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Economics Briefs: Rethinking the Basics Lebanon after the blast The trouble with Trumpian TikTok How much to spend on a vaccine? Economics briefs: rethinking the basics AUGUST 8TH–14TH 2020 The absent student How covid-19 will change college COLLECTION Fifty Fathoms RAISE AWARENESS, TRANSMIT OUR PASSION, HELP PROTECT THE OCEAN BEIJING · CANNES · DUBAI · GENEVA · HONG KONG · KUALA LUMPUR · LAS VEGAS · LONDON · MACAU · MADRID ©Photograph: Laurent Ballesta/Gombessa Project ©Photograph: Laurent www.blancpain-ocean-commitment.com MANAMA · MOSCOW · MUNICH · NEW YORK · PARIS · SEOUL · SHANGHAI · SINGAPORE · TAIPEI · TOKYO · ZURICH Contents The Economist August 8th 2020 3 The world this week Asia 5 A summary of political 17 Sectarianism in India and business news 18 Australia’s internal borders Leaders 19 Corruption in Uzbekistan 7 Universities 19 Schools v hair in Thailand The absent student 20 Banyan Lee Teng-hui, 8 Tech wars Taiwan’s Trojan horse Trumpian TikTok 8 Lebanon China No way to run a country 21 Hunan’s cultural rise 9 Vaccine economics 22 Debate about divorce A bigger dose On the cover 10 Gay rights The world comes out Covid-19 will be painful for 11 Economics universities, but it will also When the facts change bring long-needed change: leader, page 7. Higher United States Letters education was already in 23 Electing a president trouble. The pandemic could 12 On reopening schools, 24 The postal service push some institutions over oil, French accents, the brink: briefing, page 14 Amazon, sports teams 25 Hyperloops 25 Covid-19 and pro sports • Lebanon after the blast Briefing A massive explosion caused by 26 Washington history spectacular negligence shatters 14 Covid-19 and college 27 UBI and cities Uncanny University an already-reeling Lebanese 28 Lexington One America capital, page 33. It should lead to News Network big change: leader, page 8 • The trouble with Trumpian The Americas TikTok The forced sale of the 29 Argentina’s debt deal app is the wrong way to deal 30 Democracy wins in with Chinese tech: leader, Guyana and Suriname page 8. What does a middle-aged tech giant want 32 Bello Joe Biden and Latin with a teen sensation? Page 50 America • How much to spend on a vaccine? The economics of Middle East & Africa vaccination: leader, page 9. As scientists race to develop 33 An explosion ruins Beirut covid-19 vaccines, governments 34 The mess in Mali must work out how best to 35 Prohibition in a pandemic distribute the goods, page 55 36 Covid-19 nears 1m in Africa Bagehot Boris Johnson’s new list of peers reveals a dangerous contempt for governing institutions, We are working hard to page 43 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 August 8th 2020 Europe Economics brief 37 Racism in Europe 53 New thinking on 38 Turkey v social media competition 38 Genoa reopens its bridge 39 Covid-19 in the Balkans 39 Spain’s pricey fast trains 40 Charlemagne On staycation Finance & economics Britain 55 Paying for vaccines 41 Is Caledonia Catalonia? 56 China’s payments duopoly 42 Covid-19 and Scotland 57 Bad loans in Europe 43 Bagehot The smell of rot 58 “Pre-docs” in economics 59 The costs of rosy forecasts 60 Free exchange Dislodging the dollar International Science & technology 44 How coming out is 63 AI and language changing 64 Better covid-19 testing 65 Marine insects 65 High-tech barbecuing Business Books & arts 47 America Inc’s earnings 66 Museums and restitution 48 Joining the S&P 500 67 Johnson Donald Trump 49 Nvidia woos Arm 68 Climate change in Iceland 50 Microsoft’s TikTok gamble 69 Class and privilege 50 Sverige AB outshines 69 Home Entertainment Deutschland AG Playing the saxophone 51 Bartleby Gripes 52 Schumpeter The future Economic & financial indicators of trucking 72 Statistics on 42 economies Graphic detail 73 How lockdown fads have become long-term pursuits Obituary 74 Olivia de Havilland, a legacy of Hollywood’s Golden Age Volume 436 Number 9206 Published since September 1843 Subscription service Please to take part in “a severe contest between For our full range of subscription offers, including The best way to contact our Customer Service 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 +65 65345166; please check our website for up obstructing our progress.” to date opening hours. PEFC certified If you are experiencing problems when trying This copy of The Economist Editorial