...Ingenieria Comercial | Economic development in Panama between 1995-2010 | Taller de Economía Empresarial | | José Venegas Rojas | | Professor: John Cobin Santiago, Chile 2013 I. - Introduction. The controlling purpose of this paper is to review the academic literature about the economic development of Panama between 1995-2010 in Panama City. Panama is among the twenty economies which have grown the most in the past ten years, according to the World Bank, which curiously matches giving ones the administration of the Panama Canal by the United States to Panama in 1999. Most of the buildings in Panama City were built around 2000 and in order to observe this change, the financial statements of the country when it still belonged to the United States, will be analyzed so that it can be possible to consider a factor in the economic development in this country. On December 31, 1999, at midday the Panama Republic took administrative control of the Panama Canal after a long process of negotiation which started in 1977 with the signing of the Treaty between the President Jimmy Carter from the United States and the Panama president Omar Torrijos. This Treaty stated that it was an important issue that Panama guaranteed the neutrality of the Canal. This step of command happened after almost eighty-five years of diplomatic negotiations between the US and Panama. Many Panamanians considered the administration of the Panama Canal as its Third Independence after Independence...
Words: 4057 - Pages: 17
...Panama (i/ˈpænəmɑː/ pan-ə-mah; Spanish: Panamá), officially the Republic of Panama (Spanish: República de Panamá [reˈpuβlika ðe panaˈma]), is the southernmost country of Central America. Situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the west, Colombia to the southeast, the Caribbean to the north and the Pacific Ocean to the south. The capital is Panama City. Explored and settled by the Spanish in the 16th century, Panama broke with Spain in 1821 and joined a union of Nueva Granada, Ecuador, and Venezuela, named the Republic of Gran Colombia. When Gran Colombia dissolved in 1831, Panama and Nueva Granada remained joined. Nueva Granada later became the Republic of Colombia. With the backing of the United States, Panama seceded from Colombia in 1903, allowing the Panama Canal to be built by the U.S. Army Corps of Engineers between 1904 and 1914. In 1977, an agreement was signed for the complete transfer of the Canal from the United States to Panama by the end of the century.[4] Revenue from canal tolls represents today a significant portion of Panama's GDP. Panama has the third- or fourth-largest economy in Central America and[5] it is also the fastest growing economy and the largest per capita consumer in Central America.[6][7] In 2010 Panama ranked 4th among Latin American countries in terms of the Human Development Index, and 54th in the world in 2010.[8] As of 2010, Panama is the second most competitive economy in Latin America...
Words: 296 - Pages: 2
...Panama has a variety of job opportunities now with the Panama Canal, Metro and so. The government has made different Job Fair with 138 companies hiring people. Such as: * Panama Pacifico Creating More Jobs Than The Panama Canal * Almost 200,000 People Work For The Government of Panama * 130 Companies Offering 27,000 Vacancies At Job Fair Today * 10,000 Positions Available At "Mega Job Fair" in San Miguelito * Panama Metro Hiring 700 New Workers Panama Pacifico Creating More Jobs Than The Panama Canal Panama Pacific has become a source of employment for thousands of Panamanians who have the opportunity to train in different areas and have access to better wages. About 8,000 jobs have been created by the 200 companies that have been established there, and by 2014 they expect this will surpass 12,000 jobs, more than currently produced by the Panama Canal. According to the APP, every month for a year 100 companies were studying or accessing about 1,500 resumes of those Panamanians who have registered online for their subsequent recruitment. Almost 200,000 People Work For The Government of Panama The cumulative gross total paid to government employees in Panama from January through October 2012 came to a total of $1.771 billion dollars, up 10% compared to the same period last year. This amount is comparable to the investment made by the State to build Line One of the new Metro subway system - $1.88 billion. The increase in the cost of operations is...
Words: 702 - Pages: 3
...Panama Canal Courtez Cannady Trident University International In this paper we will be discussing the contract procurement of the Panama Canal and how it wound up in the hands of the United States. We will look at how much the French company The Compagnie Universelle du Canal Interoceaniqu lost in building the canal. How much did they demand when they first entered the negotiation? How much would the U.S. pay the French company? Since there is a huge difference, what are the tactics they played to justify their claims? What dramatically changed the whole situation so the U.S. won the negotiation? And finally, how did the U.S. secure its own interest? I will make any additional comments from the case as necessary. By 1889 the French company Campagnie Universalle wound up going bankrupt and lost around $289 million and an estimated 20,000 lives. When first entering the negotiation the French company demanded $109 million. The French company made this estimate based off of all of their holdings which were land, the panama railroad, 2,000 buildings and equipment. After an assessment, Rear Admiral Walker determined that the combined holdings of the French company did not exceed more than $40 million. Now we have to look at what the tactics were that the U.S. played to justify their claims. I think one of the main things the U.S. looked at was how the French companies attempt was such a catastrophe. The French were heading towards a bankruptcy at this point and had also lost the...
