal has continued to serve as a vital transportation link, contributing to Panama striving to become a main economic center for the region.