offices in London and also: to subscribe, please visit our Help pages at: is printed on paper sourced Amsterdam, Beijing, Berlin, Brussels, Cairo, www.economist.com/help for troubleshooting from sustainably managed Chicago, Johannesburg, Madrid, Mexico City, advice. forests, recycled and Moscow, Mumbai, New Delhi, New York, Paris, PEFC/01-31-162 controlled sources certified San Francisco, São Paulo, Seoul, Shanghai, by PEFC Singapore, Tokyo, Washington DC 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. Published every week, except for a year-end double issue, by The Economist Newspaper Limited. The Economist is a registered trademark of The Economist Newspaper Limited. Publisher: The Economist. Printed by Times Printers (in Singapore). M.C.I. (P) No.064/09/2019 PPS 677/11/2012(022861) The world this week Politics The Economist August 8th 2020 5 Colombia’s Supreme Court By contrast, Chicago joined a ordered that Álvaro Uribe, a growing list of American cities Coronavirus briefs conservative former president, that will keep schools closed in To 6am GMT Aug 6th 2020 be placed under house arrest. It September and continue with Weekly confirmed cases by area, ’000 is examining whether Mr Uribe remote learning. had tried to tamper with wit- 800 Other nesses in an investigation that Black Lives Matter activists 600 he instigated against a left- scored their biggest upset in Latin America wing senator. Mr Uribe, the the Democratic primaries so 400 US mentor of Colombia’s current far when Cori Bush defeated 200 president, Iván Duque, is the William Lacy Clay, the in- first sitting or former president cumbent congressman in St Europe 0 A state of emergency was since the 1950s to be detained. Louis. Mr Clay, who is black, Mar Apr May JulJun Aug declared in Lebanon, after a has served the district since Confirmed deaths* huge explosion at Beirut’s Five months after the vote, a 2001; his father held the seat Per 100k Total This week port. The blast was felt in final result was declared in before that for 32 years. Belgium 85 9,859 23 Cyprus, 240km away. It killed Guyana’s presidential elec- Britain 68 46,210 249 at least 135 people, injured tion, allowing Irfaan Ali, of the The former king of Spain, Juan Peru 61 20,228 1,412 5,000 and left 300,000 home- mainly Indo-Guyanese Peo- Carlos, went into voluntary Spain 61 28,499 58 less. The cause was a fire in a ple’s Progressive Party, to be exile, two months after Spain’s Italy 58 35,181 52 Sweden 57 5,760 30 warehouse holding 2,750 sworn into office. The new supreme court opened an Chile 51 9,792 514 tonnes of ammonium nitrate, a president will be able to decide investigation into his alleged United States 48 157,991 7,343 chemical used in fertiliser and how to spend the country’s involvement in a high-speed France 46 30,174 70 bombs. This highly explosive new-found oil income, which rail contract in Saudi Arabia. Brazil 46 97,256 7,122 stockpile had lain neglected for began flowing in February. He said he would assist prose- Sources: Johns Hopkins University CSSE; UN; six years. Lebanon’s prime cutors as required. The Economist *Definitions differ by country minister, Hassan Diab, vowed Sri Lankans voted in parlia- that those responsible would mentary elections. Early Hong Kong’s leader, Carrie Manila was put back into “pay the price”. Lebanon was in returns suggest the Sri Lanka Lam, postponed elections to lockdown. The 13m people in an economic and political People’s Front of President the legislature that had been the Philippine capital will crisis even before the blast. Gotabaya Rajapaksa will win a due in September. They will be endure fewer restrictions than clear majority. held a year later, she said, under an earlier lockdown, but Israeli aircraft struck military because of covid-19. Pro-de- mass transit is shut. targets in southern Syria, in Jihadists loyal to Islamic State mocracy candidates had been retaliation for an alleged at- attacked a prison in the city of expected to do well. The Australian state of Victoria tempt by militants to plant Jalalabad in eastern Afghani- declared an emergency and explosives near the Israeli- stan. Some 29 people were America imposed sanctions on imposed a night-time curfew occupied Golan Heights area, killed during a day-long gun the Xinjiang Production and in Melbourne, its capital. The which is also claimed by Syria.
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