Words: 540 - Pages: 3
...Course Project I Panama Canal Patrick Makinney Devry University/Keller Graduate School PROJ-595-62659 Project Risk Management Professor Bill Lewis July 28, 2012 Panama Canal The Panama Canal project started twice; the initial project began in France during 1879 at the “International Congress” to study the feasibility of a canal connecting the Atlantic and Pacific oceans through Central America sponsored by Ferdinand de Lesseps and the second was in 1904 and conceived by President Theodore Roosevelt. (Tom Kendrick, PMP) The initial Panama Canal plans’ ideas included a “lock-and-dam” concept and a seal-level canal concept. The sea-level canal concept was adopted although this plan was not supported by nearly all engineers consulted on this project. The project was taken on by Ferdinand de Lesseps who successfully completed the Suez Canal in 1869, which earned de Lesseps the nickname “The Great Engineer,” (Tom Kendrick, PMP) However, with lack of a precise project definition, poor planning sporadic reporting and generally inaccurate (or even dishonest) along with undefined, poor or ignored risk identification the project failed. The project was privately funded and the collapse caused complete financial losses for all the investors. Directly as a result of this project failure, the French government fell in 1892, ending one of the messiest and most costly project failures in history. (Tom Kendrick, PMP) The second time the Panama Canal project was...
Words: 911 - Pages: 4
...“How old is the Isthmus” Tony Coated in his video “How old is The Isthmus” he explains in the first part how do geologist measure time. But we first have to know the location and its characteristics. Panama, also known as the Isthmus of Darien is the piece of land that divides the Caribbean Sea and the Pacific Ocean and also joins North America and South America. After analyzing this theories I realized that the Isthmus of Panama have a very, very important role in the world. To understand the geography of Panama we first have to know that the Isthmus of Panama was formed by a Central American peninsula which collided slowly with South America by a tectonic plate movement. The geographical position of our country is our principal Natural resource. In the past millions of years Panama was not what it is today. Our beautiful country was covered by the ocean that divided America in North, and South America. Another theory is that a collision of two tectonics plates resulted in a formation of little Islands and years after that entire ocean gap that where between the oceans where filled by sediment creating what it is today the Isthmus of Panama. Many different geologists have been trying to calculate the age of the isthmus. There are two different categorists of geologists: Hard Rock Geologist and Soft rock geologist. The Hard Rock geologists work on the composition in the interior structure of the earth especially in volcanism, earthquakes and mechanism of the tectonic...
Words: 701 - Pages: 3
...Panama Introduction If a countries culture can be define as the state of intellectual development among a people, the business culture might be had to be the state of commercial development in a country. But business culture is not made by the commercial development alone; attitudes, values and norms define and make part of a business culture in a country. (Hart) Taking into consideration all of the characteristics and costumes of a countries culture will help you understand and do business with enterprises and make your negotiations much easier. Most people believe there is a single homogenous Latin American business culture which is an erroneous idea. Each country has their own culture and rules of doing business. On this report there will be tips and rules on how to do business in Panama as a foreign partner in order to achieve success when working with Panamanians. General information The Republic of Panama is the southernmost country of Central America. Panama connects the both continents South and North America. Panama borders Costa Rica and Colombia, it also has access to the Pacific Ocean and the Caribbean Sea. Since it is connecting both North and South America some schools teach that it forms part of South America and others that it is part of Central America. The capital of Panama is Panama City. The population of Panama is approximately three million five hundred thousand. The total area is 29,157 sq miles almost the size of the state of South Carolina...
