In most respects dissatisfaction with market processes and their broad

Question

In most respects dissatisfaction with market processes and their broad impacts on society has developed more sharply in the twentieth than in the nineteenth century. Concentration on the immediate interests of the bargainers, emphasis on interests measurable in money; these features of market processes were not felt as sources of major strain in a relatively simple economy and in a culture which valued the means the market provided for expressing prized initiatives of individual will. It took the rapid growth of closer social interdependence and belated perception of postponed costs of market-borne change after 1900 to generate pronounced worry over products of these aspects of market operations. In contrast, however, substantial controversy marched with the course of affairs from 1790 on regarding market influences on unequal distribution of wealth and income and the political and social alignments, which contributed to and were shaped by inequalities.

Criticism might pursue two counts: first, that the market contributes materially to creating economic inequality; second, that where it does not create inequality it does not provide a reliable means for redressing inequality, but is more likely to entrench it. In fact the record is mixed-mixed enough so that realistic appraisal cannot simply label the market an instrument or a bulwark of oppression.

The Anglo-American tradition has valued the private market and the law's protection of its relative autonomy as contributors to civil liberty. This doctrine has taught that assets acquired in market dealing and livelihood gained from occupations that require no official license to serve private customers arm individuals to play roles in public affairs and if necessary to oppose mistakes or abuse of official power. Healthy dispersion of power in public policy making also derives largely from diverse private associations. The Supreme Court has in effect recognized this civil liberties contribution of the market in the breadth of First Amendment protection it has cast about private political contributions and private lobbying activity.

Aggressive private operators have used market gains to build preeminent practical power for themselves in markets and in public arenas. From such vantage points they have pursued profit according to their own criteria of propriety. In its administrative flexibility and reach, the market has offered great leverage for accumulating and concentrating wealth or control of wealth. Moreover, the focus of the private market is on allocating resources to produce and distribute goods and services for sale, not on determining suitable standards for distributing ultimate life satisfactions. Thus, pursuing its ordinary working goals, insofar as it has not fostered growth of inequality of wealth or incomes, market activity has tended to support enjoyment of superior economic power wherever superior power already existed.    1 
 1. Which of the following is the main idea of the passage?

A. The prevention of the abuse of official power.
B. The opposition to economic oppression.
C. The impacts of market processes on society.
D. The judicial protection of civil liberty.
E. The dispersion of power in public policy making.

2 
 2. What aspect of the autonomy of the private market does the Anglo-American tradition value?

A. Concentration of power
B. Administrative flexibility and reach
C. Opposition to mistakes of official power
D. The practical power it confers upon private operators
E. Contribution to civil liberty

3 
 3. According to the passage, market processes were not a source of worry in:

A. a simple economy
B. a complex economy
C. a culture that devalues individual will
D. a culture that values collective will.
E. legal commentary on the private market.

4 
 4. Since 1790, controversy has attended what market influence?

A. its provision of a means for redressing inequality
B. its emphasis on interests measurable in money
C. its concentration on the immediate interests of bargainers
D. its contributions to inequality
E. its belated perception of costs of change

RC Butler 2022  -  Practice Two RC Passages Everyday.   
Passage # 231 Date: 09-Jun-2022
 This question is a part of RC Butler 2022 .  Click here for Details

ishagupta27 · Answer

Please give explanation of Q 1, 2, 3, & 4.

Sajjad1994 · Answer

Hello ishagupta27

Welcome to GMAT Club!

Please let me know your thoughts on where you are getting an issue.

singhaz · Answer

In most respects dissatisfaction with market processes and their broad impacts on society has developed more sharply in the twentieth than in the nineteenth century. Concentration on the immediate interests of the bargainers, emphasis on interests measurable in money; these features of market processes were not felt as sources of major strain in a relatively simple economy and in a culture which valued the means the market provided for expressing prized initiatives of individual will. It took the rapid growth of closer social interdependence and belated perception of postponed costs of market-borne change after 1900 to generate pronounced worry over products of these aspects of market operations. In contrast, however, substantial controversy marched with the course of affairs from 1790 on regarding market influences on unequal distribution of wealth and income and the political and social alignments, which contributed to and were shaped by inequalities.
 summary: Dissatisfaction with 20th century market increases because of its emphasis on money. In simple economy it was not a concern but now it is. In contrast this was also a cause of worry from 1790 as well.
Author tone is negative towards 20th century market.
Overall: View of market process is changed because it creates inequality.

