Question Description
Passage 1... more"Rent-seeking" is what economists call a special type of money-making: the sort made possible by political connections. This can range from outright graft to a lack of competition, poor regulation and the transfer of public assets to firms at bargain prices. Well-placed people have made their fortunes this way ever since rulers had enough power to issue profitable licences, permits and contracts to their cronies. In America, this system reached its apogee in the late 19th century, and a long and partially successful struggle against robber barons ensued. Antitrust rules broke monopolies such as John D. Rockefeller's Standard Oil. The flow of bribes to senators shrank.In the emerging world, the past quarter-century has been great for rent-seekers. Soaring property prices have enriched developers who rely on approvals for projects. The commodities boom has inflated the value of oilfields and mines, which are invariably intertwined with the state. Some privatisations have let tycoon'smilk monopolies or get assets cheaply. The links between politics and wealth are plainly visible in China, where a third of billionaires are party members.Capitalism based on rent-seeking is not just unfair, but also bad for long-term growth. As our briefing on India explains, resources are misallocated: crummy roads are often the work of crony firms. Competition is repressed: Mexicans pay too much for their phones. Dynamic new firms are stifled by better-connected incumbents. And if linked to the financing of politics, rent-heavy capitalism sets a tone at the top that can let petty graft flourish. When ministers are on the take, why shouldn't underpaid junior officials be?Q. According to the passage, which of the following statement(s) are not correct?1. The rent seeking system ended the struggle against robber barons in America2. China exemplifies the close relationship between politics and wealta) 1 onlyb) 2 onlyc) Bothd) NoneCorrect answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Passage 1... more"Rent-seeking" is what economists call a special type of money-making: the sort made possible by political connections. This can range from outright graft to a lack of competition, poor regulation and the transfer of public assets to firms at bargain prices. Well-placed people have made their fortunes this way ever since rulers had enough power to issue profitable licences, permits and contracts to their cronies. In America, this system reached its apogee in the late 19th century, and a long and partially successful struggle against robber barons ensued. Antitrust rules broke monopolies such as John D. Rockefeller's Standard Oil. The flow of bribes to senators shrank.In the emerging world, the past quarter-century has been great for rent-seekers. Soaring property prices have enriched developers who rely on approvals for projects. The commodities boom has inflated the value of oilfields and mines, which are invariably intertwined with the state. Some privatisations have let tycoon'smilk monopolies or get assets cheaply. The links between politics and wealth are plainly visible in China, where a third of billionaires are party members.Capitalism based on rent-seeking is not just unfair, but also bad for long-term growth. As our briefing on India explains, resources are misallocated: crummy roads are often the work of crony firms. Competition is repressed: Mexicans pay too much for their phones. Dynamic new firms are stifled by better-connected incumbents. And if linked to the financing of politics, rent-heavy capitalism sets a tone at the top that can let petty graft flourish. When ministers are on the take, why shouldn't underpaid junior officials be?Q. According to the passage, which of the following statement(s) are not correct?1. The rent seeking system ended the struggle against robber barons in America2. China exemplifies the close relationship between politics and wealta) 1 onlyb) 2 onlyc) Bothd) NoneCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Passage 1... more"Rent-seeking" is what economists call a special type of money-making: the sort made possible by political connections. This can range from outright graft to a lack of competition, poor regulation and the transfer of public assets to firms at bargain prices. Well-placed people have made their fortunes this way ever since rulers had enough power to issue profitable licences, permits and contracts to their cronies. In America, this system reached its apogee in the late 19th century, and a long and partially successful struggle against robber barons ensued. Antitrust rules broke monopolies such as John D. Rockefeller's Standard Oil. The flow of bribes to senators shrank.In the emerging world, the past quarter-century has been great for rent-seekers. Soaring property prices have enriched developers who rely on approvals for projects. The commodities boom has inflated the value of oilfields and mines, which are invariably intertwined with the state. Some privatisations have let tycoon'smilk monopolies or get assets cheaply. The links between politics and wealth are plainly visible in China, where a third of billionaires are party members.Capitalism based on rent-seeking is not just unfair, but also bad for long-term growth. As our briefing on India explains, resources are misallocated: crummy roads are often the work of crony firms. Competition is repressed: Mexicans pay too much for their phones. Dynamic new firms are stifled by better-connected incumbents. And if linked to the financing of politics, rent-heavy capitalism sets a tone at the top that can let petty graft flourish. When ministers are on the take, why shouldn't underpaid junior officials be?Q. According to the passage, which of the following statement(s) are not correct?1. The rent seeking system ended the struggle against robber barons in America2. China exemplifies the close relationship between politics and wealta) 1 onlyb) 2 onlyc) Bothd) NoneCorrect answer is option 'A'. Can you explain this answer?.

