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Noddy Nautiyal Mohit

· started a discussion

· 1 Months ago

wrong (Question: 144587.3 )

1st para 4th line... it is contradicting.

Question:

DIRECTIONS: Read the following passage carefully and answer the questions given below it. Certain words/phrases are printed in bold to enable you to identify them while answering questions on them.


Will the forces of globalism continue to push the world toward American-style capitalism?


As the 21st century begins, advocates of the free market have no doubt that they have won the economic argument. Socialism is dead. Moreover, as a means of creating wealth and material progress, American capitalism seems to be clearly superior to the Asian variety, with its greater level of government planning, or the European version, with its emphasis on social welfare and protection of workers from losing their jobs.


The proponents see the coming era as a period of global transformation: prosperity will rise around the world as technological change and global integration spread along with democracy. ''This new boom has the potential to pull the whole world into it, allowing literally billions of people to move into middle-class lifestyles,'' Peter Schwartz, Peter Leyden and Joel Hyatt write in their 1999 book, ''The Long Boom: A Vision for the Coming Age of Prosperity.''


Certainly capitalism has extended to areas where it was previously unfamiliar. From Ghana to Mongolia, stock markets have sprung up, even as the world's largest -- the New York Stock Exchange -- scrambles to hold on to its position as technology opens up new ways to trade. Private enterprise is the dominant economic force, and it is hard to see that changing soon.


Moreover, the technological revolution brought on by computers is tying the world together as never before. Peter F. Drucker, the business historian and management thinker, compares the effect of the Internet to that of the railroad. By lowering transportation costs, the railroad made national businesses possible. Now, with information available instantly, the Internet allows even small businesses to have global ambitions, and it places pressure on nations to relax regulations and cut taxes that make it more difficult for their businesses to compete.


That pressure is to follow the American path. By making it relatively easy to start companies -- and to hire and fire workers -- the American way has produced innovation. Microsoft, the company that investors think is worth more than any other, did not exist a quarter century ago. Without such flexibility, the computer revolution might not have been so dominated by American companies.


But the forces of globalism and American capitalism face resistance. The Asian economic collapse in 1997 brought home the risk to countries of dealing with huge, uncontrolled capital flows. Free trade may bring overall benefits, but there are losers whose political influence may be substantial. The protests at the World Trade Organization meeting in Seattle last month united those who fear world government with those who want stricter standards on the environment and the treatment of workers.


The suspicion has grown, even among Americans, that globalism is really a means of helping big business. In a poll of Americans by the Program on International Policy Attitudes at the University of Maryland, 54 percent said that Washington trade officials gave ''too much'' consideration to the views of multinational corporations; 73 percent believed ''too little'' attention was paid to the views of ''people like you.''

It can be inferred from the passage about American capitalism that:

Options:
A) It has a greater level of government planning and better protection for workers as compared to Asian and European versions respectively
B) It is easier to start new companies in American capitalism as compared to Asian and European capitalism
C) Free markets exist only in the American version of capitalism and does not exist in the Asian and European versions
D) Government planning and protection for workers is not present in American capitalism to the extent that it is present in Asian and European versions respectively
E) None of the above
Solution:

The passage compares American capitalism with Asian capitalism and European capitalism at the beginning of the passage.


(A) The passage mentions that Asian capitalism has “greater level of government planning” and European capitalism emphasizes “social welfare and protections of workers”. But, this options states the opposite. Hence, this options is incorrect.

(B) The passage does not compare American capitalism with Asian and European capitalism in the ease of starting new businesses. Hence, this options is also incorrect.

(C) We cannot infer form the passage that free markets do not exist in Asia and Europe. Hence, this option is also incorrect.

(D) The level of government planning and protections of workers in America is less than that present in Asia and Europe. Hence, this options is the correct answer. Therefore, the correct answer is options (d).

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