Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, Integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip. Their arguments betray an Ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest. Few recognize the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth. creation should also highlight the resultant gross inequity. "The exercise of private greed will be in the larger public interest" from the passage 1. refers to the false ideology of capitalism. 2. underlies the righteous claims of the free market. 3. shows the benevolent face of capitalism. 4. ignores resultant gross inequity. Which of the statements given above is/are correct?

The passage criticizes the assumption that "the exercise of private greed will be in the larger public interest." The author labels this assumption as part of an "ideological bias" and argues for a "more honest conceptualisation." The passage concludes by stating that "the focus on the wealth creation should also highlight the resultant gross inequity." This directly implies that the current focus, which includes the assumption about private greed leading to public interest, fails to highlight or *ignores* the gross inequity. Let's analyze each statement: 1. refers to the false ideology of capitalism. The passage states, "Their arguments betray an Ideological bias with the assumptions... that the exercise of private greed will be in the larger public interest." So, the phrase is an *assumption* that is part of what the author considers a biased or false ideology. While it's a component of that ideology, saying it "refers to" the entire ideology might be imprecise. It is an assumption *of* that ideology. 2. underlies the righteous claims of the free market. The phrase is indeed an assumption used by "apologists of the system" to "justify the success of capitalism." However, the author views these claims as having an "Ideological bias," implying they are not "righteous." So, while it underlies their claims, the term "righteous" is problematic from the author's critical perspective. 3. shows the benevolent face of capitalism. This statement is directly contradicted by the passage. The author criticizes this assumption and highlights the negative aspects like "greed" and "gross inequity," arguing against any benevolent interpretation. 4. ignores resultant gross inequity. The passage explicitly states that the current focus (which includes the assumption about private greed) needs a "more honest conceptualisation" and that "the focus on the wealth creation should also highlight the resultant gross inequity." This strongly implies that the current focus, based on the assumption that private greed serves public interest, *fails* to highlight, and thus *ignores*, the gross inequity that results. This is a direct and undeniable implication from the author's critique. Comparing the statements, statement 4 is the most direct and accurate reflection of the author's critical stance on the phrase. The author's primary criticism of the "private greed = public interest" assumption is its failure to acknowledge and address the resulting inequity. The final answer is D