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Panama without the canal...hmm, well, I doubt that it would be as developed as it is now. It would probably still be a part of Columbia, since the U.S. swooped in to help the nascent nation militarily eject Columbian rule. At best, it would be like Costa Rica; at worst a country run by drug lords and other folks seeking a political environment suitable for bribery, extortion and other flexible interpretations of the law--in short, a bad version of Columbia. But if you've ever been there, it's beautiful, historical, friendly and a fun place to vacation--just don't wander around the mountains w/o a guide and a gun.
The Canal provides the profits to develop the country; so along with clean water and cheap electricity, there follow pollution and traffic jams. As far as the U.S., Canada, Europe and the remainder of the Caribbean, it provides for a faster, cheaper way to both ship and receive, helping to power the global economy. I'd hate to see what would happen to the cost of imports if the Canal were rendered unusable or unstable. It's not just a boon to the Panamanian economy, it helps to keep the flow of $$ around the planet in motion.
Plus, it's pretty! And forms lovely wetlands for birds, reptiles and exotic species of tropical trees! Yeah!
Cheers.
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