Darién Scheme

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Darién Scheme,

Scottish project to establish a colony on the Isthmus of Panama (Darién). In 1695, the Scottish Parliament passed an act that chartered a company for trading with Africa and the Indies. William PatersonPaterson, William,
1658–1719, British financier. By the time of the Glorious Revolution (1688–89, which he supported), he had acquired considerable wealth and influence through foreign trade.
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 directed the first efforts of the company to found a colony on the Isthmus of Panama to compete with the Dutch and Spanish for trade. Stock was subscribed in England and Scotland, but opposition by the English government and by the East India Company caused English investors to withdraw. The company's two expeditions (1698, 1699) failed because of poor leadership and equipment, disease, and the hostility of the Spanish; many lives were lost. The failure, with its immense losses to Scottish investors, vividly demonstrated Scotland's commercial disadvantage outside the British realm. By the terms of the Act of Union with England (1707), Scotland secured equality in trade. Investors in the Darién venture were partially indemnified for their losses.
References in periodicals archive ?
The Darien Scheme of 1698 was Scotland's attempt at creating an international trading company to rival those of the English and Dutch.
Rather sooner than one might expect on the traditional 300-year cycle between the collapse of the Darien scheme that prompted the Act of Union in the reign of Queen Anne, and the downfall of the Royal and non-Royal Banks of Scotland in the reign of Gordon Brown.
Scotland, having repelled the English invaders, became a member as a result of the few eligible to sit in the Scottish Parliament being bribed to vote for Union in order to restore their financial position, ruined as a result of the collapse of the notorious Darien Scheme.
The abject failure of the Darien Scheme to set up a Scottish colony caused financial strife at home and led to a movement to unite with England.
Based on the real-life 18th Century Darien Scheme, which saw thousands of Scots travel to Panama, it's an intriguing read.
UK) analyzes how the company's initial success at raising capital turned into a financial and management disaster with its failed 17th century attempt to establish a colonial beachhead in Central America, in what became know as the Darien Scheme.
He cited the Darien scheme - the disastrous 17th century attempt to create a Scottish colony in Central America - as an example of Scotland's limitations.
ITV1,8pm) DARIEN:DISASTER IN PARADISE: Events surrounding the ill-fated Darien scheme,an 18th-century Scottish expedition to Panama whose goal was to establish a town in the country's jungle.
Scotland's dependency on English markets was compounded, from 1700, by the failure of the Darien Scheme to establish a Scottish colony for East and West Indian trade on the Panama Isthmus.
It was created to ensure the Protestant succession in England and to save Scotland from the consequences of the collapse of a property bubble in which half the money in circulation was lost in the infamous Darien scheme.
Under the Act the investors in the Darien scheme were quietly compensated for their losses at taxpayers' expense.