361 / 927
At a stage like this in human civilisation, it is of utmost interest that nations coarse ignorance towards one another decreases, people should start understanding a bit of histories of other cultures, other countries and the resulting mentality developed. It is really fault of Englishmen because they expected people to run the world as they wanted to, to international as well as political situations. We many a times expect people to be the way we are and because of that nothing is made out of our actual kindness and good intents. This could be corrected, not to be a very wide extent but to a certain limit if we knew global history, even outlines of it, about the conditions, social and political, which have lead the country to shape up as it has currently.
Qs.3/5: The character that a country develops is mainly because of its:
AMentality
BGross Ignorance
CSocio-Political Conditions
DCultural Heritage
Answer: Option C
Explanation:Here is no explanation for this answer
Workspace
362 / 927
At a stage like this in human civilisation, it is of utmost interest that nations coarse ignorance towards one another decreases, people should start understanding a bit of histories of other cultures, other countries and the resulting mentality developed. It is really fault of Englishmen because they expected people to run the world as they wanted to, to international as well as political situations. We many a times expect people to be the way we are and because of that nothing is made out of our actual kindness and good intents. This could be corrected, not to be a very wide extent but to a certain limit if we knew global history, even outlines of it, about the conditions, social and political, which have lead the country to shape up as it has currently.
Qs.4/5: The fault of Englishmen was that they expected others to react to social and political situations like ________.
AEveryone
BThemselves
COthers
DUs
Answer: Option B
Explanation:Here is no explanation for this answer
Workspace
363 / 927
At a stage like this in human civilisation, it is of utmost interest that nations coarse ignorance towards one another decreases, people should start understanding a bit of histories of other cultures, other countries and the resulting mentality developed. It is really fault of Englishmen because they expected people to run the world as they wanted to, to international as well as political situations. We many a times expect people to be the way we are and because of that nothing is made out of our actual kindness and good intents. This could be corrected, not to be a very wide extent but to a certain limit if we knew global history, even outlines of it, about the conditions, social and political, which have lead the country to shape up as it has currently.
Qs.5/5: Find the word that has been spelt correctly:
AVoguei
BEquestrain
CAsspersion
DVoluptuous
Answer: Option D
Explanation:Here is no explanation for this answer
Workspace
364 / 927
To their enemies, the International Monetary Fund and the World Bank are indistinguishable: twin faces of the hydra-headed monster of the '' Washington consensus" dedicated to the defense of global capitalism and oppression of the poor. But anyone who has read about last week's extraordinary diatribe by Kenneth Rogoff, the IMF director of research, against Joseph Stiglitz, the bank's former chief economist and 2001 Nobel prize-winner for economics, can only wonder: consensus? What consensus?
The dispute has lifted the curtain on a relationship that is, in reality, more like that of fractious siblings. The two institutions are too different to get along in harmony; too closely related to getting out of each other's way. The latest flare-up came on World Bank turf a week ago, when Mr. Rogoff spoke to an audience mostly up of bank and fund staff at a lunchtime debate to launch Prof. Stiglitz's new book, Globalization and its Discontents. In defiance of the confidence expressed by Nicholas Stern, Prof. Stiglitz's successor as chief economist at the bank, that the debate would be "about issues, not personalities", Mr. Rogoff launched a vituperative attack on Prof. Stiglitz's character and record in office, particularly during the Asian financial crisis of 1997-98. His attack, now available in full on the IMF's website, sounds intemperate, even excessive. Prof Stiglitz pronounced himself "dumbfounded" by the barrage of criticism, particularly unexpected from such a cerebral and mild-mannered man. But it reflected Mr. Rogoff's sense, shared by many of his colleagues, that the IMF had been provoked beyond endurance. Eventually, something had to snap. Mr. Stiglitz has been one of the IMF's harshest critics for years. He, too, has crossed the line dividing intellectual disagreement from personal contact: he has described the IMF's staff as "third-rate". In his book, he writes that IMF economists make themselves comfortable in five-star hotels in the capitals in developing countries, and likes modern economic management of high-altitude bombing. "From one's luxury hotel, one can callously impose policies about which one would think twice if one knew the people whose lives were destroyed."
