Econ_May_05_2018

6 / 100

International
57 Demography
Small isn’t beautiful
Business
59 American telecoms
The art of the deal
60 AT&T and Time Warner
Vintage legal drama
60 Glencore in the DRC
Rumble in the jungle
61 Startups in France
Seeking the big time
62 Trade and American
business
Chain reaction
63 Sidewalk Labs
Streets ahead
64 Schumpeter
American sanctions
Finance and economics
65 Bank of America
Making dollars and sense
66 Reshaping Deutsche Bank
Shrink to fit
66 Trade and innovation
Is there a China chill?
67 Returns to education
Smart investment
68 Credit-default swaps
Blackstone’s wizard wheeze
68 Tax havens
The Salisbury effect
70 Banks in Japan
Overstaffed and
overbranded
71 Buttonwood
The next crisis
72 Free exchange
The worth of nations
Science and technology
75 Genomes and privacy
No hiding place
76 Language
Manners of speaking
76 But is it art?
Neanderthal creativity
76 Chemistry
Desalination development
77 Working mothers
Express delivery
78 Policing modern slavery
Traffic jammers
Books and arts
79 Karl Marx at 200
Second time, farce
81 A nuclear near-miss
Cockroaches and scorpions
81 America and the
Chinese civil war
Feet of clay
82 The Rockefeller auction
Manet, Monet, money
82 Maximalist fiction
Tick, tock
84 Economic and financial
indicators
Statistics on 42 economies,
plus a closer look at Greece
Obituary
86 Michael Martin
Order and disorder
T-Mobile and Sprint
Regulators should squash
plans for a big telecoms merger
in America: leader, page12.
The two firms will find it hard
to persuade regulators that
their merger will add jobs and
reduce prices, page 59. The
government’s case against
AT&T and Time Warner has
gone badly, page 60
Financial inclusionNearly
a quarter of the world’s
population remains unbanked.
But thanks to mobile phones,
financial inclusion is making
great strides. See our special
report after page 44
The next crisis Corporate
debt could be the culprit:
Buttonwood, page 71
Marx at 200 Two centuries
after his birth Karl Marx remains
surprisingly relevant, page 79
©2018TheEconomistNewspaperLimited.Allrightsreserved.Neitherthispublicationnoranypartof itmaybereproduced,stored inaretrievalsystem,ortransmitted inany formorbyanymeans,electronic,mechanical,photocopying,recordingor
otherwise,withoutthepriorpermissionofTheEconomistNewspaperLimited.TheEconomist (ISSN0013-0613) ispublishedeveryweek,except forayear-enddouble issue,byTheEconomistNewspaperLimited,7503rdAvenue,5thFloor,NewYork,NY10017.
The Economist is a registered trademark of The Economist Newspaper Limited. Periodicals postage paid at New York, NY and additional mailing offices.Postmaster: Send address changes to The Economist, P.O. Box 46978, St. Louis , MO. 63146-6978, USA.
CanadaPostpublicationsmail(Canadiandistribution)salesagreementno.40012331.ReturnundeliverableCanadianaddressestoTheEconomist,POBox7258STNA,Toronto,ONM5W1X9.GSTR123236267.PrintedbyQuad/Graphics,SaratogaSprings,NY12866
PEFC certified
This copy of The Economist
is printed on paper sourced
from sustainably managed
forests certified to PEFC
PEFC/29-31-58
Principal commercial offices:
The Adelphi Building,1-11John Adam Street,
LondonWC2N 6HT
Tel: +44 (0) 20 7830 7000
Rue de l’Athénée 32
1206 Geneva, Switzerland
750 3rd Avenue, 5th Floor, New York, NY10017
1301Cityplaza Four,
12 Taikoo Wan Road, Taikoo Shing, Hong Kong
Tel: +852 2585 3888
Other commercial offices:
Chicago, Dubai, Frankfurt, Los Angeles,
Paris, San Francisco and Singapore
6 Contents The Economist May 5th 2018
Subscription service
For our latest subscription offers, visit
For subscription service, please contact by
telephone, fax, web or mail at the details
provided below:
Subscription for 1 year (51 issues)
United States US $158.25 (plus tax)
Canada CA $158.25 (plus tax)
Latin America US $289 (plus tax)
North America
The Economist Subscription Center
P.O. Box 46978, St. Louis, MO 63146-6978
Telephone:+1 800 456 6086
Facsimile:+1 866 856 8075
E-mail:
Latin America & Mexico
The Economist Subscription Center
P.O. Box 46979, St. Louis, MO 63146-6979
Telephone:+1 636 449 5702
Facsimile:+1 636 449 5703
E-mail:
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News"