The video discusses the economic relations between the North and South, focusing on inequality and income disparities. It covers theories of economic imperialism by Hobson and Lenin, and Raul Prish's theory on declining terms of trade. The video explains import substitution policies and their challenges, and the shift to export-led growth strategies. It concludes with an introduction to the UN's Millennium Development Goals aimed at eradicating poverty.

What are the main issues in North-South economic relations discussed in the video?

• The influence of cultural exchange on trade

• The impact of climate change on economies

• The origins of inequality and international regimes

• The role of technology in economic growth

According to John Hobson, what leads to surplus production and imperialism?

• Equal distribution of income

• Unequal distribution of income combined with capitalism

• Technological advancements

• Cultural differences

What did Lenin believe was the cause of war in his theory of imperialism?

• Cultural conflicts

• Surplus capital

• Technological competition

• Surplus production

What did Raul Prebisch argue was a major issue for developing countries?

• Stable terms of trade

• Increasing terms of trade

• Fluctuating terms of trade

• Declining terms of trade

What policy did Prebisch recommend for developing countries to escape poverty?

• Focus on raw material exports

• Reduce international trade

• Diversify economies through industrialization

• Increase agricultural production

What is a key feature of import substitution strategies?

• No tariff barriers on imports

• High tariff barriers on imports

• Low tariff barriers on imports

• Subsidies for foreign manufacturers

What is a common problem faced by countries using import substitution strategies?

• High export rates

• Increased foreign investment

• Tariff jumping by foreign companies

• Decreased domestic production

Which country is noted for successfully transitioning from import substitution to export-led growth?

• Mexico

• Japan

• India

• Brazil

What is one of the Millennium Development Goals?

• Promote technological innovation

• Increase global trade

• Expand cultural exchanges

• Eradicate extreme poverty and hunger

Which countries are part of the 'Four Asian Tigers' known for their export-led growth?

• China, India, Japan, South Korea

• South Korea, Taiwan, Hong Kong, Singapore

• Philippines, Myanmar, Laos, Cambodia

• Thailand, Vietnam, Malaysia, Indonesia