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The Panama Canal, begun in 1879 by the French and ultimately completed by the United States between 1904 and 1914, is a 48-mile-long ship canal that crosses the country of Panama, allowing ships to travel between the Atlantic and Pacific Oceans. It is a key component of the global logistics system, carrying about 15,000 ships each year – the one-millionth ship transited the Canal in October, 2010. Professor Schofer, just returned from a trip through the Canal, discusses with Tom the history of the canal and the ambitious expansion program currently underway – scheduled to deliver larger locks and deeper channels by 2014