Daily Vocabulary Dose by SSCtube (27-01-2018)
Start learning most frequently asked words in SSC Exams through Daily Vocabulary Dose provided by SSCtube.
Eighteen years ago, as the millennium drew to a close, the annual ministerial meeting of the World Trade Organisation in Seattle in the U.S. was derailed by the fury of thousands of street protestors denouncing the forces of globalisation and the governments which represented them. Last month, at the dusk of 2017, a ministerial meeting of the WTO in Buenos Aires, Argentina ended in a whimper with the U.S. leading a general apathy towards free trade and globalisation. Perhaps 2017 will be remembered as the year when the liberal economic consensus on free markets and globalisation was finally buried in its homelands, the U.S. and U.K. One wonders though what the street protesters of Seattle make of the cast of characters administering the last rites to the “Washington Consensus”.
China, which embraced openness and internal reform more vigorously than India, has been the bigger beneficiary. India, with its limited openness and gradual internal reform process, registered lower growth than China but higher growth rates than any other point in its history. It would be cynical to say that the forces of globalisation and free markets have only enriched a minority in these countries. The fact is that more than half a billion people have been lifted out of poverty in a single generation by the very forces that are now being buried in the countries of their origin.
This is not to argue that there were no flaws in the system. The role of Wall Street and global finance in bringing disrepute to the system is well known. That is what precipitated the 2008 financial crisis which sowed the seeds for a backlash. But curiously, politics has chosen to target free trade and free (only relatively) movement of labour, soft targets compared to the powerful world of finance. There is a grave danger for both emerging economies and advanced economies with this form of backlash.
However, before batting for openness abroad, emerging economies need to put their houses in order. For many emerging economies, particularly China and India, the backlash against free markets isn’t likely to stem from external considerations (free trade or free movement of labour), but from a free market system at home that has been vitiated by crony capitalism. It isn’t surprising that the leaders of both China and India, President Xi Jinping and Prime Minister Narendra Modi, have devoted a considerable amount of political capital to combat corruption and root out entrenched vested interests. It isn’t an easy task and it won’t happen overnight but the battle against corruption and cronyism is a critical element in retaining the legitimacy of an open market economy which has delivered more prosperity than any alternative system in the last hundred years.
- Denouncing: publicly declare to be wrong or evil. निंदा
Synonyms: condemn, criticize, attack
The Assembly denounced the use of violence.
- Whimper: make a series of low, feeble sounds expressive of fear, pain, or unhappiness. रोना
Synonyms: whine, cry, sniffle
Antonyms: laugh, happy
A child in a bed nearby began to whimper.
- Apathy: lack of interest, enthusiasm, or concern. उदासीनता
Synonyms: indifference, unconcern, passivity
Antonyms: enthusiasm, interest, passion
There was a widespread apathy among students.
- Consensus: a general agreement. आम सहमति
Synonyms: agreement, harmony, consent
Antonyms: disagreement, minority view
There is a growing consensus that the current regime has failed.
- Embraced: hold (someone) closely in one’s arms, especially as a sign of affection. गले लगा लिया
Synonyms: hug, cuddle, seize
Antonyms: unwrap, release, let go away
Aunt Sophie embraced her warmly.
- Cynical: believing that people are motivated purely by self-interest; distrustful of human sincerity or integrity. निंदक
Synonyms: ironic, mocking, contemptuous
Antonyms: optimistic, trusting, hopeful
He was brutally cynical and hardened to every sob story under the sun.
- Grave: giving cause for alarm; serious. गंभीरSynonyms: serious, important, profound
It is a matter of grave concern.
- Vitiated: spoil or impair the quality or efficiency of. बिगड़
Synonyms: annihilate, negate, quash
Antonyms: permit, affirm, approve
The development programmes have been vitiated by the rise in population.
- Combat: take action to reduce or prevent (something bad or undesirable). कम करने या रोकने के लिए कार्रवाई करना (कुछ बुरा या अवांछनीय)
Synonyms: fight, battle against, counter
Antonyms: agreement, peace, accord
The government is promoting efforts to combat drug trafficking.
- Entrenched: establish (an attitude, habit, or belief) so firmly that change is very difficult or unlikely. आरोपित हुआ
Synonyms: establish, settle, lodge
Antonyms: dislodge, superficial
Ageism is entrenched in our society.