Both the fund and the bank are quick to point Prof. Stiglitz in a long way from representing the World Bank's official position. Even while he worked there, his boss James Wolfensohn, the bank's president, observed: "I am always interested to see what Joe is saying on behalf of the bank:" But that is not to say that Prof Stiglitz is a maverick. Other bank officials still hold him in high regard, and he retains a formal link to the institution as a member of a panel of independent advisers to Mr. Stern. He may make his points more strongly than his former colleagues, but there can be no doubt that he is reflecting widely shared and long-standing tensions, which at times have had serious consequences. Development campaigners believe that debt relief for the poorest countries was held up for years by wrangling between the fund and the bank. The roots of their differences go back to the origins of the fund and the bank in the 1940s. Conceived together at Bretton Woods, they were given quite distinct objectives: the bank to support economic development, the fund to maintain the stability of the global economy. These two different objectives have given the two institutions very different cultures: disciplined crisis managers versus reflective idealists.
Charles Wyplosz, of the Centre for Economic Policy Research, 'who has worked as a visiting scholar at the IMF, says the fund is like the Prussian army, the bank like the Mexican army. "IMF staff tend to think of themselves as smart and select, and to look down on World Bank people," he says. "And it is true that the IMF's recruitment is very homogenous: the staff 1 tends to be Economics PhDs from leading universities. The World Bank recruits a much wider range of people." At the Rogoff/ Stiglitz debate, the IMF gang in their dark suits could be easily distinguished from the bank crew in their shirtsleeves and chinos. What turns these cultural differences into flashpoints is when the activities of the fund and bank conflict. It can be infuriating. For example, for a World Bank manager who has spent years trying to help small businesses in a developing country to be told that the IMF has recommended a sharp rise in interest rates or taxes that will force those businesses to close. To make matters worse, since the 1970s, the dividing line between the two institutions' functions has become blurred. The IMF has taken on long-term lending to the poorest countries and had begun making policy recommendations on structural issues, such as social security systems. The World Bank, meanwhile, was heavily involved in the bail-outs for Mexico in 1995 and South Korea in 1997 and 1998.
Read Full Paragraph
Qs.1/7: An appropriate title for the passage would be
AThe two necessary evils of Capitalism
BIMF and World Bank-sweet vs. sour.
CIMF and World Bank- Brothers at loggerheads.
DIMF and World Bank- One sheath; two daggers.
Answer: Option C
Explanation:Here is no explanation for this answer
Workspace
365 / 927
To their enemies, the International Monetary Fund and the World Bank are indistinguishable: twin faces of the hydra-headed monster of the '' Washington consensus" dedicated to the defense of global capitalism and oppression of the poor. But anyone who has read about last week's extraordinary diatribe by Kenneth Rogoff, the IMF director of research, against Joseph Stiglitz, the bank's former chief economist and 2001 Nobel prize-winner for economics, can only wonder: consensus? What consensus?
The dispute has lifted the curtain on a relationship that is, in reality, more like that of fractious siblings. The two institutions are too different to get along in harmony; too closely related to getting out of each other's way. The latest flare-up came on World Bank turf a week ago, when Mr. Rogoff spoke to an audience mostly up of bank and fund staff at a lunchtime debate to launch Prof. Stiglitz's new book, Globalization and its Discontents. In defiance of the confidence expressed by Nicholas Stern, Prof. Stiglitz's successor as chief economist at the bank, that the debate would be "about issues, not personalities", Mr. Rogoff launched a vituperative attack on Prof. Stiglitz's character and record in office, particularly during the Asian financial crisis of 1997-98. His attack, now available in full on the IMF's website, sounds intemperate, even excessive. Prof Stiglitz pronounced himself "dumbfounded" by the barrage of criticism, particularly unexpected from such a cerebral and mild-mannered man. But it reflected Mr. Rogoff's sense, shared by many of his colleagues, that the IMF had been provoked beyond endurance. Eventually, something had to snap. Mr. Stiglitz has been one of the IMF's harshest critics for years. He, too, has crossed the line dividing intellectual disagreement from personal contact: he has described the IMF's staff as "third-rate". In his book, he writes that IMF economists make themselves comfortable in five-star hotels in the capitals in developing countries, and likes modern economic management of high-altitude bombing. "From one's luxury hotel, one can callously impose policies about which one would think twice if one knew the people whose lives were destroyed."
