Industrial development can be promoted without creating poverty by using the tax code to eliminate any after-tax speculative super profits in real estate and finance and non-industrial sectors so that investors are forced to put their money into the real economy.

Then by using financial regulations to require loans which expand quantity of legal tender in circulation to be issued on security of the replacement cost of tangible industrial capital, structures, plant, and equipment values rather than on security of the present value of future property rents.

Then by replacing regressive sales, consumption, and payroll tax with a distributive ground rent tax on property owners.

Promoting industrial development through regressive taxes and wage suppression is only the aristocratic form of industrialization pursued by right-wing governments when they are unwilling to eliminate after tax ground rents and non-industrial super profits enjoyed by the rich.