Registered as a newspaper. © 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 Economistis a
registered trademark of The Economist Newspaper Limited. Printed by Walstead Peterborough Limited.4 Contents The EconomistFebruary 22nd 2020
PEFC/16-33-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:
Amsterdam, Beijing, Berlin, Brussels, Cairo,
Chicago, Johannesburg, Madrid, Mexico City,
Moscow, Mumbai, New Delhi, New York, Paris,
San Francisco, São Paulo, Seoul, Shanghai,
Singapore, Tokyo, Washington DCSubscription service
For our full range of subscription offers, including
digital only or print and digital combined, visit:
Economist.com/offers
You can also subscribe by post, telephone or email:
Post: The Economist Subscription
Services, PO Box 471, Haywards
Heath, RH16 3GY, UK
Telephone: 0333 230 9200 or
0207 576 8448
Email: customerservices
@subscriptions.economist.comOne-year print-only subscription (51 issues):
UK..........................................................................................£PEFC certified
This copy of The Economist
is printed on paper sourced
from sustainably managed
forests certified by PEFC
http://www.pefc.orgPleaseVolume 434 Number 9182Asia
45 Japan’s wilting economy
46 The end of an Aussie icon
47 Marriage in Pakistan
47 A disputed election in
Afghanistan
48 BanyanMandarin v
dialects in SingaporeChina
49 The war against the virus
50 Twittering diplomats
51 ChaguanWorkers, stuck
in their villagesInternational
52 Preparing for covid-Business
54 The next recession
56 Zuck in Brussels
57 Apple’s troubles in China
58 Force majeure
59 BartlebyOverpaid bosses
60 SchumpeterThe CEO
who loved meFinance & economics
61 The Bundesbank
62 Bloated central banks
63 HSBC pivots east
63 Michael Milken’s pardon
64 Buttonwood The cash bug
65 Tracing capital flows
65 Student loans in America
66 Free exchange
Responding to covid-Science & technology
67 Extraterrestrial
intelligence
68 Crop yields and microbes
69 Reading faces
70 An atlas of the bodyBooks & arts
71 The internet’s histories
72 The legend of Levi Strauss
73 Mountaineering wars
73 Kurdish art
74 Morality in RussiaEconomic & financial indicators
76 Statistics on 42 economiesGraphic detail
77 Discrimination in ChinaObituary
78 “Mad Mike” Hoare, soldier of fortune