Correct Option (3)
Option 3 accurately reflects the basic philosophy of globalization as described in the passage. The text explicitly states that globalization "emphasizes absolute freedom to markets to determine prices and production and distribution patterns." Furthermore, it highlights that "Employment and wages should be governed by free play of market forces." Option 3 comprehensively captures these core tenets by referring to "absolute freedom to markets to determine prices, production and employments."
Incorrect Options:
Option 1 is incomplete as it mentions only prices and production, omitting distribution patterns and employment/wages. Additionally, it attributes freedom to "producers" rather than the broader concept of "markets" as stated in the passage.
Option 2 is too narrow, focusing solely on distribution patterns and again incorrectly attributing this freedom to "producers" instead of "markets." It overlooks the critical aspects of prices, production, and employment.
Option 4 restricts the philosophy to import and export activities. While free trade is an aspect of globalization, the passage defines the basic philosophy more broadly, encompassing domestic market mechanisms for prices, production, distribution, and employment, rather than solely international trade flows.