Crinoline and croquet are out. As yet, no political activists have thrown themselves in front of the royal horse on Derby Day. Even so,some historians can spot the parallels. It is a time of rapid technological change. It is a period when the dominance of the world'ssuperpower is coming under threat. It is an epoch when prosperity masks underlying economic strain. And, crucially, it is a time whenpolicy-makers are confident that all is for the best in the best of all possible worlds. Welcome to the Edwardian Summer of the second age of globalisation.

Spare a moment to take stock of what's been happening in the past few months. Let's start with the oil price, which has rocketed to more than $65 a barrel, more than double its level 18 months ago. The accepted wisdom is that we shouldn't worry our little heads about that, because the incentives are there for business to build new production and refining capacity, which will effortlessly bring demand and supply back into balance and bring crude prices back to S25 a barrel. As Tommy Cooper used to say, 'just like that'.

Then there is the result of the French referendum on the European Constitution, seen as thick-headed luddites railing vainly against the modern world. What the French needed to realise, the argument went, was that there was no alternative to the reforms that would make the country more flexible, more competitive, more dynamic. Just the sort of reforms that allowed Gate Gourmet to sack hundreds of its staff at Heathrow after the sort of ultimatum that used to be handed out by Victorian mill owners. An alternative way of looking at the French non" is that our neighbours translate "flexibility" as "you're fired".

Finally, take a squinl at the United States. Just like Britain a century ago, a period of unquestioned superiority is drawing to a close. China is still a long way from matching America's wealth, but it is growing at a stupendous rate and economic strength brings geo-political clout. Already, there is evidence of a new scramble for Africa as Washington and Beijing compete for oil stocks. Moreover, beneath the surface of the US economy, all is not well. Growth looks healthy enough, but the competition from China and elsewhere has meant the world's biggest economy now imports far more than it exports. The US is living beyond its means, but in this time of studied complacency a current account deficit worth 6 percent of gross domestic product is seen as a sign of strength, not weakness.

In this new Edwardian summer, comfort is taken from the fact that dearer oil has not had the savage inflationary consequences of 1973- 74, when a fourfold increase in the cost of crude brought an abrupt end to a postwar boom that had gone on uninterrupted for a quarter of a century. True, the cost of living has been affected by higher transport costs, but we are talking of inflation at 2.3 per cent and not 27 per cent. Yet the idea that higher oil prices are of little consequence is fanciful. If people are paying more to fill up their cars it leaves them with less to spend on everything else, but there is a reluctance to consume less. In the 1970s unions were strong and able to negotiate large, compensatory pay deals that served to intensify inflationary pressure. In 2005, that avenue is pretty much closed off, but the abolition of all the controls on credit that existed in the 1970s means that households are invited to borrow more rather than consume less. The knock-on effects of higher oil prices are thus felt in different ways - through high levels of indebtedness, in inflated asset prices, and in balance of payments deficits.

There are those who point out, rightly, that modern industrial capitalism has proved mightily resilient these past 250 years, and that a sign of the enduring strength of the system has been the way it apparently shrugged off everything - a stock market crash, 9/11, rising oil prices - that have been thrown at it in the half decade since the millennium. Even so, there are at least three reasons for concern. First, we have been here before. In terms of political economy, the first era of globalisation mirrored our own. There was a belief in unfettered capital flows, in free trade, and in the power of the market. It was a time of massive income inequality and unprecedented migration. Eventually, though, there was a backlash, manifested in a struggle between free traders and protectionists, and in rising labour militancy.

Second, the world is traditionally at its most fragile at times when the global balance of power is in flux. By the end of the nineteenth century, Britain's role as the hegemonic power was being challenged by the rise of the United States, Germany, and Japan while the Ottoman and Hapsburg empires were clearly in rapid decline, Looking ahead from 2005, it is clear that over the next two or three decades, both China and India - which together account for half the world's population - will flex their muscles. Finally, there is the question of what rising oil prices tell us. The emergence of China and India means global demand for crude is likely to remain high at a time when experts say production is about to top out. If supply constraints start to bite, any declines in the price are likely to be short-term cyclical affairs punctuating a long upward trend. (CAT 2005)

1. By the expression 'Edwardian Summer', the author refers to a period in which there is

2. What, according to the author, has resulted in a widespread belief in the resilience of modern capitalism?

3.Which of the following best represents the key argument made by the author?