Both the fund and the bank are quick to point Prof. Stiglitz in a long way from representing the World Bank's official position. Even while he worked there, his boss James Wolfensohn, the bank's president, observed: "I am always interested to see what Joe is saying on behalf of the bank:" But that is not to say that Prof Stiglitz is a maverick. Other bank officials still hold him in high regard, and he retains a formal link to the institution as a member of a panel of independent advisers to Mr. Stern. He may make his points more strongly than his former colleagues, but there can be no doubt that he is reflecting widely shared and long-standing tensions, which at times have had serious consequences. Development campaigners believe that debt relief for the poorest countries was held up for years by wrangling between the fund and the bank. The roots of their differences go back to the origins of the fund and the bank in the 1940s. Conceived together at Bretton Woods, they were given quite distinct objectives: the bank to support economic development, the fund to maintain the stability of the global economy. These two different objectives have given the two institutions very different cultures: disciplined crisis managers versus reflective idealists.
Charles Wyplosz, of the Centre for Economic Policy Research, 'who has worked as a visiting scholar at the IMF, says the fund is like the Prussian army, the bank like the Mexican army. "IMF staff tend to think of themselves as smart and select, and to look down on World Bank people," he says. "And it is true that the IMF's recruitment is very homogenous: the staff 1 tends to be Economics PhDs from leading universities. The World Bank recruits a much wider range of people." At the Rogoff/ Stiglitz debate, the IMF gang in their dark suits could be easily distinguished from the bank crew in their shirtsleeves and chinos. What turns these cultural differences into flashpoints is when the activities of the fund and bank conflict. It can be infuriating. For example, for a World Bank manager who has spent years trying to help small businesses in a developing country to be told that the IMF has recommended a sharp rise in interest rates or taxes that will force those businesses to close. To make matters worse, since the 1970s, the dividing line between the two institutions' functions has become blurred. The IMF has taken on long-term lending to the poorest countries and had begun making policy recommendations on structural issues, such as social security systems. The World Bank, meanwhile, was heavily involved in the bail-outs for Mexico in 1995 and South Korea in 1997 and 1998.
Read Full Paragraph
Qs.2/7: The author of the book- globalization and its discontents is :
ACharles Syplosz
BKenneth Rogoff
CJoseph Stiglitz
DDithering
Answer: Option C
Explanation:Here is no explanation for this answer
Workspace
366 / 927
To their enemies, the International Monetary Fund and the World Bank are indistinguishable: twin faces of the hydra-headed monster of the '' Washington consensus" dedicated to the defense of global capitalism and oppression of the poor. But anyone who has read about last week's extraordinary diatribe by Kenneth Rogoff, the IMF director of research, against Joseph Stiglitz, the bank's former chief economist and 2001 Nobel prize-winner for economics, can only wonder: consensus? What consensus?
The dispute has lifted the curtain on a relationship that is, in reality, more like that of fractious siblings. The two institutions are too different to get along in harmony; too closely related to getting out of each other's way. The latest flare-up came on World Bank turf a week ago, when Mr. Rogoff spoke to an audience mostly up of bank and fund staff at a lunchtime debate to launch Prof. Stiglitz's new book, Globalization and its Discontents. In defiance of the confidence expressed by Nicholas Stern, Prof. Stiglitz's successor as chief economist at the bank, that the debate would be "about issues, not personalities", Mr. Rogoff launched a vituperative attack on Prof. Stiglitz's character and record in office, particularly during the Asian financial crisis of 1997-98. His attack, now available in full on the IMF's website, sounds intemperate, even excessive. Prof Stiglitz pronounced himself "dumbfounded" by the barrage of criticism, particularly unexpected from such a cerebral and mild-mannered man. But it reflected Mr. Rogoff's sense, shared by many of his colleagues, that the IMF had been provoked beyond endurance. Eventually, something had to snap. Mr. Stiglitz has been one of the IMF's harshest critics for years. He, too, has crossed the line dividing intellectual disagreement from personal contact: he has described the IMF's staff as "third-rate". In his book, he writes that IMF economists make themselves comfortable in five-star hotels in the capitals in developing countries, and likes modern economic management of high-altitude bombing. "From one's luxury hotel, one can callously impose policies about which one would think twice if one knew the people whose lives were destroyed."