Words: 1676 - Pages: 7
...Today, agriculture takes up 17% of the country's GDP. Panama mainly relies on the United States, China, and Mexico for a number of things. The top five things they import is oil, machinery, vehicles, electronic equipment, and iron or steel products. Panama's natural resources include copper, shrimp, and hydropower. As said before, the deforestation of tropical rainforests threatened natural resources. The two largest cities with the largest populations in Panama are Panama City and Tocumen. Population is concentrated towards the center of the country, mostly around the Canal. These are the places where you’ll find modern commercial and recreational facilities. A big portion of the population also lives in the far west around David. This area...
Words: 469 - Pages: 2
...ANALYSIS ON PANAMA (U) (______________) Panama, known as the “Crossroads to the Americas”, is the southernmost country in Central America, located north of Columbia and south of Costa Rica. It is slightly smaller than the state of South Carolina. In both the east and west there are mountain ranges which develop into hills and dense jungle in the central part of Panama. Temperatures range from tropical and humid in the lower lying areas, to cool and pleasant in higher altitudes. The coasts are primarily lowlands with smaller islands located just off shore. The Panama Canal divides the country in half and connects the Pacific Ocean and Caribbean Sea. The population is about 3.5 million. The majority of the population is mestizo, 70%, which is a person with mixed European and Indian ancestry. The rest of the population is 14% West Indian, 10% white, and 6% indigenous. The indigenous population is composed of seven distinct groups which are the Kuna, Embera, Waounan, Ngobe, Bugle, Nassau, and Terribe people. The majority of the population lives in urban areas, with more than half the population living in the Panama City-Colon metropolitan corridor. The Roman Catholic faith is Panama’s predominant religion. Spanish serves as the official language but English is widely used in business and is spoken by most West Indians. About 75% of Panama’s income comes from the Panama Canal, banking, the Colon Free Zone, insurance companies, harbor dues, flagship registry, and tourism. Panama has...
Words: 506 - Pages: 3
...of the failure and passage of the Panama Canal Treaty. The Panama Canal Treaty is seen as one of the most controversial piece of legislature in United States history but one that will daunt President Jimmy Carter presidency. In 1964, when objectors was having a recurring episode. After four days of plunder and fighting, the Panamanian National Guard reestablished order. Eighty-five were wounded and four American died. Twenty-one Panamanians died in severe riots in their home country, they demanded U.S. withdrawal from the isthmus where the United States had had the mandate to exercise "all the rights, power, and authority" of a sovereign state since President Theodore Roosevelt orchestrated the 1903 Hay–Bunau-Varilla Treaty. In December 1964, President Lyndon B. Johnson pledge negotiations to repudiate the 1903 treaty, and by June 1967 a draft treaty was initialed. Strong opposition in both countries doomed its prospects. President Richard Nixon continue discussions in 1970, and several years later Secretary of State Kissinger signed an agreement of theory with the weak presidency of Gerald Ford jeopardized implementation and Panamanian foreign minister Juan Antonio Tack. President Carter, wanting to nurture goodwill in South America, continued negotiations and finalized two treaties based on the 1967 theory. The Canal Treaty prescribed twenty-two years for control to gradually pass to Panama. The Neutrality Treaty required Panama to keep the canal open and accessible...
Words: 591 - Pages: 3
...Panamanian Consumer Behavior History Before 1989, Panama had a government led by the military at the time, with a dictator government. The country’s economy at the time was all controlled from the upper echelons of government. In 1989 USA invaded Panama to overthrow the dictator who had to Panama prisoner without the progress he deserved. This event changed the course of the Republic of Panama to a land of opportunities and investment economic vision to reach the top in this now two decades later (2012). Evolution of the economy from 1989 to 2009 For 2009 Panama's GDP per capita (PPP) was about $11,900 (2009 est.) Consider the graphic below. This graphic shows growth in GDP (PPP) for Panama since 1989. If you look hard at that chart you will see sluggish growth for more than 20 years. Then after the US pulled out of Panama, there was a recession that lasted until about 2004. Once that was over, Panama saw explosive growth which lasted until last year when the global economic crisis hit. Panama is now within spitting range of the traditional economic powerhouses of Latin America, thanks to the country finally getting control over the Panama Canal. In 2011 Panama’s GDP per capita (PPP) was about $13,600 (2011 est.) and is growing up over the years. [pic] Consumer Characteristics in Panama City Panamanian peoples when is about to purchase products or services the most weight in the decision is the “Price” according to a survey by Ibope Media...
