Comprehension
Read the following passage and answer the questions that follow. Frederic Bastiat, who was that rarest of creatures, a French free-market economist, wrote to this newspaper in 1846 to express a noble and romantic hope: ”May all the nations soon throw down the barriers which
separate them." Those words were echoed 125 years later by the call of John Lennon, who was not an economist but a rather successful global capitalist, to "imagine there's no countries”. As he said in his 1971 song. it isn't hard to do. But despite the spectacular rise in living standards that has occurred as barriers between nations have fallen, and despite the resulting escape from poverty by hundreds of millions of people in those places that have joined the world economy, it is still hard to convince publics and politicians of the merits of openness. Now, once again, a queue is forming to denounce openness—i.e, globalisation. It is putting at risk the next big advance in trade liberalisation and the next big reduction in poverty in the developing countries. The world will find out, to some extent, next month when ministers from the 148 countries in the WTO meet in Hong Kong. The last time they gathered for such a crucial meeting was in September 2003 in Cancun, and the result was a shambles. There was a bitter row between rich countries and poor ones, and the meeting broke up in acrimony. At that stage, however, there was still plenty of time to repair the damage. For in effect, the deadline for the Doha round comes in June 2007, when the trade- negotiating authority granted by Congress to President Bush expires. But, although that leaves more than a year and a half after Hong Kong, the complexity of a negotiation involving 148 countries and scores of highly technical issues means that the deal really needs to be done during 2006, with the political framework for it
set early on—which essentially means in Hong Kong. The case for selfish generosity Trade- liberalisation rounds are arcane affairs about which free-traders are often thought to cry wolf. The previous talks, known as the Uruguay round, went through lots of brinkmanship and delays before they were completed. The result was still disappointing in many ways, especially to developing countries, and yet, since the round's
completion in 1993, the world economy has grown lustily and the biggest developing countries, China, India and Brazil, have all burst on to the global trading scene. Would the world really be hurt if the EU merely refuses to expose its farmers to more competition? The likeliest outcome both from the Hong Kong meeting and the eventual Doha agreement is a compromise—as always. The European position is feeble but not risible, for it has offered an overall average cut in its farm tariffs of 39%, up from 25% only a month ago, though with rather a lot of loop holes that could severely limit the benefits. France, and other European farm protectionists, may prove more flexible than they currently imply: this is hardly the first time they have promised to man the barricades shortly before striking a deal. Yet though some sort of fudge in Hong Kong must be likely, with the Americans lowering their ambition and the Europeans raising theirs a little, such an outcome would still represent both a missed opportunity and a risk. The missed opportunity is that Doha has offered the first proper chance to involve developing countries in trade negotiations—they now make up two- thirds of the WTO members—but also thereby to use a full exchange of agricultural, industrial and service liberalisations to make a big advance in free trade that could benefit a wide range of countries. Some of that progress may still be made, even in a fudged deal: Brazil, for example, stands to benefit hugely from freer trade in agriculture, so it should be willing to promote other concessions in return. India is
reluctant to cut its own farm tariffs but has a big interest in liberalising trade in services, wanting more freedom in everything from finance to health care to entertainment But if the rich world could gird itself to be more ambitious on agriculture, the gains would be even greater: help for the poorest countries, making the rich look generous; better access to the biggest and richest developing countries for western companies;
and a rise in global income in a decade's time of $300 billion a year (says the World Bank), which would thus help everyone. The risk is that failure to agree on a new wave of openness during a period [the past two years) in which the world economy has been growing at its fastest for three decades, with more countries sharing in that grth than ever before, will set a sour political note for what may well be tougher times ahead.