Solutions for Passage 1... more"Rent-seeking" is what economists call a special type of money-making: the sort made possible by political connections. This can range from outright graft to a lack of competition, poor regulation and the transfer of public assets to firms at bargain prices. Well-placed people have made their fortunes this way ever since rulers had enough power to issue profitable licences, permits and contracts to their cronies. In America, this system reached its apogee in the late 19th century, and a long and partially successful struggle against robber barons ensued. Antitrust rules broke monopolies such as John D. Rockefeller's Standard Oil. The flow of bribes to senators shrank.In the emerging world, the past quarter-century has been great for rent-seekers. Soaring property prices have enriched developers who rely on approvals for projects. The commodities boom has inflated the value of oilfields and mines, which are invariably intertwined with the state. Some privatisations have let tycoon'smilk monopolies or get assets cheaply. The links between politics and wealth are plainly visible in China, where a third of billionaires are party members.Capitalism based on rent-seeking is not just unfair, but also bad for long-term growth. As our briefing on India explains, resources are misallocated: crummy roads are often the work of crony firms. Competition is repressed: Mexicans pay too much for their phones. Dynamic new firms are stifled by better-connected incumbents. And if linked to the financing of politics, rent-heavy capitalism sets a tone at the top that can let petty graft flourish. When ministers are on the take, why shouldn't underpaid junior officials be?Q. According to the passage, which of the following statement(s) are not correct?1. The rent seeking system ended the struggle against robber barons in America2. China exemplifies the close relationship between politics and wealta) 1 onlyb) 2 onlyc) Bothd) NoneCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.

Here you can find the meaning of Passage 1... more"Rent-seeking" is what economists call a special type of money-making: the sort made possible by political connections. This can range from outright graft to a lack of competition, poor regulation and the transfer of public assets to firms at bargain prices. Well-placed people have made their fortunes this way ever since rulers had enough power to issue profitable licences, permits and contracts to their cronies. In America, this system reached its apogee in the late 19th century, and a long and partially successful struggle against robber barons ensued. Antitrust rules broke monopolies such as John D. Rockefeller's Standard Oil. The flow of bribes to senators shrank.In the emerging world, the past quarter-century has been great for rent-seekers. Soaring property prices have enriched developers who rely on approvals for projects. The commodities boom has inflated the value of oilfields and mines, which are invariably intertwined with the state. Some privatisations have let tycoon'smilk monopolies or get assets cheaply. The links between politics and wealth are plainly visible in China, where a third of billionaires are party members.Capitalism based on rent-seeking is not just unfair, but also bad for long-term growth. As our briefing on India explains, resources are misallocated: crummy roads are often the work of crony firms. Competition is repressed: Mexicans pay too much for their phones. Dynamic new firms are stifled by better-connected incumbents. And if linked to the financing of politics, rent-heavy capitalism sets a tone at the top that can let petty graft flourish. When ministers are on the take, why shouldn't underpaid junior officials be?Q. According to the passage, which of the following statement(s) are not correct?1. The rent seeking system ended the struggle against robber barons in America2. China exemplifies the close relationship between politics and wealta) 1 onlyb) 2 onlyc) Bothd) NoneCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Passage 1... more"Rent-seeking" is what economists call a special type of money-making: the sort made possible by political connections. This can range from outright graft to a lack of competition, poor regulation and the transfer of public assets to firms at bargain prices. Well-placed people have made their fortunes this way ever since rulers had enough power to issue profitable licences, permits and contracts to their cronies. In America, this system reached its apogee in the late 19th century, and a long and partially successful struggle against robber barons ensued. Antitrust rules broke monopolies such as John D. Rockefeller's Standard Oil. The flow of bribes to senators shrank.In the emerging world, the past quarter-century has been great for rent-seekers. Soaring property prices have enriched developers who rely on approvals for projects. The commodities boom has inflated the value of oilfields and mines, which are invariably intertwined with the state. Some privatisations have let tycoon'smilk monopolies or get assets cheaply. The links between politics and wealth are plainly visible in China, where a third of billionaires are party members.Capitalism based on rent-seeking is not just unfair, but also bad for long-term growth. As our briefing on India explains, resources are misallocated: crummy roads are often the work of crony firms. Competition is repressed: Mexicans pay too much for their phones. Dynamic new firms are stifled by better-connected incumbents. And if linked to the financing of politics, rent-heavy capitalism sets a tone at the top that can let petty graft flourish. When ministers are on the take, why shouldn't underpaid junior officials be?Q. According to the passage, which of the following statement(s) are not correct?1. The rent seeking system ended the struggle against robber barons in America2. China exemplifies the close relationship between politics and wealta) 1 onlyb) 2 onlyc) Bothd) NoneCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for