What can Scotland learn from failed Darien venture?
13 May 2014 Last updated at 12:56 BST
The Darien venture was an ambitious plan to create a New Scotland in Central America in the late 1690s, but it failed dramatically.
The aim was to establish a wealthy Scots colony, but within two years the dream was over, with half of the colonists dead and Scotland itself bankrupted.
Many experts believe the financial ramifications led directly to the Act of Union with England in 1707.
Allan Little visits Panama for BBC Newsnight and considers what can be learned from the failed venture ahead of Scotland's independence referendum on 18 September.