Canada, Australia, New Zealand, and South Africa have two attributes which, taken together, distinguish them from all other countries: they are new countries and they are British Dominions. Economically, their outstanding feature is the relative abundance of their resources in relation to their population and supplies of capital. Politically, it is the fairly recent emergence of self-government under institutions modelled upon those of Great Britain and erected within the loose and conveniently ambiguous constitution of the British Empire. Culturally, too, they are predominantly British; although special reservations must be made in the cases of Canada and South Africa. As a result of their similarities it is possible to draw a number of general conclusions regarding the nature and direction of their growth.
The nature of development in new countries should be a matter of interest to all students of economics and political science because (as Professor Mackintosh has recently pointed out in this Journal) it is in such countries that the impact of development may be most clearly seen and the problems of open, internationally exposed economies most effectively studied. Moreover, the subject is one of great practical importance. It should be familiar to “the Legislators of the Empire, and all who are set in authority over us; that all things may be … ordered and settled by their endeavours upon the best and surest foundations”. Indeed, this paper has been prepared as the background for a larger work on the administrative problems of central banking in the Dominions. This may account for special emphasis on some points, and relatively little on others (such as immigration) which might have been treated rather differently had a more general object been in view.