Correct Option (3)
The correct option is (3) because statements 1 and 4 accurately reflect the author's perspective on the phrase.
- Statement 1: The passage explicitly states that arguments asserting "the exercise of private greed will be in the larger public interest" "betray an ideological bias." This indicates that the author views it as a false ideology inherent in certain justifications of capitalism.
- Statement 4: The passage directly follows the critique of this ideology by stating that "the focus on the wealth creation should also highlight the resultant gross inequity." This implies that the belief in private greed serving public interest overlooks or ignores the significant economic disparities it can create.
Incorrect Options:
- Statement 2: The author characterizes the claims related to private greed serving public interest as stemming from an "ideological bias," not as righteous claims. Therefore, this statement misrepresents the author's critical stance.
- Statement 3: The passage critically examines the assumptions of capitalism, highlighting its potential failures and the resulting gross inequity. It does not present a benevolent aspect of capitalism; instead, it exposes what the author perceives as its problematic underpinnings and consequences.