Both the fund and the bank are quick to point Prof. Stiglitz in a long way from representing the World Bank's official position. Even while he worked there, his boss James Wolfensohn, the bank's president, observed: "I am always interested to see what Joe is saying on behalf of the bank:" But that is not to say that Prof Stiglitz is a maverick. Other bank officials still hold him in high regard, and he retains a formal link to the institution as a member of a panel of independent advisers to Mr. Stern. He may make his points more strongly than his former colleagues, but there can be no doubt that he is reflecting widely shared and long-standing tensions, which at times have had serious consequences. Development campaigners believe that debt relief for the poorest countries was held up for years by wrangling between the fund and the bank. The roots of their differences go back to the origins of the fund and the bank in the 1940s. Conceived together at Bretton Woods, they were given quite distinct objectives: the bank to support economic development, the fund to maintain the stability of the global economy. These two different objectives have given the two institutions very different cultures: disciplined crisis managers versus reflective idealists.
Charles Wyplosz, of the Centre for Economic Policy Research, 'who has worked as a visiting scholar at the IMF, says the fund is like the Prussian army, the bank like the Mexican army. "IMF staff tend to think of themselves as smart and select, and to look down on World Bank people," he says. "And it is true that the IMF's recruitment is very homogenous: the staff 1 tends to be Economics PhDs from leading universities. The World Bank recruits a much wider range of people." At the Rogoff/ Stiglitz debate, the IMF gang in their dark suits could be easily distinguished from the bank crew in their shirtsleeves and chinos. What turns these cultural differences into flashpoints is when the activities of the fund and bank conflict. It can be infuriating. For example, for a World Bank manager who has spent years trying to help small businesses in a developing country to be told that the IMF has recommended a sharp rise in interest rates or taxes that will force those businesses to close. To make matters worse, since the 1970s, the dividing line between the two institutions' functions has become blurred. The IMF has taken on long-term lending to the poorest countries and had begun making policy recommendations on structural issues, such as social security systems. The World Bank, meanwhile, was heavily involved in the bail-outs for Mexico in 1995 and South Korea in 1997 and 1998.
Read Full Paragraph
Qs.3/7: Prof. Stiglitz's remark on IMF staff can be labeled as
AInsinuating
BPlagiarizing
CAcquitting
DDithering
Answer: Option A
Explanation:Here is no explanation for this answer
Workspace
367 / 927
To their enemies, the International Monetary Fund and the World Bank are indistinguishable: twin faces of the hydra-headed monster of the '' Washington consensus" dedicated to the defense of global capitalism and oppression of the poor. But anyone who has read about last week's extraordinary diatribe by Kenneth Rogoff, the IMF director of research, against Joseph Stiglitz, the bank's former chief economist and 2001 Nobel prize-winner for economics, can only wonder: consensus? What consensus?
The dispute has lifted the curtain on a relationship that is, in reality, more like that of fractious siblings. The two institutions are too different to get along in harmony; too closely related to getting out of each other's way. The latest flare-up came on World Bank turf a week ago, when Mr. Rogoff spoke to an audience mostly up of bank and fund staff at a lunchtime debate to launch Prof. Stiglitz's new book, Globalization and its Discontents. In defiance of the confidence expressed by Nicholas Stern, Prof. Stiglitz's successor as chief economist at the bank, that the debate would be "about issues, not personalities", Mr. Rogoff launched a vituperative attack on Prof. Stiglitz's character and record in office, particularly during the Asian financial crisis of 1997-98. His attack, now available in full on the IMF's website, sounds intemperate, even excessive. Prof Stiglitz pronounced himself "dumbfounded" by the barrage of criticism, particularly unexpected from such a cerebral and mild-mannered man. But it reflected Mr. Rogoff's sense, shared by many of his colleagues, that the IMF had been provoked beyond endurance. Eventually, something had to snap. Mr. Stiglitz has been one of the IMF's harshest critics for years. He, too, has crossed the line dividing intellectual disagreement from personal contact: he has described the IMF's staff as "third-rate". In his book, he writes that IMF economists make themselves comfortable in five-star hotels in the capitals in developing countries, and likes modern economic management of high-altitude bombing. "From one's luxury hotel, one can callously impose policies about which one would think twice if one knew the people whose lives were destroyed."