Passage 1... more"Rent-seeking" is what economists call a special type of money-making: the sort made possible by political connections. This can range from outright graft to a lack of competition, poor regulation and the transfer of public assets to firms at bargain prices. Well-placed people have made their fortunes this way ever since rulers had enough power to issue profitable licences, permits and contracts to their cronies. In America, this system reached its apogee in the late 19th century, and a long and partially successful struggle against robber barons ensued. Antitrust rules broke monopolies such as John D. Rockefeller's Standard Oil. The flow of bribes to senators shrank.In the emerging world, the past quarter-century has been great for rent-seekers. Soaring property prices have enriched developers who rely on approvals for projects. The commodities boom has inflated the value of oilfields and mines, which are invariably intertwined with the state. Some privatisations have let tycoon'smilk monopolies or get assets cheaply. The links between politics and wealth are plainly visible in China, where a third of billionaires are party members.Capitalism based on rent-seeking is not just unfair, but also bad for long-term growth. As our briefing on India explains, resources are misallocated: crummy roads are often the work of crony firms. Competition is repressed: Mexicans pay too much for their phones. Dynamic new firms are stifled by better-connected incumbents. And if linked to the financing of politics, rent-heavy capitalism sets a tone at the top that can let petty graft flourish. When ministers are on the take, why shouldn't underpaid junior officials be?Q. According to the passage, which of the following statement(s) are not correct?1. The rent seeking system ended the struggle against robber barons in America2. China exemplifies the close relationship between politics and wealta) 1 onlyb) 2 onlyc) Bothd) NoneCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of Passage 1... more"Rent-seeking" is what economists call a special type of money-making: the sort made possible by political connections. This can range from outright graft to a lack of competition, poor regulation and the transfer of public assets to firms at bargain prices. Well-placed people have made their fortunes this way ever since rulers had enough power to issue profitable licences, permits and contracts to their cronies. In America, this system reached its apogee in the late 19th century, and a long and partially successful struggle against robber barons ensued. Antitrust rules broke monopolies such as John D. Rockefeller's Standard Oil. The flow of bribes to senators shrank.In the emerging world, the past quarter-century has been great for rent-seekers. Soaring property prices have enriched developers who rely on approvals for projects. The commodities boom has inflated the value of oilfields and mines, which are invariably intertwined with the state. Some privatisations have let tycoon'smilk monopolies or get assets cheaply. The links between politics and wealth are plainly visible in China, where a third of billionaires are party members.Capitalism based on rent-seeking is not just unfair, but also bad for long-term growth. As our briefing on India explains, resources are misallocated: crummy roads are often the work of crony firms. Competition is repressed: Mexicans pay too much for their phones. Dynamic new firms are stifled by better-connected incumbents. And if linked to the financing of politics, rent-heavy capitalism sets a tone at the top that can let petty graft flourish. When ministers are on the take, why shouldn't underpaid junior officials be?Q. According to the passage, which of the following statement(s) are not correct?1. The rent seeking system ended the struggle against robber barons in America2. China exemplifies the close relationship between politics and wealta) 1 onlyb) 2 onlyc) Bothd) NoneCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Passage 1... more"Rent-seeking" is what economists call a special type of money-making: the sort made possible by political connections. This can range from outright graft to a lack of competition, poor regulation and the transfer of public assets to firms at bargain prices. Well-placed people have made their fortunes this way ever since rulers had enough power to issue profitable licences, permits and contracts to their cronies. In America, this system reached its apogee in the late 19th century, and a long and partially successful struggle against robber barons ensued. Antitrust rules broke monopolies such as John D. Rockefeller's Standard Oil. The flow of bribes to senators shrank.In the emerging world, the past quarter-century has been great for rent-seekers. Soaring property prices have enriched developers who rely on approvals for projects. The commodities boom has inflated the value of oilfields and mines, which are invariably intertwined with the state. Some privatisations have let tycoon'smilk monopolies or get assets cheaply. The links between politics and wealth are plainly visible in China, where a third of billionaires are party members.Capitalism based on rent-seeking is not just unfair, but also bad for long-term growth. As our briefing on India explains, resources are misallocated: crummy roads are often the work of crony firms. Competition is repressed: Mexicans pay too much for their phones. Dynamic new firms are stifled by better-connected incumbents. And if linked to the financing of politics, rent-heavy capitalism sets a tone at the top that can let petty graft flourish. When ministers are on the take, why shouldn't underpaid junior officials be?Q. According to the passage, which of the following statement(s) are not correct?1. The rent seeking system ended the struggle against robber barons in America2. China exemplifies the close relationship between politics and wealta) 1 onlyb) 2 onlyc) Bothd) NoneCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice UPSC tests.