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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
5
The world this week
Leaders
The data economy
The world’s most valuable
resource
Theresa May v Brussels
War of words
France decides
Don’t discount Marine
Le Pen
South Korea votes
Moon mission?
Synthetic biology
Breaking free from cells
29 The Supreme Court
Man in the middle
29 Transport in New York
On the wrong track
30 School vouchers
Going public
31 Lexington
Constant foe, fickle friend
The Americas
Venezuela
It’s up to the army
Cannabis in Uruguay
Pharmacists v criminals
French people in Canada
Culture shock in Quebec
Bello
Peace and politics in
Colombia
Middle East and Africa
A cotton boll’s journey
From shrub to shirt to shelf
South Africa
Funereal politics
Egypt’s judiciary
Under attack
America and the
Palestinians
Movement, but how much
change?
The state of Arab men
Down and out in Cairo and
Beirut
Special report:
International banking
Ten years on
After page 38
Europe
France’s election
The rage against Macron
German politics
Angie’s army
Turkey and Russia cosy up
Brothers in arms
Eurovision
War music
Housing in Russia
A new kind of revolution
Charlemagne
The parable of Amiens
The Economist
May 6th 2017
3
7
8
8
32
33
33
34
9
On the cover
Vast flows of data give
internet companies great
power. Antitrust authorities
need a new approach: leader,
page 7. Information is giving
rise to a new economy. How
is it shaping up? Pages 14-17.
Price-bots can conspire
against consumers. How
trustbusters might thwart
them: Free exchange, page 63
10
Letters
12 On Japan, public land,
Germany, North Korea,
India, knots, “The
Goodies”
Briefing
14 The data economy
Fuel of the future
Asia
South Korean politics
Post-Park life
Japanese politics
An attack on pacifism
Timor-Leste
Wake up and sell the coffee
Food safety in Pakistan
Stepping up to the plate
Banyan
TPP, back from the dead
South Korea’s election
Politics has not kept up with
social change. The government
must become more responsive:
leader, page 9. The political
revolution that ousted the
president is not complete,
page 18
35
36
37
37
The Economist
online
Daily analysis and opinion to
supplement the print edition, plus
audio and video, and a daily chart
Economist.com
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20
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23
E-mail:
newsletters and
mobile edition
Economist.com/email
38
Print edition:
available online by
7pm London time each Thursday
Economist.com/print
Le Pen
Why voters who doubt
Emmanuel Macron should still
cast their ballot against his
opponent: leader, page 8.
Even if Marine Le Pen is
defeated, she will have left a
deep mark on French politics,
page 39
Audio edition:
available online
to download each Friday
Economist.com/audioedition
China
24 Diplomacy
Belt-and-road blues
25 Xinjiang
Humiliating Muslims
United States
Health care
A political amputation
Innovative cities
Night time turned into day
Immigration enforcement
Cities under siege
The law in Texas
No refuge
39
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42
43
Volume 423 Number 9039
Published since September 1843
to take part in "a severe contest between
intelligence, which presses forward, and
an unworthy, timid ignorance obstructing
our progress."
Editorial offices in London and also:
Atlanta, Beijing, Berlin, Brussels, Cairo, Chicago,
Lima, Mexico City, Moscow, Mumbai, Nairobi,
New Delhi, New York, Paris, San Francisco,
São Paulo, Seoul, Shanghai, Singapore, Tokyo,
Washington DC
26
27
28
28
Theresa May and the EU
In Brussels and at home,
Britain’s prime minister needs
a plan: leader, page 8.
A sudden spat with the EU may
boost Mrs May’s election
chances—but at the cost of
making Brexit even tougher
for her to negotiate, page 44
1
Contents continues overleaf
4
Contents
61 Car finance in America
and Britain
Subprime, anyone?
