Discussion

Explanation:

Statements IV and III are a pair. The “latter” in statement III refers to “social consensus” in statement IV while the “former” in III refers to “individual rights” in statement IV. Therefore, options 1, 2 and 4 are eliminated.
Statement III mentions that the judiciary is meant to secure and protect the individual rights for the individual against the excesses of legislative and governmental functions. Where do the excesses occur? This is answered by statement I with the phrase“ irrational majoritarianism”-in other words, “irrational majoritianism” poses a threat to “enlightened consensus” and thereby to the development of democracy- as mentioned in statement I.
Statement II effectively concludes the paragraph by defining “Real democracy”- viz. mediating the popular will- not necessarily the will of the majority- with the help of institutions and laws.
Hence, the correct answer is option 3.

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