A turn away from trade liberalisation just ahead of an American recession, say, or a Chinese economic slowdown, could open up a chance not just for a slowdown in progress but for a rollback Currently, for example, the Schumer bill to put a penal tariff on Chinese goods looks unlikely to pass. If American unemployment were rising and world trade talks had turned acrimonious, that might change. So might the political wind in many developing countries. If so, that would be a tragedy for the whole world. Although the case for reducing poverty by sending more aid to the poorest countries has some merit, the experience of China, South Korea, Chile and India shows that the much better and more powerful way to deal with poverty is to use the solution that worked in the past in America, western Europe and japan: open, trading economies, exploiting the full infrastructure of capitalism (including financial services) amid a rule of law provided by government In other words, globalisation. To paraphrase Samuel Johnson, anyone who is tired of that, is tired of life.
separate them." Those words were echoed 125 years later by the call of John Lennon, who was not an economist but a rather successful global capitalist, to "imagine there's no countries”. As he said in his 1971 song. it isn't hard to do. But despite the spectacular rise in living standards that has occurred as barriers between nations have fallen, and despite the resulting escape from poverty by hundreds of millions of people in those places that have joined the world economy, it is still hard to convince publics and politicians of the merits of openness. Now, once again, a queue is forming to denounce openness—i.e, globalisation. It is putting at risk the next big advance in trade liberalisation and the next big reduction in poverty in the developing countries. The world will find out, to some extent, next month when ministers from the 148 countries in the WTO meet in Hong Kong. The last time they gathered for such a crucial meeting was in September 2003 in Cancun, and the result was a shambles. There was a bitter row between rich countries and poor ones, and the meeting broke up in acrimony. At that stage, however, there was still plenty of time to repair the damage. For in effect, the deadline for the Doha round comes in June 2007, when the trade- negotiating authority granted by Congress to President Bush expires. But, although that leaves more than a year and a half after Hong Kong, the complexity of a negotiation involving 148 countries and scores of highly technical issues means that the deal really needs to be done during 2006, with the political framework for it
set early on—which essentially means in Hong Kong. The case for selfish generosity Trade- liberalisation rounds are arcane affairs about which free-traders are often thought to cry wolf. The previous talks, known as the Uruguay round, went through lots of brinkmanship and delays before they were completed. The result was still disappointing in many ways, especially to developing countries, and yet, since the round's
completion in 1993, the world economy has grown lustily and the biggest developing countries, China, India and Brazil, have all burst on to the global trading scene. Would the world really be hurt if the EU merely refuses to expose its farmers to more competition? The likeliest outcome both from the Hong Kong meeting and the eventual Doha agreement is a compromise—as always. The European position is feeble but not risible, for it has offered an overall average cut in its farm tariffs of 39%, up from 25% only a month ago, though with rather a lot of loop holes that could severely limit the benefits. France, and other European farm protectionists, may prove more flexible than they currently imply: this is hardly the first time they have promised to man the barricades shortly before striking a deal. Yet though some sort of fudge in Hong Kong must be likely, with the Americans lowering their ambition and the Europeans raising theirs a little, such an outcome would still represent both a missed opportunity and a risk. The missed opportunity is that Doha has offered the first proper chance to involve developing countries in trade negotiations—they now make up two- thirds of the WTO members—but also thereby to use a full exchange of agricultural, industrial and service liberalisations to make a big advance in free trade that could benefit a wide range of countries. Some of that progress may still be made, even in a fudged deal: Brazil, for example, stands to benefit hugely from freer trade in agriculture, so it should be willing to promote other concessions in return. India is
reluctant to cut its own farm tariffs but has a big interest in liberalising trade in services, wanting more freedom in everything from finance to health care to entertainment But if the rich world could gird itself to be more ambitious on agriculture, the gains would be even greater: help for the poorest countries, making the rich look generous; better access to the biggest and richest developing countries for western companies;
and a rise in global income in a decade's time of $300 billion a year (says the World Bank), which would thus help everyone. The risk is that failure to agree on a new wave of openness during a period [the past two years) in which the world economy has been growing at its fastest for three decades, with more countries sharing in that grth than ever before, will set a sour political note for what may well be tougher times ahead.