4. What can be inferred about the author's view when he states, 'As Tommy Cooper used to say "just like that'"?

While complex in the extreme, Derrida's work has proven to be a particularly influential approach to the analysis of the ways in which language structures our understanding of ourselves and the world we inhabit, an approach he termed deconstruction. In its simplest formulation, deconstruction can be taken to refer to a methodological strategy which seeks to uncover layers of hidden meaning in a text that have been denied or suppressed. The term 'text', in this respect, does not refer simply to a written form of communication, however. Rather, texts are something we all produce and reproduce constantly in our everyday social relations, be they spoken, written or embedded in the construction of material artifacts. At the heart of Derrida's deconstructive approach is his critique of what he perceives to be the totalitarian impulse of the Enlightenment pursuit to bring all that exists in the world under the domain of a representative language, a pursuit he refers to as logocentrism. Logocentrism is the search for a rational language that is able to know and represent the world and all its aspects perfectly and accurately. Its totalitarian dimension, for Derrida at least, lies primarily in its tendency to marginalize or dismiss all that does not neatly comply with its particular linguistic representations, a tendency that, throughout history, has all too frequently been manifested in the form of authoritarian institutions. Thus logocentrism has, in its search for the truth of absolute representation, subsumed difference and oppressed that which it designates as its alien 'other'. For Derrida, western civilization has been built upon such a systematic assault on alien cultures and ways of life, typically in the name of reason and progress.

In response to logocentrism, deconstruction posits the idea that the mechanism by which this process of marginalization and the ordering of truth occurs is through establishing systems of binary opposition. Oppositional linguistic dualisms, such as rational/irrational, culture/ nature and good/bad are not, however, construed as equal partners as they are in, say, the semiological structuralism of Saussure. Rather, they exist, for Derrida, in a series of hierarchical relationships with the first term normally occupying a superior position. Derrida defines the relationship between such oppositional terms using the neologism differance. This refers to the realization that in any statement, oppositional terms differ from each other (for instance, the difference between rationality and irrationality is constructed through oppositional usage), and at the same time, a hierarchical relationship is maintained by the deference of one term to the other (in the positing of rationality over irrationality, for instance). It is this latter point which is perhaps the key to understanding Derrida's approach to deconstruction,

For the fact that at any given time one term must defer to its oppositional 'other', means that the two terms are constantly in a state of interdependence. The presence of one is dependent upon the absence or 'absent-presence' of the 'other', such as in the case of good and evil, whereby to understand the nature of one, we must constantly relate it to the absent term in order to grasp its meaning. That is, to do good, we must understand that our act is not evil for without that comparison the term becomes meaningless. Put simply, deconstruction represents an attempt to demonstrate the absent-presence of this oppositional 'other', to show that what we say or write is in itself not expressive simply of what is present, but also of what is absent. Thus, deconstruction seeks to reveal the interdependence of apparently dichotomous terms and their meanings relative to their textual context; that is, within the linguistic power relations which structure dichotomous terms hierarchically. In Derrida's own words, a deconstructive reading "must always aim at a certain relationship, unperceived by the writer, between what he commands and what he does not command of the patterns of a language that he uses. . . .[It] attempts to make the not-seen accessible to sight."

Meaning, then, is never fixed or stable, whatever the intention of the author of a text. For Derrida, language is a system of relations that are dynamic, in that all meanings we ascribe to the world are dependent not only on what we believe to be present but also on what is absent. Thus, any act of interpretation must refer not only to what the author of a text intends, but also to what is absent from his or her intention. This insight leads, once again, to Derrida's further rejection of the idea of the definitive authority of the intentional agent or subject. The subject is decentred; it is conceived as the outcome of relations of differance. As author of its own biography, the subject thus becomes the ideological fiction of modernity and its logocentric philosophy, one that depends upon the formation of hierarchical dualisms, which repress and deny the presence of the absent 'other'. No meaning can, therefore, ever be definitive, but is merely an outcome of a particular interpretation. (CAT 2005)

1. According to the passage, Derrida believes that

2. To Derrida, 'logocentrism' does not imply

3. According to the passage, Derrida believes that the system of binary opposition

4. Derrida rejects the idea of 'definitive authority of the subject' because