Both the fund and the bank are quick to point Prof. Stiglitz in a long way from representing the World Bank's official position. Even while he worked there, his boss James Wolfensohn, the bank's president, observed: "I am always interested to see what Joe is saying on behalf of the bank:" But that is not to say that Prof Stiglitz is a maverick. Other bank officials still hold him in high regard, and he retains a formal link to the institution as a member of a panel of independent advisers to Mr. Stern. He may make his points more strongly than his former colleagues, but there can be no doubt that he is reflecting widely shared and long-standing tensions, which at times have had serious consequences. Development campaigners believe that debt relief for the poorest countries was held up for years by wrangling between the fund and the bank. The roots of their differences go back to the origins of the fund and the bank in the 1940s. Conceived together at Bretton Woods, they were given quite distinct objectives: the bank to support economic development, the fund to maintain the stability of the global economy. These two different objectives have given the two institutions very different cultures: disciplined crisis managers versus reflective idealists.
Charles Wyplosz, of the Centre for Economic Policy Research, 'who has worked as a visiting scholar at the IMF, says the fund is like the Prussian army, the bank like the Mexican army. "IMF staff tend to think of themselves as smart and select, and to look down on World Bank people," he says. "And it is true that the IMF's recruitment is very homogenous: the staff 1 tends to be Economics PhDs from leading universities. The World Bank recruits a much wider range of people." At the Rogoff/ Stiglitz debate, the IMF gang in their dark suits could be easily distinguished from the bank crew in their shirtsleeves and chinos. What turns these cultural differences into flashpoints is when the activities of the fund and bank conflict. It can be infuriating. For example, for a World Bank manager who has spent years trying to help small businesses in a developing country to be told that the IMF has recommended a sharp rise in interest rates or taxes that will force those businesses to close. To make matters worse, since the 1970s, the dividing line between the two institutions' functions has become blurred. The IMF has taken on long-term lending to the poorest countries and had begun making policy recommendations on structural issues, such as social security systems. The World Bank, meanwhile, was heavily involved in the bail-outs for Mexico in 1995 and South Korea in 1997 and 1998.
Read Full Paragraph
Qs.4/7: One can infer from James Wolfensohn's remark that:
AJoseph stiglitz was inept and ineffective in his tenure
BStiglitz was critical of the Bank's policies in his tenure.
CStiglitz was despised by the Bank's staff.
DNone of these
Answer: Option B
Explanation:Here is no explanation for this answer
Workspace
368 / 927
To their enemies, the International Monetary Fund and the World Bank are indistinguishable: twin faces of the hydra-headed monster of the '' Washington consensus" dedicated to the defense of global capitalism and oppression of the poor. But anyone who has read about last week's extraordinary diatribe by Kenneth Rogoff, the IMF director of research, against Joseph Stiglitz, the bank's former chief economist and 2001 Nobel prize-winner for economics, can only wonder: consensus? What consensus?
The dispute has lifted the curtain on a relationship that is, in reality, more like that of fractious siblings. The two institutions are too different to get along in harmony; too closely related to getting out of each other's way. The latest flare-up came on World Bank turf a week ago, when Mr. Rogoff spoke to an audience mostly up of bank and fund staff at a lunchtime debate to launch Prof. Stiglitz's new book, Globalization and its Discontents. In defiance of the confidence expressed by Nicholas Stern, Prof. Stiglitz's successor as chief economist at the bank, that the debate would be "about issues, not personalities", Mr. Rogoff launched a vituperative attack on Prof. Stiglitz's character and record in office, particularly during the Asian financial crisis of 1997-98. His attack, now available in full on the IMF's website, sounds intemperate, even excessive. Prof Stiglitz pronounced himself "dumbfounded" by the barrage of criticism, particularly unexpected from such a cerebral and mild-mannered man. But it reflected Mr. Rogoff's sense, shared by many of his colleagues, that the IMF had been provoked beyond endurance. Eventually, something had to snap. Mr. Stiglitz has been one of the IMF's harshest critics for years. He, too, has crossed the line dividing intellectual disagreement from personal contact: he has described the IMF's staff as "third-rate". In his book, he writes that IMF economists make themselves comfortable in five-star hotels in the capitals in developing countries, and likes modern economic management of high-altitude bombing. "From one's luxury hotel, one can callously impose policies about which one would think twice if one knew the people whose lives were destroyed."
