South Korea’s unfinished revolution Crunch time in France Ten years on: banking after the crisis Biology, but without the cells MAY 6TH–12TH 2017 The world’s most valuable resource Data and the new rules of competition Contents The Economist May 6th 2017 3 5 The world this week 29 The Supreme Court Man in the middle 29 Transport in New York Leaders On the wrong track 7 The data economy 30 School vouchers The world’s most valuable Going public resource 31 Lexington 8 Theresa May v Brussels Constant foe, fickle friend War of words 8 France decides Don’t discount Marine The Americas Le Pen 32 Venezuela South Korea’s election Politics has not kept up with 9 South Korea votes It’s up to the army social change. The government Moon mission? 33 Cannabis in Uruguay Pharmacists v criminals must become more responsive: On the cover 10 Synthetic biology leader, page 9. The political 33 French people in Canada Vast flows of data give Breaking free from cells revolution that ousted the Culture shock in Quebec internet companies great president is not complete, 34 Bello power. Antitrust authorities Letters page 18 need a new approach: leader, Peace and politics in 12 On Japan, public land, page 7. Information is giving Colombia Germany, North Korea, rise to a new economy. How India, knots, “The is it shaping up? Pages 14-17. Goodies” Middle East and Africa Price-bots can conspire against consumers. How 35 A cotton boll’s journey From shrub to shirt to shelf trustbusters might thwart Briefing 36 South Africa them: Free exchange, page 63 14 The data economy Funereal politics Fuel of the future 37 Egypt’s judiciary The Economist online Under attack Asia Daily analysis and opinion to 37 America and the 18 South Korean politics Palestinians supplement the print edition, plus Le Pen Why voters who doubt audio and video, and a daily chart Post-Park life Movement, but how much Economist.com 20 Japanese politics change? Emmanuel Macron should still An attack on pacifism cast their ballot against his E-mail: newsletters and 38 The state of Arab men opponent: leader, page 8. mobile edition 21 Timor-Leste Down and out in Cairo and Even if Marine Le Pen is Economist.com/email Wake up and sell the coffee Beirut defeated, she will have left a Print edition: available online by 22 Food safety in Pakistan deep mark on French politics, 7pm London time each Thursday Stepping up to the plate Special report: page 39 Economist.com/print 23 Banyan International banking Audio edition: available online TPP, back from the dead Ten years on to download each Friday After page 38 Economist.com/audioedition China 24 Diplomacy Europe Belt-and-road blues 39 France’s election 25 Xinjiang The rage against Macron Humiliating Muslims 40 German politics Volume 423 Number 9039 Angie’s army Published since September 1843 United States 40 Turkey and Russia cosy up to take part in "a severe contest between Brothers in arms intelligence, which presses forward, and 26 Health care an unworthy, timid ignorance obstructing A political amputation 41 Eurovision Theresa May and the EU our progress." 27 Innovative cities War music In Brussels and at home, Editorial offices in London and also: Night time turned into day 42 Housing in Russia Britain’s prime minister needs Atlanta, Beijing, Berlin, Brussels, Cairo, Chicago, a plan: leader, page 8. Lima, Mexico City, Moscow, Mumbai, Nairobi, 28 Immigration enforcement A new kind of revolution New Delhi, New York, Paris, San Francisco, A sudden spat with the EU may Cities under siege 43 Charlemagne São Paulo, Seoul, Shanghai, Singapore, Tokyo, boost Mrs May’s election Washington DC The parable of Amiens 28 The law in Texas chances—but at the cost of No refuge making Brexit even tougher for her to negotiate, page 44 1 Contents continues overleaf 4 Contents The Economist May 6th 2017 Britain 61 Car finance in America and Britain 44 The EU and the election Subprime, anyone? When Brussels spouts 62 The euro-area economy 45 Election art Speeding up Explosive appointment 63 Free exchange 45 Euratom Algorithms and antitrust The nuclear cliff-edge 46 Bagehot One nation under May Science and technology 64 Biotechnology Banking Though the effects of Primordial gloop Message to HBS A confidential International the financial crisis in 2007-08 65 The fight against AIDS memorandum to the senior are still reverberating, banks 47 Aid and the private sector Safer sex faculty of Harvard Business Doing good, doing well are learning to live with their 66 Pollutants School: Schumpeter, page 56 new environment. But are they Fatal attraction really safer now? See our Business 66 Conservation special report, after page 38. 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Saudi women are a captive Finance and economics indicators market for Uber and Careem, 57 Chinese investors Statistics on 42 economies, page 52 The Buffetts of China plus our monthly poll of Principal commercial offices: 58 Buttonwood forecasters 25 St James’s Street, London sw1a 1hg Tel: +44 20 7830 7000 Share prices, ten years on Rue de l’Athénée 32 60 Government debt Obituary 1206 Geneva, Switzerland Taking the ultra-long view 74 Albert Freedman Tel: +4122 566 2470 60 Puerto Rico That’s entertainment 750 3rd Avenue, 5th Floor, New York, NY 10017 Debt island Tel: +1212 5410500 1301Cityplaza Four, 61 Illegal-wildlife trade 12 Taikoo Wan Road, Taikoo Shing, Hong Kong On the horns Tel: +852 2585 3888 Other commercial offices: Chicago, Dubai, Frankfurt, Los Angeles, Paris, San Francisco and Singapore Biotech A new approach could deliver the benefits of nature without the hassle of life: leader, page 10. 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(P) No.030/09/2016 PPS 677/11/2012(022861) The world this week The Economist May 6th 2017 5 Pope Francis visited Egypt, rights, particularly the recent Puerto Rico filed forcourt Politics defying the dangers posed by persecution ofgay men in protection to shelter it from its Islamic State to visit a Coptic Chechnya, a semi-autono- creditors after failing to reach church bombed by the terrorist mous republic. Mrs Merkel an agreement on restructuring group last month. also criticised restrictions on $73bn in debt. Though not the freedom ofassembly, the technically a bankruptcy, it still The great thinker arrest ofanti-government represents the biggest failure of An official newspaper in protesters and a recent ban on a local government under China published a speech by Jehovah’s Witnesses. Mean- American law, farlarger than the chiefofstaffto the presi- while unknown assailants Detroit’s in 2013. dent, Xi Jinping, saying his doused Alexei Navalny, Rus- boss’s political philosophy sia’s leading opposition poli- Rewriting the rules formed a “complete theoretical tician, with a green dye and Venezuela’s president, Nico- system”. The official’s remarks acid, causing him to lose much lás Maduro, issued a decree to appeared to signal that revi- ofthe sight in his right eye. convene a constituent assem- sions to the Communist bly, which would write a new Party’s charter, expected later Bohuslav Sobotka, the prime constitution. The opposition The president ofthe Palestin- this year, will include a tribute minister ofthe Czech Repub- said the manoeuvre is intend- ian Authority, Mahmoud to Mr Xi’s contributions to lic, unexpectedly declared that ed to entrench the power of Abbas, visited the White Communist ideology.