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The Tech War Heats up Tapering Without the Tantrum CEO Pay Rackets Sourdough Economics: Need to Knead The tech war heats up Tapering without the tantrum CEO pay rackets Sourdough economics: need to knead JULY 11TH–17TH 2020 DOWNLOAD CSS Notes, Books, MCQs, Magazines www.thecsspoint.com Download CSS Notes Download CSS Books Download CSS Magazines Download CSS MCQs Download CSS Past Papers The CSS Point, Pakistan’s The Best Online FREE Web source for All CSS Aspirants. Email: [email protected] BUY CSS / PMS / NTS & GENERAL KNOWLEDGE BOOKS ONLINE CASH ON DELIVERY ALL OVER PAKISTAN Visit Now: WWW.CSSBOOKS.NET For Oder & Inquiry Call/SMS/WhatsApp 0333 6042057 – 0726 540316 CSS Solved Compulsory MCQs From 2000 to 2020 Latest & Updated Order Now Call/SMS 03336042057 - 0726540141 Politics Among Nations: The Struggle for Power & Peace By Hans Morgenthau Contents The Economist July 11th 2020 3 The world this week United States 5 A summary of political 17 The covid-19 bonus and business news 18 Kansas’s Senate race 19 Police unions Leaders 19 Reforming bail reform 7 Social reform The new ideology of race 20 Chaplains everywhere 21 Lexington Churches and 8 The world economy Tapering without the mark of Cain the tantrum The Americas 9 Nuclear proliferation A better way to contain 23 Preaching in the Amazon Iran 24 The Dominican Republic’s 9 Sino-American tensions president-elect On the cover Techtonic plates 26 Bello Spain and Latin A set of illiberal ideas about 10 Sourdough economics America how to tackle American racism The need to knead will only hinder progress: leader, page 7. The reforms Letters Asia that are needed: briefing, On the UN, foreign aid, 27 Covid-19 in India page 14. Enlightenment 12 Olof Palme, China, liberalism is losing ground in 28 South Korea’s new cities coronaspeak the debate about how to deal 29 Taiwan and Hong Kong with racism, page 47 29 A second wave in Australia Briefing • The tech war heats up 30 Lockdown in the 14 Race in America Sino-American tension is Philippines Staying apart splitting the technosphere: 31 Banyan Covid-beating leader, page 9. A Chinese South-East Asia chipmaker brushes off Uncle Sam’s semiconductor China sabre-rattling, page 52. Britain’s relationship with China is 32 Civil society on a leash deterioriating. That could hurt, 33 Hong Kong’s new order page 44 34 Chaguan Study in • Tapering without the America, losing allure tantrum A guide to when and how to pare back stimulus: leader, page 8 and analysis, page 56. America’s fiscal boost is Middle East & Africa having surprising effects on the 35 Jihad in the Sahel poor, page 17 37 Zimbabwe’s dollar crisis • CEO pay rackets American 37 Ethiopia’s unrest bosses claim that their firms’ Bagehot The British have 38 Iran and the bomb superior shareholder returns lost cachet among the justify their own fat pay Americans, but they still cheques. Really? Page 50 have something to teach them, page 46 We are working hard to ensure that there is no dis- ruption to print copies of The Economist as a result of the coronavirus. But if you have digital access as part of your subscription, then acti- vating it will ensure that you can always read the digital version of the newspaper as well as all of our daily jour- nalism. To do so, visit economist.com/activate 1 Contents continues overleaf 4 Contents The Economist July 11th 2020 Europe Finance & economics 39 Converting the Hagia 56 The rich-world recovery Sophia 57 China’s market mania 40 A new PM in France 58 The race to lead the WTO 41 Sardinia’s last bandit 59 Europe’s trading hours... 41 Memory and war in Bosnia 59 ...and its ultra-safe bonds 42 Spain’s economic pain 60 Buttonwood Company 43 Charlemagne A Dutch defaults dilemma 61 Free exchange Jerome Powell Britain 44 Relations with China Science & technology 45 A Magnitsky list 62 AIDS: the latest news 46 Bagehot America’s fading 64 High-tech archaeology Anglophilia 65 Delayed cooling International 47 Race and liberal Books & arts philosophy 66 Democracy after the cold war 67 Japan under the shogunate 68 Johnson Racist language 69 Home Entertainment Choirs and the pandemic Business 69 Fictional euthanasia 50 CEO-pay games 52 Sino-American tech Economic & financial indicators tussles 72 Statistics on 42 economies 53 China’s e-shopping frenzy 54 Bartleby Slackers and Graphic detail Stakhanovites 73 Money can buy happiness, but recessions can take it away 55 Schumpeter Elon, Masa and Boris in space Obituary 74 William Dement, pioneer of sleep Volume 436 Number 9202 Published since September 1843 Subscription service to take part in “a severe contest between For our full range of subscription offers, including The best way to contact our Customer Service Please intelligence, which presses