The North-South gap is a stage of world development in which capital accumulation is concentrated in the North. There is no practical way to shift wealth from the North to the South without undermining global economic growth.
This would be spoken by a __________.
A) mercantilist
B) socialist
C) capitalist
D) communalist
Question 2
How does import substitution compare to export-led growth?
A) Import substitution is effective in later phases of economic development, whereas export-led growth is effective in all phases of economic development.
B) Import substitution works best when the local industry is a service industry, whereas export-led growth works best when the exports are raw materials.
C) Import substitution has proven effective where it has been used, whereas export-led growth has had limited success.
D) Import substitution seeks to develop local industries to produce items that the country had been importing, whereas export-led growth seeks to develop local industries that can compete in specific niches in the world economy.
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