Both the fund and the bank are quick to point Prof. Stiglitz in a long way from representing the World Bank's official position. Even while he worked there, his boss James Wolfensohn, the bank's president, observed: "I am always interested to see what Joe is saying on behalf of the bank:" But that is not to say that Prof Stiglitz is a maverick. Other bank officials still hold him in high regard, and he retains a formal link to the institution as a member of a panel of independent advisers to Mr. Stern. He may make his points more strongly than his former colleagues, but there can be no doubt that he is reflecting widely shared and long-standing tensions, which at times have had serious consequences. Development campaigners believe that debt relief for the poorest countries was held up for years by wrangling between the fund and the bank. The roots of their differences go back to the origins of the fund and the bank in the 1940s. Conceived together at Bretton Woods, they were given quite distinct objectives: the bank to support economic development, the fund to maintain the stability of the global economy. These two different objectives have given the two institutions very different cultures: disciplined crisis managers versus reflective idealists.
Charles Wyplosz, of the Centre for Economic Policy Research, 'who has worked as a visiting scholar at the IMF, says the fund is like the Prussian army, the bank like the Mexican army. "IMF staff tend to think of themselves as smart and select, and to look down on World Bank people," he says. "And it is true that the IMF's recruitment is very homogenous: the staff 1 tends to be Economics PhDs from leading universities. The World Bank recruits a much wider range of people." At the Rogoff/ Stiglitz debate, the IMF gang in their dark suits could be easily distinguished from the bank crew in their shirtsleeves and chinos. What turns these cultural differences into flashpoints is when the activities of the fund and bank conflict. It can be infuriating. For example, for a World Bank manager who has spent years trying to help small businesses in a developing country to be told that the IMF has recommended a sharp rise in interest rates or taxes that will force those businesses to close. To make matters worse, since the 1970s, the dividing line between the two institutions' functions has become blurred. The IMF has taken on long-term lending to the poorest countries and had begun making policy recommendations on structural issues, such as social security systems. The World Bank, meanwhile, was heavily involved in the bail-outs for Mexico in 1995 and South Korea in 1997 and 1998.
Read Full Paragraph
Qs.5/7: Which of the following is an incorrect match
AJoseph Stiglitz- Noble laureate in Economics
BJames Wolfensohn- World Bank President
CKenneth Rogoff- IMF director of research.
DIMF - bailout of Mexico and South Korea
Answer: Option D
Explanation:Here is no explanation for this answer
Workspace
369 / 927
To their enemies, the International Monetary Fund and the World Bank are indistinguishable: twin faces of the hydra-headed monster of the '' Washington consensus" dedicated to the defense of global capitalism and oppression of the poor. But anyone who has read about last week's extraordinary diatribe by Kenneth Rogoff, the IMF director of research, against Joseph Stiglitz, the bank's former chief economist and 2001 Nobel prize-winner for economics, can only wonder: consensus? What consensus?
The dispute has lifted the curtain on a relationship that is, in reality, more like that of fractious siblings. The two institutions are too different to get along in harmony; too closely related to getting out of each other's way. The latest flare-up came on World Bank turf a week ago, when Mr. Rogoff spoke to an audience mostly up of bank and fund staff at a lunchtime debate to launch Prof. Stiglitz's new book, Globalization and its Discontents. In defiance of the confidence expressed by Nicholas Stern, Prof. Stiglitz's successor as chief economist at the bank, that the debate would be "about issues, not personalities", Mr. Rogoff launched a vituperative attack on Prof. Stiglitz's character and record in office, particularly during the Asian financial crisis of 1997-98. His attack, now available in full on the IMF's website, sounds intemperate, even excessive. Prof Stiglitz pronounced himself "dumbfounded" by the barrage of criticism, particularly unexpected from such a cerebral and mild-mannered man. But it reflected Mr. Rogoff's sense, shared by many of his colleagues, that the IMF had been provoked beyond endurance. Eventually, something had to snap. Mr. Stiglitz has been one of the IMF's harshest critics for years. He, too, has crossed the line dividing intellectual disagreement from personal contact: he has described the IMF's staff as "third-rate". In his book, he writes that IMF economists make themselves comfortable in five-star hotels in the capitals in developing countries, and likes modern economic management of high-altitude bombing. "From one's luxury hotel, one can callously impose policies about which one would think twice if one knew the people whose lives were destroyed."
