Separated by many thousands of miles and very different cultural heritages, Argentina and Canada might not seem to have much in common. But during the period between 1870 and 1930, there were many striking similarities between the economic development of these two countries at opposite ends of the New World (Blain, 1972). Indeed, by the late 1920s, Alejandro E. Bunge, the distinguished head of the economics faculty at the University of Buenos Aires, was pointing to the “Argentine- Canadian economic parallel” in his publications (Bunge, 1929). Bunge had perceived that Argentina and Canada were two of a small group of historically favored new countries that shared what Canadian economist Melville Watkins (1963: 149) has called, “an enormous advantage over the typical underdeveloped country,” because they did not “start their development with population pressing against scarce resources.”