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The 90% economy, revisited African pop culture goes global In praise of citizens’ assemblies TikTok and the rise of Frankenfirms SEPTEMBER 19TH–25TH 2020 21st century power How clean energy will remake geopolitics 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 WWW.NOKRIWALA.NET 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 We know our children’s future is being rewritten.What will change in years to come? We cannot say, norcan we be sure that traditional ideas will do for today anddo for tomorrow. Is sustainable investing the solution forthem? For some of life’s questions, you’re not alone. Together we can find an answer. ubs.com/lifegoals As a firm providing wealth management services to clients, UBS Financial Services Inc. offers investment advisory services in its capacity as an SEC- registered investment adviser and brokerage services in its capacity as an SEC-registered broker-dealer. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business, that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information, please review the PDF document at ubs.com/relationshipsummary. © UBS 2020. All rights reserved. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC. Contents The Economist September 19th 2020 3 The world this week United States 7 A summary of political 27 Donald Trump’s record: and business news Homeland Security 28 Historically black colleges Leaders 29 Escaping the virus 13 Energy geopolitics 30 Campaign finance Power in the 21st century 31 Abortion by pill 14 Inflation Off target 32 Lexington Global warming and the election 14 Protectionism Birth of the Frankenfirm The Americas 15 Deliberative democracy 33 Colombia’s police Amateurs to the rescue 34 The Republic of Barbados On the cover 16 Abortion Pills by post 35 Bello The return of the Efforts to rein in climate Monroe doctrine change will up-end the Letters geopolitics of power: leader, page 13. What it means to 18 On dementia, the Beatles, scientific management dominate the world of energy Asia is changing—to China’s 36 Japan’s new chief advantage: briefing, page 23. Briefing Tesla is no longer the only 23 Energy’s new world order 37 Afghan peace talks electric game in town, page 59. The changing nature of 38 A Singaporean surprise Climate change is about to domination 38 Koalition politics strike the corporate world. in Australia Firms must react fast, says Guy Special report: Business 38 Pacific plebiscites Scriven: special report, after and climate change page 44. Daniel Yergin’s new 40 Banyan Asia’s migrant The great disrupter workers survey of the world of energy, After page 44 page 81 41 China woos Bangladesh • The 90% economy, revisited 41 Tragedy and farce in India A recovery is taking shape—but it is extraordinarily uneven China across industries and countries, 42 The Wuhan showcase page 67 43 Enduring privilege • African pop culture goes 44 Chaguan Teaching the global The continent’s poor to thank the party entertainers are wowing audiences around the world, page 79 • In praise of citizens’ Middle East & Africa assemblies Why politicians 45 Ethiopia’s transition should take them seriously: 46 Politics v policy leader, page 15 and analysis, page 57 47 Uganda’s ruling party 47 Lifting bans on names Buttonwood Is the Big Mac index a good guide 48 Israel and the Arab world for currency speculators? We are working hard to Page 71 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 September 19th 2020 Europe Finance & economics 49 Russia’s local elections 67 The 90% economy, 50 Spanish history revisited 50 Greece’s rusty navy 68 China’s bounceback 51 Germany recovers 69 Joe Biden’s trade policy 52 Charlemagne A plan 69 Women on Wall Street for asylum 70 What are green bonds for? 70 European stock exchanges Britain 71 Buttonwood The Big Mac 53 State aid after Brexit strategy 54 Earlier abortions 72 Free exchange Tech and 55 Bagehot Boris v the Tories the economy Science & technology 75 Life on Venus? 77 Fires and biodiversity loss International 78 Underwater data-centres 57 The rise of citizens’ 78 Ranking cyber-power assemblies Books & arts 79 African pop culture rises 80 “Cuties” and QAnon Business 81 The trouble with Wagner 59 The Teslaverse 81 Energy and politics 60 Electric controversies 82 Johnson New York 61 A less oily BP English 61 Arm’s dealers 62 Oracle’s Trump card Economic & financial indicators 63 Bartleby De-frauding 84 Statistics on 42 economies firms 64 The database business Graphic detail 65 Schumpeter 85 Value investors are underperforming the markets Stakeholderism’s perils Obituary 86 Joan Feynman, tracker of auroras Volume 436 Number 9212 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, NY 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, Hartford, WI. 53027 COLLECTION Fifty Fathoms RAISE AWARENESS, TRANSMIT OUR PASSION, HELP PROTECT THE OCEAN BEIJING · 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 The world this week Politics The Economist September 19th 2020 7 well, denying the pro-Kremlin The killing of a taxi driver, United Russia party majorities Javier Ordóñez, by police in Coronavirus briefs in Novosibirsk and Tomsk. But Bogotá, Colombia’s capital, To 6am GMT September 17th 2020 the inroads Mr Navalny can triggered violent protests in Weekly confirmed cases by area, ’000 make are limited, not least several cities. Mr Ordóñez had 600 because he is still suffering been drinking alcohol on the Latin America India from the effects of Novichok street. At least 13 people died in US 400 poisoning last month. He is the protests and 400 were Other now breathing without a venti- injured, half of them police. 200 lator, and has vowed to return Europe to Russia from Germany where The government of Barbados 0 he is being treated. announced that it will become Suga Yoshihide became a republic. A “throne speech” AJJMAM S Japan’s 99th prime minister. Belarus’s embattled president, delivered by the governor- Confirmed deaths* He won the leadership of the Alexander Lukashenko, met general but written by the Per 100k Total This week Liberal Democratic Party with Vladimir Putin in the Russian prime minister, Mia Mottley, Peru 94 30,927 804 377 votes of a possible 535, resort of Sochi. He got the announced that the country Belgium 86 9,935 18 following Abe Shinzo’s promise of a €1.5bn ($1.78bn) will remove Queen Elizabeth II Spain 65 30,243 615 resignation due to ill health in loan, but what strings were as its head of state by Bolivia 64 7,478 332 August.
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