62 The euro-area economy
Speeding up
63 Free exchange
Algorithms and antitrust
Science and technology
Biotechnology
Primordial gloop
The fight against AIDS
Safer sex
Pollutants
Fatal attraction
Conservation
Big is beautiful
Books and arts
The National Theatre
Balancing acts
Islamic State
Children of jihad
Revival of cities
Adventures in architecture
Art collecting today
Don’t be a dupe
Alain Mabanckou
Africa’s Samuel Beckett
Tribeca film festival
An offering you can’t
refuse
The Economist
May 6th 2017
44
45
45
46
Banking
Though the effects of
the financial crisis in 2007-08
are still reverberating, banks
are learning to live with their
new environment. But are they
really safer now? See our
special report, after page 38.
Investors are simultaneously
bullish and skittish about
valuations: Buttonwood,
page 58
Britain
The EU and the election
When Brussels spouts
Election art
Explosive appointment
Euratom
The nuclear cliff-edge
Bagehot
One nation under May
64
International
47 Aid and the private sector
Doing good, doing well
Business
ESPN
Still the champion?
Alphabet v Uber
No brakes
The cost of cancer drugs
Hard to swallow
Ride-hailing in Saudi
Arabia
A captive market
Animal waste
Burning the fat
Axel Springer
Metamorphosis
Street food in America
Rules of the road
Schumpeter
Harvard Business School
Finance and economics
Chinese investors
The Buffetts of China
Buttonwood
Share prices, ten years on
Government debt
Taking the ultra-long view
Puerto Rico
Debt island
Illegal-wildlife trade
On the horns
65
66
66
Message to HBS
A confidential
memorandum to the senior
faculty of Harvard Business
School: Schumpeter, page 56
49
50
52
52
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55
Uber
A lawsuit about self-
driving cars shows Silicon
Valley’s complicated ties, page
50. Saudi women are a captive
market for Uber and Careem,
page 52
56
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Economic and financial
indicators
Statistics on 42 economies,
plus our monthly poll of
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Obituary
74 Albert Freedman
That’s entertainment
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Biotech
A new approach could
deliver the benefits of nature
without the hassle of life:
leader, page 10. Biological
engineering promises to speed
up innovation and simplify the
production of drugs and other
chemicals, page 64
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The world this week
Politics
Pope Francis
visited Egypt,
defying the dangers posed by
Islamic State to visit a Coptic
church bombed by the terrorist
group last month.
rights, particularly the recent
persecution of gay men in
Chechnya,
a semi-autono-
mous republic. Mrs Merkel
also criticised restrictions on
the freedom of assembly, the
arrest of anti-government
protesters and a recent ban on
Jehovah’s Witnesses. Mean-
while unknown assailants
doused Alexei Navalny, Rus-
sia’s leading opposition poli-
tician, with a green dye and
acid, causing him to lose much
of the sight in his right eye.
Bohuslav Sobotka, the prime
minister of the
Czech Repub-
lic,
unexpectedly declared that
he would ask the president to
accept the resignation of his
government over unexplained
dealings by the finance min-
ister, Andrej Babis. Mr Babis
belongs to a different party to
Mr Sobotka’s centre-left social
democrats and is his main
political rival ahead of a gen-
eral election, which is due to
be held in October.
Greece
secured a deal with its
creditors that will allow it to
receive the next tranche of
funds from its bail-out agree-
ment. Finance ministers in the
euro zone will meet on May
22nd to discuss its terms.
The Economist
May 6th 2017
5
Puerto Rico
filed for court
protection to shelter it from its
creditors after failing to reach
an agreement on restructuring
$73bn in debt. Though not
technically a bankruptcy, it still
represents the biggest failure of
a local government under
American law, far larger than
Detroit’s in 2013.
The president of the
Palestin-
ian Authority,
Mahmoud
Abbas, visited the White
House to meet Donald Trump.
On peace between Israel and
the Palestinians, Mr Trump
said “we will get it done”, but
offered no specifics.
Russia announced a proposal
to create “safe zones” in
Syria.
But it reserves the right to
attack “terrorists” in them.