Both the fund and the bank are quick to point Prof. Stiglitz in a long way from representing the World Bank's official position. Even while he worked there, his boss James Wolfensohn, the bank's president, observed: "I am always interested to see what Joe is saying on behalf of the bank:" But that is not to say that Prof Stiglitz is a maverick. Other bank officials still hold him in high regard, and he retains a formal link to the institution as a member of a panel of independent advisers to Mr. Stern. He may make his points more strongly than his former colleagues, but there can be no doubt that he is reflecting widely shared and long-standing tensions, which at times have had serious consequences. Development campaigners believe that debt relief for the poorest countries was held up for years by wrangling between the fund and the bank. The roots of their differences go back to the origins of the fund and the bank in the 1940s. Conceived together at Bretton Woods, they were given quite distinct objectives: the bank to support economic development, the fund to maintain the stability of the global economy. These two different objectives have given the two institutions very different cultures: disciplined crisis managers versus reflective idealists.
Charles Wyplosz, of the Centre for Economic Policy Research, 'who has worked as a visiting scholar at the IMF, says the fund is like the Prussian army, the bank like the Mexican army. "IMF staff tend to think of themselves as smart and select, and to look down on World Bank people," he says. "And it is true that the IMF's recruitment is very homogenous: the staff 1 tends to be Economics PhDs from leading universities. The World Bank recruits a much wider range of people." At the Rogoff/ Stiglitz debate, the IMF gang in their dark suits could be easily distinguished from the bank crew in their shirtsleeves and chinos. What turns these cultural differences into flashpoints is when the activities of the fund and bank conflict. It can be infuriating. For example, for a World Bank manager who has spent years trying to help small businesses in a developing country to be told that the IMF has recommended a sharp rise in interest rates or taxes that will force those businesses to close. To make matters worse, since the 1970s, the dividing line between the two institutions' functions has become blurred. The IMF has taken on long-term lending to the poorest countries and had begun making policy recommendations on structural issues, such as social security systems. The World Bank, meanwhile, was heavily involved in the bail-outs for Mexico in 1995 and South Korea in 1997 and 1998.
Read Full Paragraph
Qs.6/7: The difference between the bank and the fund has not been likened to
AMexican Army and Prussian Army
BDisciplined crisis managers and Reflective idealists
CHydra headed monster
DNone of these
Answer: Option C
Explanation:Here is no explanation for this answer
Workspace
370 / 927
To their enemies, the International Monetary Fund and the World Bank are indistinguishable: twin faces of the hydra-headed monster of the '' Washington consensus" dedicated to the defense of global capitalism and oppression of the poor. But anyone who has read about last week's extraordinary diatribe by Kenneth Rogoff, the IMF director of research, against Joseph Stiglitz, the bank's former chief economist and 2001 Nobel prize-winner for economics, can only wonder: consensus? What consensus?
The dispute has lifted the curtain on a relationship that is, in reality, more like that of fractious siblings. The two institutions are too different to get along in harmony; too closely related to getting out of each other's way. The latest flare-up came on World Bank turf a week ago, when Mr. Rogoff spoke to an audience mostly up of bank and fund staff at a lunchtime debate to launch Prof. Stiglitz's new book, Globalization and its Discontents. In defiance of the confidence expressed by Nicholas Stern, Prof. Stiglitz's successor as chief economist at the bank, that the debate would be "about issues, not personalities", Mr. Rogoff launched a vituperative attack on Prof. Stiglitz's character and record in office, particularly during the Asian financial crisis of 1997-98. His attack, now available in full on the IMF's website, sounds intemperate, even excessive. Prof Stiglitz pronounced himself "dumbfounded" by the barrage of criticism, particularly unexpected from such a cerebral and mild-mannered man. But it reflected Mr. Rogoff's sense, shared by many of his colleagues, that the IMF had been provoked beyond endurance. Eventually, something had to snap. Mr. Stiglitz has been one of the IMF's harshest critics for years. He, too, has crossed the line dividing intellectual disagreement from personal contact: he has described the IMF's staff as "third-rate". In his book, he writes that IMF economists make themselves comfortable in five-star hotels in the capitals in developing countries, and likes modern economic management of high-altitude bombing. "From one's luxury hotel, one can callously impose policies about which one would think twice if one knew the people whose lives were destroyed."
