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Among the hordes of starry-eyed 'argonauts' who flocked to the California gold rush of 1849 was an Australian named Edward Hargraves. He left America empty-handed, only to find gold in his own backyard. The result was the great Australian rush of the 1850s, which also attracted participants from around the world. A South African named P.J. Marais was one of them. Marais too returned home in defeat - only to set in motion the diamond and gold rushes that transformed southern Africa. And so it went.

Most previous historians of the gold rushes have tended to view them as acts of...