A turn away from trade liberalisation just ahead of an American recession, say, or a Chinese economic slowdown, could open up a chance not just for a slowdown in progress but for a rollback Currently, for example, the Schumer bill to put a penal tariff on Chinese goods looks unlikely to pass. If American unemployment were rising and world trade talks had turned acrimonious, that might change. So might the political wind in many developing countries. If so, that would be a tragedy for the whole world. Although the case for reducing poverty by sending more aid to the poorest countries has some merit, the experience of China, South Korea, Chile and India shows that the much better and more powerful way to deal with poverty is to use the solution that worked in the past in America, western Europe and japan: open, trading economies, exploiting the full infrastructure of capitalism (including financial services) amid a rule of law provided by government In other words, globalisation. To paraphrase Samuel Johnson, anyone who is tired of that, is tired of life.
Question: 1
According to the article, why is Frederic Bastiat called the "rarest of creatures"?
According to the article, why is Frederic Bastiat called the "rarest of creatures"?
Updated On: Sep 2, 2025
- Because he was a German industrialist
- Because he was a French who promoted a free market economy
- Because he wrote to a newspaper
- Because he was a friend of john Lennon
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The Correct Option is B
Solution and Explanation
Step 1: Identify the reference → The article begins with Frederic Bastiat, described as the “rarest of creatures.”
Step 2: Understand the context → Bastiat was a French economist writing in the mid-19th century, a period when most French intellectuals and politicians leaned towards protectionism and heavy state control.
Step 3: Contrast with the norm → Since France at that time was not widely supportive of free-market principles, someone openly advocating free trade and minimal barriers was indeed an exception.
Step 4: Explanation of rarity → He is called the “rarest of creatures” because it was highly unusual for a French economist of his era to strongly promote free-market ideas and openness in trade.
Step 5: Apply the formatting instruction → Provide the final answer clearly without adding unnecessary spaces beyond the content.
FinalAnswer:Because he was a French who promoted a free market economy
Step 2: Understand the context → Bastiat was a French economist writing in the mid-19th century, a period when most French intellectuals and politicians leaned towards protectionism and heavy state control.
Step 3: Contrast with the norm → Since France at that time was not widely supportive of free-market principles, someone openly advocating free trade and minimal barriers was indeed an exception.
Step 4: Explanation of rarity → He is called the “rarest of creatures” because it was highly unusual for a French economist of his era to strongly promote free-market ideas and openness in trade.
Step 5: Apply the formatting instruction → Provide the final answer clearly without adding unnecessary spaces beyond the content.
FinalAnswer:Because he was a French who promoted a free market economy
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Question: 2
Who was John Lennon?
Who was John Lennon?
Updated On: Sep 2, 2025
- A writer
- An economist
- A singer
- An industrialist
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The Correct Option is C
Solution and Explanation
Step 1: Identify the person in question → The passage mentions John Lennon alongside Frederic Bastiat, highlighting his call to "imagine there's no countries" in 1971.
Step 2: Recall his professional background → John Lennon was not an economist, but rather a world-famous musician and cultural icon.
Step 3: Clarify his role → He was a member of the globally renowned band The Beatles and later pursued a successful solo career, becoming known for his songs promoting peace and unity.
Step 4: Connect to the passage context → The article contrasts Bastiat’s economic view with Lennon’s artistic vision, both expressing hopes for a world without barriers.
Step 5: Apply the formatting rule → Present the final answer in concise form as instructed.
FinalAnswer:Asinger
Step 2: Recall his professional background → John Lennon was not an economist, but rather a world-famous musician and cultural icon.
Step 3: Clarify his role → He was a member of the globally renowned band The Beatles and later pursued a successful solo career, becoming known for his songs promoting peace and unity.
Step 4: Connect to the passage context → The article contrasts Bastiat’s economic view with Lennon’s artistic vision, both expressing hopes for a world without barriers.
Step 5: Apply the formatting rule → Present the final answer in concise form as instructed.
