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Ghosn, going, gone to Lebanon Iran v America in Iraq Will the markets run out of oomph? Particle physicists: on a collision course JANUARY4TH–10TH2020 Poles apart China, America and the planet’s biggest break-up DOWNLOAD CSS Notes, Books, MCQs, Magazines www.thecsspoint.com  Download CSS Notes  Download CSS Books  Download CSS Magazines  Download CSS MCQs  Download CSS Past Papers The CSS Point, Pakistan’s The Best Online FREE Web source for All CSS Aspirants. 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Best of all, some studies show that investing in higher-rated ESG companies could also lead to better portfolio returns ov r time* Ready to start?Talk to an advisor to build a ** ay at personalcapital.com/econ10 *"Corporate Sustainability: First Evidence on Materiality,” Harvard Business School, 2015, https://dash.harvard.edu **Advisory services are offered for a fee and provided by Personal Capital Advisors Corporation, a wholly owned subsidiary of Personal Capital Corporation. Personal Capital Advisors Corporation is a registered investment advisor with the Securities and Exchange Commission (“SEC”). SEC registration does not imply a certain level of skill or training. Keep in mind that investing involves risk. Past performance is not a guarantee of future return, nor is it necessarily indicative of future performance. The value of your investment will fluctuate over time, and you may gain or lose money. All charts, figures, and graphs depicted are for illustrative purposes only and do not represent an actual client experience. The actor portrayed in this advertisement is not an actual client of Personal Capital Advisors Corporation. For more information, visit www.PersonalCapital.com. © 2019 Personal Capital Corporation. All rights reserved. Contents The EconomistJanuary4th2020 3 The world this week United States 5 Asummary of political 16 Suburbs and the election andbusinessnews 18 Sex education in Texas 18 Romance novelists Leaders 19 Vegas weddings 7 China and America 20 Lexington Buttigieg Poles apart headsSouth 8 Renault-Nissan Fled to the Med The Americas 8 America, Iran and Iraq 21 Jair Bolsonaro’s first Undeterred anniversary 9 Brazil 23 Buses in Bogotá Ayearofgoverning dangerously On the cover 10 Criminaljustice The rivalry between China and Howtoreducerape America will reshape the world: leader,page 7. China looks on Asia Letters America with growing distrust 24 Carlos Ghosn’s flight 11 Oncarboncapture,health and scorn, page 28.America Inc from Japan care,rats,conservation, is still doing surprisingly well in JoeBiden 25 Australia’s inferno China, page 45. Chinese tech is 26 Elections in Taiwan booming, see our Technology Quarterly, after page 34. Briefing 26 Provoking Indian Muslims Chinese students on American 13 Chinesestudents 27 BanyanJapanese campuses: briefing, page 13. inAmerica name-order China’s industrial policy: Free Thenewredscare exchange,page56 China TechnologyQuarterly: •Ghosn, going, gone to 28 How America looks from China LebanonNo one comes out of Beijing the Carlos Ghosn affair smelling Fromthepeoplewho of roses: leader,page 8. The broughtyoufireworks flight of a car-industry megastar Afterpage34 shocks Japan, page 24 •Iran v America in Iraq America’s retaliation backfires: Middle East & Africa leader,page 8. The conflict 30 America, Iran and Iraq between a global superpower and regional one is deepening, 31 Countering Iran at sea page 30 32 Algeria’s new regime •Will the markets run out of 32 Ending the CFA franc oomph?The chances of a 33 The Rand Club booming stockmarket in 2020, 34 School reform in Liberia page 51 LexingtonPete Buttigieg, •Particle physicists: on a the front-runner in Iowa collision coursePhysics needs and New Hampshire, may anew collider. The world’s have no path to the scientific powers are arguing Democratic nomination, about what it should look page 20 like and where it should be built,page 57 1 Contents continues overleaf 4 Contents The EconomistJanuary4th2020 Europe Finance & economics 35 Germany’s mighty Greens 51 The markets’ fizzy year 36 Campione d’Italia 52 Afishy trade tale 37 Joblessness in Europe 53 South-East Asia’s digital Big Bang 38 CharlemagneThe EU as “civilisation-state” 53 Who pays for the minimum wage? 54 ButtonwoodHedging Britain against inflation 39 Reshaping the state 56 Free exchange China’s 40 Darts makes a comeback creakingindustrialpolicy 41 BagehotOne-nation Conservatism Science & technology 57 Physics’s next colliders International 42 Prosecuting rape Books & arts 60 Impeachment in ancient Athens 61 Sephardic history Business 62 JohnsonClimate-change 45 America’s lingo Sinodependency 46 LG’s riskier strategy 47 Streaming’s Universal Economic & financial indicators appeal 64 Statisticson42economies 48 Bartleby A manager’s manifesto Graphic detail 49 SchumpeterTesla in 65 Whatmarketsandmodelsexpectin2020 China Obituary 66 Yuri Luzhkov, transformer of Moscow Subscription service For our full range of subscription offers, including digital only or print and digital combined, visit: Economist.com/offers Volume434 Number9175 PublishedsinceSeptember1843 You can also subscribe by mail, telephone or email: One-year print-only subscription (51 issues): Please totakepartin“aseverecontestbetween North America intelligence, which presses forward, The Economist Subscription Center, United States..........................................US $189 (plus tax) and an unworthy, timid ignorance P.O. 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