Australian Colonial Socialism in Word and Deed: The Socialisation of Economic Problems in Colonial Australia

David J. Gilchrist
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David J. Gilchrist: University of Western Australia

Chapter 6 in Imperial Theory and Colonial Pragmatism, 2017, pp 163-207 from Palgrave Macmillan

Abstract: Abstract The state played a central role in Harper’s co-operative vision because he believed that neither the state nor the co-operators could achieve the desired rapid economic development of Western Australia if each acted alone. Specifically, the amount of capital formation that was required to settle a large number of agriculturalists on an expansive landmass could only be realised if, first, the government used its monopoly over collecting future tax revenues to gain credit from the London loan markets, and, second, the co-operators contributed to this grand settlement scheme by working in concert to build and maintain a proportion of this capital. The second source of capital formation and maintenance was particularly important in Harper’s eyes, since he also believed, rightly or wrongly, that co-operators could exploit their local knowledge to reduce the inefficiencies, rent seeking and moral hazards normally associated with government activity. Harper, in short, believed that the state and the co-operators needed to stride forward in tandem, and he was sufficiently confident that this was the appropriate course of action that he devoted a significant part of his own time, treasure and skills to ensuring it happened.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pshchp:978-3-319-62325-2_6

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DOI: 10.1007/978-3-319-62325-2_6

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