The organization that was setup in November, 1966 following the recommendation of the United Nations Economic Commission for Asia and the Far East is the Asian Development Bank (ADB). It was established to foster economic growth and cooperation in the region of Asia and the Far East.

Option 1: The International Monetary Fund (IMF) is an international organization that promotes global monetary cooperation and provides financial assistance to countries facing economic difficulties. While the IMF plays a significant role in the global economy, it is not the organization mentioned in the question.

Option 2: The Food and Agricultural Organization (FAO) is a specialized agency of the United Nations that focuses on improving agricultural productivity, food security, and rural development. While the FAO addresses important agricultural issues, it is not the organization mentioned in the question.

Option 3: The Asiatic Society is an academic and cultural organization that focuses on the history, culture, and languages of Asia. While it is an important institution for Asian studies, it is not the organization mentioned in the question.

Therefore, the correct answer is option 4, the Asian Development Bank (ADB).