Europe’s vaccination battleplan Capital gain—the IPO boom An uninvited visit to Xinjiang High hopes: hydrogen-powered flight DECEMBER 12TH–18TH 2020 Will inflation return? 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 540141 CSS Solved Compulsory MCQs From 2000 to 2020 Latest & Updated Order Now Call/SMS 03336042057 - 0726540141 FPSC Model Papers 50th Edition (Latest & Updated) By Imtiaz Shahid Advanced Publishers For Order Call/WhatsApp 03336042057 - 0726540141 Politics Among Nations: The Struggle for Power & Peace By Hans Morgenthau Nobel Perspectives Knowledge is the Answer. At Nobel Perspectives, UBS brings together some of the best minds in economics to discuss the ideas that are helping shape our global economies. With over 200 hours of personal interviews, from over 50 Nobel Laureates, you’ll discover why we are passionate about the thinking that makes markets, industries and societies thrive. © UBS 2020. All rights reserved. Contents The Economist December 12th 2020 7 The world this week United States 11 A summary of political 29 BLM six months later and business news 30 Black entrepreneurs 31 Donald Trump’s Leaders deepening defeat 15 Inflation 31 The public-toilet shortage Will it return? 32 Anti-Semitism 16 Brexit trade negotiations Last tango in Brussels 32 The Fort Hood report 33 The right size of stimulus 16 The IPO boom Capital idea 34 Lexington When America and China went to war 18 Transgender medicine First, do no harm The Americas On the cover 20 The music industry Knock-knock-knockin’ 36 Nicaragua’s strongman Low inflation underpins on Jody’s door 37 A better dulce de leche today’s economic policies. 38 Bello Central American Governments should prepare Letters disasters in case it doesn’t last: leader, On race data, Galicia, page 15. How strong is the case 22 epidemiology, Bosnia, that inflation is about to companies, Jonathan return? Briefing, page 25. Sacks, China There are tentative signs that Asia productivity growth might 39 Covid-19 in Japan Briefing accelerate, page 69 40 Suicide in South Korea 25 Inflation • Europe’s vaccination 41 Tourism in Thailand Prognostication battleplan The EU prepares to and prophecy 41 Philippine policing receive its first batches of the 42 Banyan Thailand’s covid-19 vaccine. But supplies absolutist king and uptake are both uncertain, page 52. Why is the bloc so 44 Rohingyas in Bangladesh riddled with vaccine scepticism? Charlemagne, page 56 China • Capital gain—the ipo boom 45 Training foreign Raising equity is back in fashion: politicians leader, page 16. Companies have 46 Club culture expands issued more debt and equity in 47 Chaguan Xinjiang’s 2020 than ever before. What grim factories now? Page 63 • An uninvited visit to Xinjiang Our columnist turns up at a Middle East & Africa factory complex accused of 48 Zambia’s toxic mine dump using forced Uyghur labour: 49 Ghana votes Chaguan, page 47 50 Making nice in the Gulf Bartleby A new book 50 The Yazidis’ struggle argues that decency pays off in business as well as 51 The UAE scores in Israel in life, page 65 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 8 Contents The Economist December 12th 2020 Europe Finance & economics 52 Vaccinating Europe 69 Productivity trends 53 Germany and covid-19 71 Buttonwood Investors’ 54 France and Islamism overconfidence 54 The Brothers of Italy 72 An end to oil restraint 55 Romania’s election 72 Mexico’s unbanked 56 Charlemagne On 73 Counting banks’ carbon anti-vaxxers 74 Free exchange Economic research Britain 57 Brexit and chemicals Science & technology 58 Assertive tech regulation 77 Hydrogen-powered flight 58 Toppling statues 78 A megamegaphone 59 BLM and public schools 79 SpaceX’s latest launch 79 Gene therapy for sight 80 Bees v hornets International 60 Transgender rights Books & arts and children 82 America’s far right 83 The Enlightenment 84 Johnson Accent discrimination 86 William Kentridge’s art Business 63 A year of capital-raising Economic & financial indicators 64 Facebook 88 Statistics on 42 economies 65 Bartleby Why fair play pays Graphic detail 66 SAP’s reset 89 What countries do economists study and why? 66 India’s lawsuits Obituary 67 Unautonomous Uber 90 Chuck Yaeger, test pilot 68 Schumpeter Unshackling France SA Volume 437 Number 9224 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. 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Printed by Quad/Graphics, Saratoga Springs, NY 12866 The world this week Politics The Economist December 12th 2020 11 The Supreme Court made its Opposition candidates made first foray into the jumble of gains in a parliamentary elec- Coronavirus briefs lawsuits from Republicans still tion in Kuwait, raising fears To 6am GMT December 10th 2020 trying to overturn the election that they will stand in the way Weekly confirmed cases by area, m result. In a one-line response of efforts to tackle a fiscal crisis with no dissents, it refused to caused by low oil prices and 2.0 Europe hear a case from Pennsylvania. the outbreak of covid-19. None 1.5 Joe Biden’s victory will be of the 29 female candidates Latin America US 1.0 officially confirmed on Decem- who ran won a seat. Other ber 14th, when the electoral 0.5 college meets to cast its vote. Ethiopian federal troops fired 0 at un workers who were as- DNOSAJJMAM Britain began the world’s first As Brexit trade talks went sessing roads to provide aid in vaccination programme for down to the wire, the British Tigray, a war-torn region. Confirmed deaths* covid-19 using a fully tested government announced an Fighting erupted in November Per 100k Total This week vaccine. Thousands of people, “agreement in principle” with between the central govern- Belgium 151.9 17,603 692 mostly the very elderly and the European Union over ment and Tigrayan forces, after Peru 110.4 36,401 435 frontline health workers, border controls between Ire- Tigray held what the govern- Italy 102.1 61,739 4,694 received the Pfizer/BioNTech land and Northern Ireland. ment called an illegal election. Spain 100.6 47,019 1,235 jab in hospitals. Family doctors Britain also agreed to scotch The government has shut Britain 92.2 62,566 2,867 will also administer the legislation that would allow it internet and telephone access Argentina 89.0 40,222 1,066 United States 87.0 288,018 15,851 injections, as will care homes to break international law. to the region. Thousands have Mexico 86.6 111,655 4,090 by Christmas. Canada became Boris Johnson, the prime died and perhaps 1m have fled France 86.2 56,293 2,826 the second country to approve minister, went to Brussels for a their homes. Czech Rep. 85.3 9,136 621 the Pfizer vaccine and will start dinner with Ursula von der Sources: Johns Hopkins University CSSE; UN; distribution soon. In America Leyen, the president of the Five people were killed in The Economist *Definitions differ by country regulators were on the verge of European Commission, but election-related violence in approving it.