FinalAnswer:Asinger
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Question: 3
According to the article, the better way to deal with poverty is:
According to the article, the better way to deal with poverty is:
Updated On: Sep 3, 2025
- By giving more aid to poor countries
- By reducing interest rates
- By moving away from democracy
- By exploiting the full infrastructure of capitalism
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The Correct Option is D
Solution and Explanation
Step 1: Identify the focus of the question → The passage discusses different ways of addressing poverty, contrasting aid-based approaches with structural, economic approaches.
Step 2: Recall the examples given → The article cites the experiences of countries such as China, South Korea, Chile, and India, all of which reduced poverty significantly not mainly through foreign aid but through greater participation in open global markets.
Step 3: Compare aid versus trade liberalisation → While the article acknowledges that sending aid to the poorest countries has “some merit,” it emphasizes that aid is limited in impact compared to the broader and more sustainable benefits of market-driven growth and participation in globalisation.
Step 4: Highlight the real solution proposed → According to the article, the much better and more powerful way to reduce poverty is by embracing open, trading economies. This means leveraging the institutions of capitalism such as financial services, business competition, trade liberalisation, innovation, and entrepreneurship—all functioning under the rule of law.
Step 5: Explain the reasoning → When a country integrates into the global economy, removes trade barriers, and uses the full infrastructure of capitalism, it generates long-term job creation, income growth, and technological progress, which in turn help lift millions out of poverty more effectively than temporary aid measures.
Step 6: Connect to historical precedent → The article points out that this method worked in the past for developed economies like America, Western Europe, and Japan, which achieved prosperity not through aid but through capitalist structures and global trade participation.
Step 7: Apply the formatting instruction → Since the question asks for the better way to deal with poverty, the final answer must be written concisely but in the required no-space format.
FinalAnswer:Byexploitingthefullinfrastructureofcapitalism
Step 2: Recall the examples given → The article cites the experiences of countries such as China, South Korea, Chile, and India, all of which reduced poverty significantly not mainly through foreign aid but through greater participation in open global markets.
Step 3: Compare aid versus trade liberalisation → While the article acknowledges that sending aid to the poorest countries has “some merit,” it emphasizes that aid is limited in impact compared to the broader and more sustainable benefits of market-driven growth and participation in globalisation.
Step 4: Highlight the real solution proposed → According to the article, the much better and more powerful way to reduce poverty is by embracing open, trading economies. This means leveraging the institutions of capitalism such as financial services, business competition, trade liberalisation, innovation, and entrepreneurship—all functioning under the rule of law.
Step 5: Explain the reasoning → When a country integrates into the global economy, removes trade barriers, and uses the full infrastructure of capitalism, it generates long-term job creation, income growth, and technological progress, which in turn help lift millions out of poverty more effectively than temporary aid measures.
Step 6: Connect to historical precedent → The article points out that this method worked in the past for developed economies like America, Western Europe, and Japan, which achieved prosperity not through aid but through capitalist structures and global trade participation.
Step 7: Apply the formatting instruction → Since the question asks for the better way to deal with poverty, the final answer must be written concisely but in the required no-space format.
FinalAnswer:Byexploitingthefullinfrastructureofcapitalism
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Question: 4
"Trade-liberalisation rounds are arcane affairs". The adjective arcane means:
"Trade-liberalisation rounds are arcane affairs". The adjective arcane means:
Updated On: Sep 1, 2025
- Well known
- International
- lncomprehensible
- Transparent
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The Correct Option is C
Solution and Explanation
Step 1: Identify the phrase in the passage → The article states, “Trade-liberalisation rounds are arcane affairs,” referring to the complex negotiations that take place under the WTO framework.
Step 2: Focus on the adjective “arcane” → The word “arcane” is used to describe something that is difficult to understand, mysterious, or known only by a few experts with specialized knowledge.
Step 3: Contextual meaning in trade negotiations → Trade rounds involve highly technical issues like tariffs, quotas, agricultural subsidies, and services regulations, which are often inaccessible to the general public. Hence, they appear confusing or incomprehensible to most people outside the policy and economics community.
