Given below are two statements:
Statement I: The New Right is concerned to advance the cause of 'liberalism' against 'democracy' by limiting the possible uses of state power.
Statement II: The free market does not always operate perfectly and its benefit radically outweighs its disadvantages.
In light of the above statements, choose the most appropriate answer from the options given below:
1
Both Statement I and Statement II are correct.
2
Both Statement I and Statement II are incorrect.
3
Statement I is correct but Statement II is incorrect.
4
Statement I is incorrect but Statement II is correct.