forward, digital only or print and digital bundled, visit: team is via phone or live chat. You can contact us and an unworthy, timid ignorance Economist.com/offers on the below numbers; please check our website obstructing our progress.” for up to date opening hours. If you are experiencing problems when trying to Editorial offices in London and also: subscribe, please visit our Help pages at: PEFC certified Amsterdam, Beijing, Berlin, Brussels, Cairo, www.economist.com/help for troubleshooting North America: +1 800 456 6086 This copy of The Economist Chicago, Johannesburg, Madrid, Mexico City, advice. Latin America & Mexico: +1 636 449 5702 is printed on paper sourced Moscow, Mumbai, New Delhi, New York, Paris, from sustainably managed San Francisco, São Paulo, Seoul, Shanghai, forests certified to PEFC Singapore, Tokyo, Washington DC PEFC/29-31-58 www.pefc.org © 2020 The Economist Newspaper Limited. All rights reserved. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of The Economist Newspaper Limited. The Economist (ISSN 0013-0613) is published every week, except for a year-end double issue, by The Economist Newspaper Limited, 750 3rd Avenue, 5th Floor, New York, N Y 10017. The Economist is a registered trademark of The Economist Newspaper Limited. Periodicals postage paid at New York, NY and additional mailing offices. Postmaster: Send address changes to The Economist, P.O. Box 46978, St. Louis , MO. 63146-6978, USA. Canada Post publications mail (Canadian distribution) sales agreement no. 40012331. Return undeliverable Canadian addresses to The Economist, PO Box 7258 STN A, Toronto, ON M5W 1X9. GST R123236267. Printed by Quad/Graphics, Saratoga Springs, NY 12866 The world this week Politics The Economist July 11th 2020 5 Brian Kemp, the governor of President Emmanuel Macron Georgia, called up the National reshuffled his cabinet follow- Coronavirus briefs Guard to deploy to Atlanta, ing disappointing results in To 6am GMT July 9th 2020 where tensions are running local elections. Despite being Weekly confirmed cases by area, ’000 high over policing. Mr Kemp well-regarded, France’s prime 500 issued his order after a sharp minister, Edouard Philippe, Other increase in criminal shootings was replaced by a little-known 400 Latin America and homicides, including that technocrat, Jean Castex. 300 of an eight-year-old girl. US 200 Iran said a fire at a nuclear 100 Europe In a rare instance of unanimity, facility in Natanz caused sig- 0 the justices on America’s nificant damage. It did not say Mar Apr May Jun Jul Brazil’s president, Jair Supreme Court ruled that what caused the blaze, but Bolsonaro, who has down- members of the electoral spooks in the region believe it Confirmed deaths* played the threat of covid-19, college who vote against the was a bomb. Suspicion has Per 100k Total This week flouted social-distancing presidential candidate chosen fallen on Israel and America, Belgium 84 9,776 15 guidelines and said that his by the popular vote in their which have sabotaged Iran’s Britain 66 44,517 522 “athletic history” would state can be punished. nuclear programme in the Spain 61 28,396 28 protect him, tested positive for past. Other mysterious in- Italy 58 34,914 96 the coronavirus. China’s central government set cidents, including recent Sweden 54 5,482 71 France 46 29,846 52 up an office in Hong Kong to explosions at power plants and United States 40 132,139 3,500 Luis Abinader, a businessman oversee enforcement of a new factories, remain unexplained. Netherlands 36 6,135 22 from the centre-left Modern national-security law. Its staff Ireland 35 1,743 7 Revolutionary Party, won the includes secret police from the Hisham al-Hashimi, one of Chile 34 6,573 653 Dominican Republic’s presi- mainland. Hong Kong’s gov- Iraq’s most prominent security Sources: Johns Hopkins University; UN; WHO dential election. His victory ernment formed a committee analysts, was shot dead in The Economist *Definitions differ by country ends 16 years of rule by the on national-security policy Baghdad. An expert on armed Dominican Liberation Party. and gave the police sweeping groups, he had strongly sup- The who admitted that the The vote, originally scheduled new powers. A senior main- ported moves by Iraq’s prime risks from airborne transmis- for May, was delayed because land official is an “adviser” on minister, Mustafa Kadhimi, to sion of covid-19 may be higher of covid-19. the body. Australia suspended challenge Iranian-sponsored than it had thought. its extradition treaty with militia groups. Mr Hashimi Fabián Gutiérrez, who was a Hong Kong and urged its citi- had reportedly been threat- A senior health official re- secretary to Cristina Fernández zens there to consider leaving.
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