Darien Scheme

This was an ill-fated attempt by the Kingdom of Scotland to become a world trading nation by establishing a colony called "Caledonia" on the Isthmus of Panama. The scheme was plagued by poor planning, weak leadership, uncooperative weather, and conflict with Spain, leading to substantial loss of life and virtually bankrupting Scotland. The economic disaster of the Darien Scheme is considered one of the motivators for the 1707 Act of Union with England. The union promised economic security and access to England's global trade network, albeit at the cost of Scotland's parliamentary sovereignty.