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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. 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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.