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Since the Agrarian Revolution, technological progress has always fueled opposing forces of diffusion and concentration. Diffusion (1) as old powers and (2) corrode; concentration occurs as the power and reach of those who control new capabilities expands. The so-called Fourth Industrial Revolution will be no exception in this regard.
Already, the tension between (3) and concentration is (4) at all levels of the economy. Throughout the 1990s and early 2000s, trade grew twice as fast as GDP, lifting hundreds of millions out of poverty. Thanks to the globalization of capital and knowledge, countries were able to shift resources to more productive and higher-paying sectors. All of this contributed to the diffusion of market power.
But this diffusion occurred in (5) with an equally stark (6). At the sectoral level, a couple of key industries – most notably, finance and information technology – secured a growing share of profits. In the United States, for example, the financial sector generates just 4% of employment, but accounts for more than 25% of corporate profits. And half of US companies that generate profits of 25% or more are tech firms.
The same has (7) at the organizational level. The most profitable 10% of US businesses are eight times more profitable than the (8) firm. In the 1990s, the multiple was only three.
Such concentration effects go a long way toward explaining rising economic inequality. Research by Cesar Hidalgo and his colleagues at MIT reveals that, in countries where sectoral concentration has declined in recent (9) , such as South Korea, income inequality has fallen. In those where sectoral concentration has intensified, such as Norway, (10) has risen.
- 1) abandon
2) amassing
3) occurs
4) absorption
5) zigzagAnswer – 3)
Explanation: occurs – happen; take place. - 1) antique
2) escape
3) privileges
4) convergence
5) assignAnswer – 3)
Explanation: privileges – a special right, advantage, or immunity granted or available only to a particular person or group. - 1) compacting
2) deliberation
3) variability
4) skewed
5) diffusionAnswer – 5)
Explanation: diffusion – the spreading of something more widely. - 1) delegate
2) intensifying
3) inconstancy
4) congregation
5) convergingAnswer – 2)
Explanation: intensifying – become or make more intense. - 1) parallel
2) whimsicality
3) crooked
4) concern
5) centeringAnswer – 1)
Explanation: parallel – (of lines, planes, or surfaces) side by side and having the same distance continuously between them. - 1) concentration
2) disperse
3) frivolity
4) massing
5) coalescingAnswer – 1)
Explanation: concentration – the action or power of focusing all one’s attention. - 1) abscond
2) abandon
3) occurred
4) huddling
5) dizzinessAnswer – 3)
Explanation: occurred – happen; take place. - 1) consolidation
2) flocking
3) flippancy
4) average
5) abscondAnswer – 4)
Explanation: average – a number expressing the central or typical value in a set of data, in particular the mode, median, or (most commonly) the mean, which is calculated by dividing the sum of the values in the set by their number. - 1) decades
2) times
3) decamp
4) eras
5) ficklenessAnswer – 1)
Explanation: decades – a period of ten years. - 1) swallowed
2) disperse
3) capriciousness
4) inequality
5) airheadednessAnswer – 4)
Explanation: inequality – difference in size, degree, circumstances, etc.; lack of equality.
