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When I left India for graduate school in the United States in 1975, the word “globalization” was not in use anywhere in the world. Back then, crossing borders was still a big deal, and getting a US visa was no easy feat. When I did arrive in America, to be an Indian still carried a whiff of the (1) and the unfamiliar.
Nowadays, globalization is (2) . Over the course of less than three decades, trade barriers came down, and the combination of accessible airplane travel, satellite television, and the Internet has created a kind of interconnected “global village.” But two types of (3) are now casting doubt on globalization’s future.
The 2008 economic crisis seems to have been the turning point in public (4) . In the years leading up to the crisis, millions of people rose out of poverty, and democracy became more widespread than ever, creating the general sense that a golden age had begun. Francis Fukuyama famously argued that in the grand global struggle over the future of human political and economic organization, the forces of democracy and liberal capitalism had won a definitive victory.
Then crisis (5) , and the hubris of that era was quickly (6) . People began to note a (7) and deepening (8) between globalization’s winners and losers, with weak wage growth accompanied by (9) returns for the wealthy. In the United Kingdom, for example, wages have grown by only 13% since 2008, but the stock market is up by 115%. According to an annual Credit Suisse report, wealth inequality is now growing sharply in 35 of 46 major economies, compared to just 12 before 2007.
In the developed world, the poor and the unemployed began to feel that they had no stake in the globalized system. They condemned the political establishment for (10) policies that sent their jobs to faraway lands like China and India. And they demanded a return to the old economic order, and thus to the promise that each new generation would earn more and live better than the last.
- 1) envisage2) exotic
5) prevailingAnswer – 2)
Explanation: exotic – originating in or characteristic of a distant foreign country.
- 1) quotidian
5) needlessAnswer – 4)
Explanation: inescapable – unable to be avoided or denied.
- 1) avertible
3) foreknow4) foresee
5) backlashAnswer – 5)
Explanation: backlash – a strong negative reaction by a large number of people, especially to a social or political development.
- 1) perception
5) hazyAnswer – 1)
Explanation: perception – the ability to see, hear, or become aware of something through the senses.
- 1) contemplate
5) obscureAnswer – 3)
- 1) conjecture2) discredited
5) fuzzyAnswer – 2)
Explanation: discredited – harm the good reputation of.
- 1) travail
5) distinctAnswer – 5)
Explanation: distinct – recognizably different in nature from something else of a similar type.
- 1) busted2) haywire3) egalitarian
5) comparableAnswer – 4)
Explanation: disparity – a great difference.
- 1) homologous
4) feeble5) kaputAnswer – 3)
Explanation: robust – strong and healthy; vigorous.
- 1) inoperable2) pursuing
5) exhaustedAnswer – 2)
Explanation: pursuing – follow or chase (someone or something).