DEVELOPING countries generally want to produce within their own borders the goods they would otherwise have to import, thereby achieving greater national self-sufficiency. In particular, countries that have a large domestic market but are heavily dependent upon the export of primary products try to promote industrialization with this end in view. Some countries where the domestic market is smaller tend to favor more industries that will produce exports rather than import substitutes. Whatever a country’s ambitions may be, industrialization depends on a number of factors: entrepreneurship, technical knowledge, competent accounting, and so on, and last, but of course not least, capital.
Gabriel Aranda, Entreprise, No. 678, September 1968, Paris.