Dear  Gesmar,

yours is the so-called 1000 dollar question, every country in the developing world is pondering such a question. There was a time in the past when small countries could institute policies, such as foreign exchange controls and investment planning, to ensure that national capital was mainly in national hands. Other policies included import substitution and the creation of State owned enterprises (SOEs). With globalization, and the emergence of liberalization of trade and investment, these avenues for creating domestic capital(ists) faded. However, governments still have many avenues to ensure that domestic capital accumulation is ensured. They include taxation, approaches to private public partnerships, capital transfer and investment policies and cross-border collaboration. With the collapse of market liberalization in recent years, voices are increasingly heard about the need to ensure a strong state--which can regulate markets and prevent failures.

Dear Steve,

Thank you for answer. In fact Brazil´s government has been trying some those avenues, but without successfull yet.

Gesmar

I think the best way is through sustainable projects, can be through sustainable tourism, for example. If the country promotes sustainable tourism, first need improve conditions of places: improve the quality and quantity of local products, organic agriculture, self sustaining farms, protected areas and all the necessary infraestructure to offer tourists a different experience. I think such projects creates jobs and strengthen the development potential of each region.

Dear Oscar,

Thank You for answer.  I think You are right about tourism and sustainable farms. But, on the other hand, developing countries will keep their dependence on capital goods.

https://hbr.org/1975/01/market-share-a-key-to-profitability

https://www.oecd.org/std/na/2549891.pdf

https://www.pwc.com/gx/en/audit-services/publications/assets/capital_markets-the_future_of_equity_mrkts.pdf