Criticism might pursue two counts: first, that the market contributes materially to creating economic inequality; second, that where it does not create inequality it does not provide a reliable means for redressing inequality, but is more likely to entrench it. In fact the record is mixed-mixed enough so that realistic appraisal cannot simply label the market an instrument or a bulwark of oppression.
 Summary: Criticism of market highlight how market creates inequality and does nothing to solve it. 
Overall: Market cannot be considered as a tool which lifts oppression.

The Anglo-American tradition has valued the private market and the law's protection of its relative autonomy as contributors to civil liberty. This doctrine has taught that assets acquired in market dealing and livelihood gained from occupations that require no official license to serve private customers arm individuals to play roles in public affairs and if necessary to oppose mistakes or abuse of official power. Healthy dispersion of power in public policy making also derives largely from diverse private associations. The Supreme Court has in effect recognized this civil liberties contribution of the market in the breadth of First Amendment protection it has cast about private political contributions and private lobbying activity.
 Summary: Anglo american valued autonomy of market as civil liberty. They suggest free market arm individuals to participate in public affairs. Supreme court also recognize this civil liberty provided by market.
Overall Anglo american tradition valued market as a instrument which provide liberty and freedom to individuals.

Aggressive private operators have used market gains to build preeminent practical power for themselves in markets and in public arenas. From such vantage points they have pursued profit according to their own criteria of propriety. In its administrative flexibility and reach, the market has offered great leverage for accumulating and concentrating wealth or control of wealth. Moreover, the focus of the private market is on allocating resources to produce and distribute goods and services for sale, not on determining suitable standards for distributing ultimate life satisfactions. Thus, pursuing its ordinary working goals, insofar as it has not fostered growth of inequality of wealth or incomes, market activity has tended to support enjoyment of superior economic power wherever superior power already existed.
 Summary: Private operators used market process to build political power for themselves. Market process focus is on producing goods and not on distributing life satisfaction.

1. Which of the following is the main idea of the passage?

A. The prevention of the abuse of official power.
B. The opposition to economic oppression.
 C. The impacts of market processes on society.
Correct, overall passage discuss about how market process impact society 
D. The judicial protection of civil liberty.
E. The dispersion of power in public policy making.

2. What aspect of the autonomy of the private market does the Anglo-American tradition value?

A. Concentration of power
B. Administrative flexibility and reach
C. Opposition to mistakes of official power
D. The practical power it confers upon private operators
 E. Contribution to civil liberty
The Anglo-American tradition has valued the private market and the law's protection of its relative autonomy as contributors to civil liberty.

3. According to the passage, market processes were not a source of worry in:

A. a simple economy
market processes were not felt as sources of major strain in a relatively simple economy 
B. a complex economy
C. a culture that devalues individual will
D. a culture that values collective will.
E. legal commentary on the private market.

4. Since 1790, controversy has attended what market influence?

A. its provision of a means for redressing inequality
B. its emphasis on interests measurable in money
C. its concentration on the immediate interests of bargainers
 D. its contributions to inequality
substantial controversy marched with the course of affairs from 1790 on regarding market influences on unequal distribution of wealth 
E. its belated perception of costs of change

Arihant16 · Answer

Sajjad1994  What is the difficulty level of these questions individually ?

Sajjad1994 · Answer

In my opinion:

Question #1: 550
Question #2: 600
Question #3: 600
Question #4: 550

Overall: 550-600

In most respects dissatisfaction with market processes and their broad

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In most respects dissatisfaction with market processes and their broad

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