Many nations now place their faith in capitalism and government choices as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self-correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the excesses of capitalism and argue that the recent crisis was a blip. Their arguments betray an ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest. Few recognize the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful types who have benefited from the system, their biases and ideology is needed; the course of unchecked creation should also highlight the resultant gross inequity. "The exercise of private greed will be in the larger public interest" from the passage 1.refers to the false ideology of capitalism. 2.underlines the righteous claims of the free market. 3.shows the benevolence of capitalism. 4.ignores resultant gross inequity. Which of the statements given above is/are correct?

Many nations now place their faith in capitalism and government choices as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self-correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the excesses of capitalism and argue that the recent crisis was a blip. Their arguments betray an ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest. Few recognize the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful types who have benefited from the system, their biases and ideology is needed; the course of unchecked creation should also highlight the resultant gross inequity. "The exercise of private greed will be in the larger public interest" from the passage 1.refers to the false ideology of capitalism. 2.underlines the righteous claims of the free market. 3.shows the benevolence of capitalism. 4.ignores resultant gross inequity. Which of the statements given above is/are correct?