Both the fund and the bank are quick to point Prof. Stiglitz in a long way from representing the World Bank's official position. Even while he worked there, his boss James Wolfensohn, the bank's president, observed: "I am always interested to see what Joe is saying on behalf of the bank:" But that is not to say that Prof Stiglitz is a maverick. Other bank officials still hold him in high regard, and he retains a formal link to the institution as a member of a panel of independent advisers to Mr. Stern. He may make his points more strongly than his former colleagues, but there can be no doubt that he is reflecting widely shared and long-standing tensions, which at times have had serious consequences. Development campaigners believe that debt relief for the poorest countries was held up for years by wrangling between the fund and the bank. The roots of their differences go back to the origins of the fund and the bank in the 1940s. Conceived together at Bretton Woods, they were given quite distinct objectives: the bank to support economic development, the fund to maintain the stability of the global economy. These two different objectives have given the two institutions very different cultures: disciplined crisis managers versus reflective idealists.
Charles Wyplosz, of the Centre for Economic Policy Research, 'who has worked as a visiting scholar at the IMF, says the fund is like the Prussian army, the bank like the Mexican army. "IMF staff tend to think of themselves as smart and select, and to look down on World Bank people," he says. "And it is true that the IMF's recruitment is very homogenous: the staff 1 tends to be Economics PhDs from leading universities. The World Bank recruits a much wider range of people." At the Rogoff/ Stiglitz debate, the IMF gang in their dark suits could be easily distinguished from the bank crew in their shirtsleeves and chinos. What turns these cultural differences into flashpoints is when the activities of the fund and bank conflict. It can be infuriating. For example, for a World Bank manager who has spent years trying to help small businesses in a developing country to be told that the IMF has recommended a sharp rise in interest rates or taxes that will force those businesses to close. To make matters worse, since the 1970s, the dividing line between the two institutions' functions has become blurred. The IMF has taken on long-term lending to the poorest countries and had begun making policy recommendations on structural issues, such as social security systems. The World Bank, meanwhile, was heavily involved in the bail-outs for Mexico in 1995 and South Korea in 1997 and 1998.
Read Full Paragraph
Qs.7/7: What describes best the relationship between the World Bank and the IMF?
ABlowing hot, blowing cold
BSworn enemies
CSibling rivalry
DBlack sheep in the family
Answer: Option C
Explanation:Here is no explanation for this answer
Workspace
Companies take reading comprehension test to check the reading and grasping skills of the candidates. It also helps the companies to understand the pressure handling skills of the candidates. You can take mock verbal ability and reading comprehension test to master this skill and crack the job interviews easily.
You can search the set of questions by company (Please click on a company box under the tag cloud box) to filter the questions easily. You can also view the answer to understand the explanation or use the workspace for practice purpose. So, improve your verbal ability and reading comprehension skills today and crack the job interview comfortable with flying colors!
In this practice section, you can practice Verbal Ability Questions based on "Reading Comprehension" and improve your skills in order to face the interview, competitive examination, IT companies Written exam, and various other entrance tests (CAT, GATE, GRE, MAT, Bank Exam, Railway Exam etc.) with full confidence.
Q4Interview provides you lots of fully solved Verbal Ability (Reading Comprehension) questions and answers with Explanation. Solved examples with detailed answer description, explanation are given and it would be easy to understand. You can download Verbal Ability Reading Comprehension quiz questions with answers as PDF files and eBooks.
Here you can find objective type Verbal Ability Reading Comprehension questions and answers for interview and entrance examination. Multiple choice and true or false type questions are also provided.