Correct Option: B

red-tapism (N.) : the system of strictly following official formalities
bureaucracy (N.) : the system of official rules and ways of doing things that a government or an organization has, especially when these seem to be too complicated
nepotism (N.) : giving unfair advantages to your own family if you are in a position of power, especially by giving them jobs formalism (N.) : a style or method in art, music, literature, science, etc. that pays more attention to the rules and the correct arrangement and appearance of things than to inner meanings and feelings