© 2019TheEconomistNewspaperLimited.Allrightsreserved.Neitherthispublicationnoranypartofit maybereproduced,storedina retrievalsystem,ortransmittedinanyformorbyanymeans,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, N Y 10017. The Economist is a registered trademark of The Economist Newspaper Limited. Periodicals postage paid at New York, NYand 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, Saratoga Springs, NY 128666 Contents The EconomistNovember 23rd 2019
PEFC certified
This copy of The Economist
is printed on paper sourced
from sustainably managed
forests certified to PEFC
PEFC/29-31-58 http://www.pefc.orgPleaseSubscription 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 mail, telephone or email:
North America
The Economist Subscription Center,
P.O. Box 46978, St. Louis, MO 63146-
Telephone: +1 800 456 6086
Email: [email protected]
Latin America & Mexico
The Economist Subscription Center,
P.O. Box 46979, St. Louis, MO 63146-
Telephone: +1 636 449 5702
Email: [email protected]One-year print-only subscription (51 issues):
United States..........................................US $189 (plus tax)
Canada......................................................CA $199 (plus tax)
Latin America.......................................US $325 (plus tax)PublishedsinceSeptember 1843
totakepartin“aseverecontestbetween
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 DCVolume 433 Number 9170Europe
47 Fighting corruption in
eastern Europe
48 Swiss coffee reserves
49 Romania’s health care
49 Milking farm subsidies
50 Rural decline in France
51 CharlemagneDefending
EuropeBritain
52 Grim news in Grimsby
53 Prince Andrew’s interview
54 BagehotPavement
politicsInternational
55 The new narco-statesBusiness
57 America’s opaque
hospitals
58 Greening RWE
59 Bartleby Refugee
entrepreneurs
60 Political bandwidth in
Britain
60 Google, gaming underdog
61 China’s tech darlings
62 Schumpeter Rethinking
McKinseyFinance & economics
64 Big Tech enters banking
65 The Vatican’s finances
get murkier
66 Asia’s surplus savings
67 ButtonwoodMarket
intelligence and AI
68 Europe’s banking disunion
68 Pricing climate risk
69 Currency trading
70 Free exchange The best
aneconomistcangetScience & technology
71 VR and cyber-sickness
72 Worm-proofing sheep
73 Making molybdenum-
73 Climate hypocrisy
74 Solar-powered trainsBooks & arts
75 Chinese espionage
76 Solving economic
problems
77 Georgian fiction
77 A memoir of abuse
78 A CongolesesculptorEconomic & financial indicators
80 Statisticson 42 economiesGraphic detail
81 Medieval Catholicism nudged Europe towards democracy
anddevelopmentObituary
82 Terry O’Neill, photographer of stars