Bould played for Arsenal during his career and has been part of the club's youth set-up for 10 years with midfielder Jack Wilshere one of their more high profile success stories currently.
Bould believes there is no reason why England cannot unearth more players in the ilk of Wilshere given the resources in the country.
"I really do believe that this country should be producing the best players in the world with the amount of money and facilities we have over here now," Bould told Arsenal Player.
"The way the sums are going, we're all going to have to produce players. And why shouldn't we all? That's our jobs.
"We should be looking towards another 10 years. We can be another Spain - there should be no reason why not."
Spain has conquered world football by winning the European Championships and World Cup in succession based on the astonishing success of a youth policy at clubs like Barcelona.
However, England recently moved up to fifth in the FIFA world rankings following their friendly wins over Spain and Sweden.
Fabio Capello's side won both games at Wembley 1-0 to move up from seventh in the standings, which are still led by Spain.
Holland remain second in the rankings but third-placed Germany have closed the gap following their 3-0 win in a friendly between the two sides.
Uruguay remain fourth after extending their unbeaten run to 13 matches, while Brazil drop to sixth.