Step 4: Contrast with everyday language → While “arcane” could also mean secretive or esoteric, in this passage it specifically points to the fact that trade liberalisation rounds are so complicated that ordinary people find them incomprehensible.
Step 5: Apply the formatting rule → The final answer must be presented clearly in the no-space format as required.
FinalAnswer:Incomprehensible
Step 2: Focus on the adjective “arcane” → The word “arcane” is used to describe something that is difficult to understand, mysterious, or known only by a few experts with specialized knowledge.
Step 3: Contextual meaning in trade negotiations → Trade rounds involve highly technical issues like tariffs, quotas, agricultural subsidies, and services regulations, which are often inaccessible to the general public. Hence, they appear confusing or incomprehensible to most people outside the policy and economics community.
Step 4: Contrast with everyday language → While “arcane” could also mean secretive or esoteric, in this passage it specifically points to the fact that trade liberalisation rounds are so complicated that ordinary people find them incomprehensible.
Step 5: Apply the formatting rule → The final answer must be presented clearly in the no-space format as required.
FinalAnswer:Incomprehensible
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Question: 5
As per the article, India’s position with respect to the talks is:
As per the article, India’s position with respect to the talks is:
Updated On: Sep 1, 2025
- Reduced taxes for agriculture and liberalisation for manufacturing sector
- Reduced taxes for agriculture and liberalisation for services sector
- Higher tariff for agriculture and liberalisation for manufacturing sector
- Higher tariff for agriculture and liberalisation for services sector
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The Correct Option is D
Solution and Explanation
Step 1: Identify India’s role in the WTO talks → The article highlights how different countries, including India, approach the negotiations of the Doha Round on trade liberalisation.
Step 2: Extract India’s stance from the passage → The passage clearly notes that India is reluctant to cut its own farm tariffs. This means India wants to maintain higher protection for its agricultural sector, shielding domestic farmers from international competition.
Step 3: Consider India’s area of interest → While hesitant on agriculture, India is strongly interested in promoting liberalisation in the services sector. The article mentions that India seeks greater freedom in sectors such as finance, healthcare, and entertainment, because these are areas where India is competitive and stands to gain internationally.
Step 4: Contrast with other developing countries → For example, Brazil wants agricultural liberalisation, whereas India’s emphasis is on services. This difference shows India’s unique negotiating position in the Doha Round discussions.
Step 5: Reasoning behind India’s stance → India’s agricultural economy is highly sensitive with millions of small farmers, hence it prefers protectionist tariffs in agriculture. At the same time, India has a strong comparative advantage in services (like IT, BPO, finance), which motivates its push for greater liberalisation in this sector.
Step 6: Apply the formatting instruction → The final answer must be provided clearly in one string without spaces.
FinalAnswer:Higher tariff for agriculture and liberalisation for services sector
Step 2: Extract India’s stance from the passage → The passage clearly notes that India is reluctant to cut its own farm tariffs. This means India wants to maintain higher protection for its agricultural sector, shielding domestic farmers from international competition.
Step 3: Consider India’s area of interest → While hesitant on agriculture, India is strongly interested in promoting liberalisation in the services sector. The article mentions that India seeks greater freedom in sectors such as finance, healthcare, and entertainment, because these are areas where India is competitive and stands to gain internationally.
Step 4: Contrast with other developing countries → For example, Brazil wants agricultural liberalisation, whereas India’s emphasis is on services. This difference shows India’s unique negotiating position in the Doha Round discussions.
Step 5: Reasoning behind India’s stance → India’s agricultural economy is highly sensitive with millions of small farmers, hence it prefers protectionist tariffs in agriculture. At the same time, India has a strong comparative advantage in services (like IT, BPO, finance), which motivates its push for greater liberalisation in this sector.
Step 6: Apply the formatting instruction → The final answer must be provided clearly in one string without spaces.
FinalAnswer:Higher tariff for agriculture and liberalisation for services sector
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Top Questions on Reading Comprehension
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