Words: 397 - Pages: 2
...Negotiations MGT445 International Negotiations One of the greatest engineering feats to take place in modern history is the Panama Canal. The canal connects the Pacific and Atlantic oceans through the country of Panama. The canal is 50 miles in length and provides easy and reliable crossings for more than 750 thousands vessels. Ship makers around the world build ships specifically to fit the double locks that make up the water way (Panama Facts, 2010). The ships that use this water way reduce their travel time by weeks because they do not have to travel around the tip of South America. However, without decades of negotiations, this canal would not exist (The Panama Canal Negotiations, 2012). The negotiations began in 1847 when the United States entered a treaty with the country of Colombia. This treaty allowed America to use the Isthmus of Panama for shipping. The treaty also guaranteed Panama’s neutrality and gave Colombia sovereignty over the entire region (The Panama Canal Negotiations, 2012). Nothing else significant happened until the French attempted to build a canal across Panama in 1881. However, the French did not realize the problems ahead and stopped the project in just eight years. Despite the noted problems, America considered a canal there as vital to its future and therefore, took up the contract to build the canal (The Panama Canal Negotiations, 2012). Finally, in 1889 the French entered into negations to turn over the project to America. These talks were...
Words: 643 - Pages: 3
...Political, Economic, and Social development of Panama Panama’s political development: Panama has made notable political and economic progress since the December 1989 U.S. military intervention that ousted the military regime of General Manuel Antonio Noriega from power. Since that time, the country has had five successive civilian governments, with the current government of President Ricardo Martinelli of the center-right Democratic Change (CD) party elected in May 2009 to a five-year term (Sullivan, 2012). Until the May 2009 Presidential election, the fight for political power in Panama had been essentially limited to the Partido Revolucionario Democrático (PRD) and the Partido Panameñista (PP) (Economics, 2012). Both of these parties are on the right of the political spectrum and made up of elites that move smoothly between business and politics depending on the opportunities at hand (Panama, 2012) Moscoso Government (1999-2004) In her second bid for the presidency, Arnulfista Party (PA) candidate Mireya Moscoso was victorious in the May 1999 elections. President Moscoso, a coffee plantation owner and Panama’s first female president, ran as a populist during the campaign, promising to end government corruption, slow the privatization of state enterprises, and reduce poverty. She also promised to ensure that politics and corruption did not interfere with the administration of the Canal. (Sullivan, 2012) Torrijos Government (2004-2009) In the May 2004 presidential...
Words: 1352 - Pages: 6
...In these three paragraphs I will be telling you how the Panama Canal was built, the struggles the men who built it had to go through to build this massive canal, I will also talk about how it made an impact on the world past and present day. First I’ll talk about how the Panama Canal was built. First, the French started the canal, which ended in total failure, where there was many cases of Yellow Fever,failed equipment, and loss of too many lives. Then a few years after the French backed out, the United States started to prepare, they felt that after that America will be one of the most most dominate countries on the globe if they succeed. The Panama Canal was built by a majority of tools like huge machines that could pick up dirt by the tons, and then there were trains, massive vehicles that carried massive amounts of rubble and dirt. All of this couldn't of been done by machines there just weren't enough of them. So some white men and a vast majority of West Indians worked around the clock and were dirty 24/7. Lastly, in order to speed things up explosives like TNT were lit and erupted through mountains....
Words: 542 - Pages: 3
...company, with interests in constructing a canal system across the Isthmus. This project was to take place in an area now called Panama. The endeavor was filled with controversy. Though the canal itself was not built until the early 1900's every step toward the building and ownership, was saturated with difficulty. Walter LaFeber illustrates the dilemmas in a historical analysis. In his work he states five questions that address the significance of the Panama Canal to United States. This paper will discuss the historical perspective of the book's author, address pertinent three questions and give a critique of LaFeber's work, The Panama Canal. For proper historical analysis one must understand the importance of the Canal. The Panama Canal and the Canal Zone (the immediate area surrounding the Canal) are important areas used for trade. Even before the canal was built there were to large ports on both sides of the Isthmus. Large amounts of cargo passed through the Isthmus by a railroad that connected the two ports. The most important cargo was the gold mined in California before the transcontinental railroad was completed in the United States. It has strategic significance because of its location, acting as a gateway connecting the Pacific and Atlantic oceans. This allows for rapid naval deployment between fleets in either ocean. These two facets make the Panama Canal very important in the region. LaFeber notes that Panamanian nationalism played a large role in the creation of the canal...
Words: 1010 - Pages: 5