Members of
South Africa’s
main federation of trades
unions booed President Jacob
Zuma off a stage when he tried
to speak at a rally, a sign of his
growing unpopularity. Several
other senior figures in the
ruling African National Con-
gress were similarly denied the
opportunity to speak at other
meetings of union members
around the country.
The number of
pirate
attacks
off the west coast of Africa
almost doubled in 2016, ac-
cording to a new report by
Oceans Beyond Piracy. The
report comes amid an uptick in
attacks on ships around the
Horn of Africa, an area that
had been free of pirates for
several years.
The first contingent of what
will become a 4,000 strong
UN
“regional protection force”
arrived in
South Sudan
to
bolster a peacekeeping mis-
sion there. The new troops will
have an expanded mandate to
use force to protect civilians,
which was authorised by the
UN
last year after fighting
between the government and
a rebel group killed hundreds
of people.
The great thinker
An official newspaper in
China
published a speech by
the chief of staff to the presi-
dent, Xi Jinping, saying his
boss’s political philosophy
formed a “complete theoretical
system”. The official’s remarks
appeared to signal that revi-
sions to the Communist
Party’s charter, expected later
this year, will include a tribute
to Mr Xi’s contributions to
Communist ideology.
China deported an American
businesswoman who had
recently been sentenced to
three-and-a-half years in pri-
son for
spying.
Sandy Phan-
Gillis returned to her home in
the United States.
Donald Trump said he would
be “honoured” to meet Kim
Jong Un,
North Korea’s
blood-
stained dictator, in the right
circumstances. He also invited
Rodrigo Duterte, the president
of the
Philippines,
to the
White House, despite Mr
Duterte’s extrajudicial killing
of drugs suspects that has
claimed more than 7,000 lives.
Shinzo Abe,
Japan’s
prime
minister, said he would try to
amend his country’s pacifist
constitution by 2020 to clarify
the status of the Self-Defence
Forces, Japan’s armed services
in all but name.
Rewriting the rules
Venezuela’s
president, Nico-
lás Maduro, issued a decree to
convene a constituent assem-
bly, which would write a new
constitution. The opposition
said the manoeuvre is intend-
ed to entrench the power of
the dictatorial regime. More
than 30 people have died in
weeks of protests against the
government.
The leader of the free world
Everyone’s a winner!
A $1.1 trillion
spending bill,
running at 1,665 pages, was
hammered out by Democrats
and Republicans on Capitol
Hill in order to avoid a govern-
ment shutdown. Both parties
claimed that the legislation
reflected their priorities. The
Democrats maintained that
they had thwarted funding for
Donald Trump’s wall along the
border with Mexico; the Re-
publicans pointed to more
money for defence.
Republicans in the House of
Representatives made another
effort to push their
health-care
bill.
A reworked version
makes it easier for states to
withdraw from parts of
Obamacare, which pleased
conservatives. More money
was made available for insur-
ance to cover people with
pre-existing conditions, one
part of Obamacare that has
proved popular with voters.
Trade unions called
Brazil’s
first general strike in 21 years to
protest against the govern-
ment’s plans to reduce spend-
ing on pensions and liberalise
labour laws. The strike disrupt-
ed business and traffic in sever-
al cities, including São Paulo
and Brasília, the capital.
Angela Merkel, the chancellor
of
Germany,
visited
Russia,
where she raised concerns
with Vladimir Putin, the Rus-
sian president, about human
Multiple complications
Brexit hogged the election
limelight in
Britain,
as news
leaked of a fraught dinner
between Theresa May, the
prime minister, and Jean-
Claude Juncker, the European
Commission president. He
reportedly claimed that Mrs
May is living “in another gal-
axy”; she responded that the
“bureaucrats of Brussels” were
meddling in the election.
Labour faced its own embar-
rassments. Diane Abbott, the
shadow home secretary,
fluffed her sums trying to put a
price on Labour’s pledge to
hire an additional 10,000
police officers. It appeared at
one point that she thought it
would cost only a few coppers.
1

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