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《经济学人》英文版-2011-10-22-.pdf

《经济学人》英文版-2011-10-22-.pdf

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TheEconomistTheEconomistTranslationTeam《经济学人》英文版2011年10月22日刊免费邮件订阅地址:http://80.tc/dy本刊旨在提供学习交流之用,请于下载后24小时内删除,我们鼓励购买正版!TheworldthisweekPoliticsthisweekBusinessthisweek————————————LeadersCapitalismanditscriticsRageagainstthemachineBusinessinIndiaBuildingIndiaIncArgentina’spresidentialelectionThewidowtakesitallTheeurocrisisTimeforSuperMarioWorldpopulationNowwearesevenbillionChina’seconomyAfraidofabump————————————BriefingDemographyAtaleofthreeislandsTheEuropeanCentralBankReadyfortheruck?————————————BusinessPointlessregulationsIt’sajungleoutthereCorporategovernanceinJapanOlympiandepthsChineseartbuyersThenewMedicisTheeconomicsofGrouponThedismalscooponGrouponDiscoveringmusicaltalentAnew,improvedhitmachineSchumpeterTheartofselling————————————Finance&EconomicsChina’seconomyHittingthekerbShortingbansEurope’snewdresscodeWallStreetresultsDarknessvisibleButtonwoodSlowfinanceArgentina’sdebtdefaultGauchosandgadfliesEconomicsfocusUnrestinpeace————————————Science&TechnologyClimatechangeTheheatisonFacialmonitoringTheall-tellingeyeMalariaNotswattedyet————————————BooksandArtsDengXiaoping’slegacyThegreatstabiliserDeathandmourningTheendofthelineTheManBookerprizeThefineprintForeigninterventionsWhentoholdandwhentofoldThemeaningoffoodEatthisbookNewcinemaThecradlewillrockNewfictionAmagicalmysterytour————————————InternationalProtestsNotquitetogetherMaoistsandWallStreetTheEconomistTheEconomistTranslationTeam《经济学人》英文版2011年10月22日刊免费邮件订阅地址:http://80.tc/dy本刊旨在提供学习交流之用,请于下载后24小时内删除,我们鼓励购买正版!Longmarch,longermemoriesCheatinginsportOnedownmanship————————————UnitedStatesTheparableofDetroitSocheap,there’shopeOthershrinkingcitiesSmallerismorebeautifulCampaignfundsAPACketofmoneyChicago’sbudgetRealitybitesPublicservicesRubbishcompetitionElectoralreformSecondchoiceorsecond-class?CleanpowerBacktobasicsLexingtonRevisitingtheHooverDam————————————TheAmericasArgentina’spresidentialelectionFlyingsoloPollutioninBrazilThesilveryTietê————————————AsiaAustralianpoliticsWitheredofOzAfterthetsunamiOldhabitsdiehardCasteinIndiaTouchableAnelectioninKyrgyzstanBridgingthedivideEqualopportunitiesinSouthKoreaGladdertobegayBanyanNotascloseaslipsandteeth————————————MiddleEastandAfricaLibya’sliberationThecoloneliscaughtTunisia’selectionTheIslamistconundrumCorruptioninSouthAfricaAcanofwormsJordananditskingCaughtinthemiddleasusualHamasaftertheprisonerexchangeTheIslamistsreapareward————————————EuropeFrenchpoliticsSauceHollandaiseGermanpoliticsDaylightpiracyPortugalandtheeuroInthemireIrelandandtheeuroPignomore?Italy’sprimeministerDown,butnotoutGaysinTurkeyNotwantedCharlemagneWakeup,eurozone————————————BritainThefutureoftheBritisharmyOnthedefensiveCambridgegetsanewchancellorChancingitAfterFoxgateMinistersvmandarinsFuelbillsTroubleturninguptheheatEvictionsatDaleFarmThefightmovesonAdvertisingstandardsSkin-deeptruthsaboutbeautyAnimal-rightsprotestsAbeastlybusinessBagehotRightbutwrong-headedTheEconomistTheEconomistTranslationTeam《经济学人》英文版2011年10月22日刊免费邮件订阅地址:http://80.tc/dy本刊旨在提供学习交流之用,请于下载后24小时内删除,我们鼓励购买正版!PoliticsthisweekOct22nd2011|fromtheprinteditionReportsfromLibyaindicatedthatColonelMuammarQaddafihadbeenkilled,asforcesfromthenewrulingauthoritiestookfullcontrolofSirte,thecolonel’shometownwherefightersloyaltotheoldregimeweremakingafinalstand.SeearticleGiladShalit,anIsraelisoldierheldformorethanfiveyearsbyHamas,theIslamistPalestiniangroupthatrunsGaza,wasfreedinexchangefor1,027Palestinianprisoners.Thefirstbatchof477ofthemwasreleasedthisweek;theremainderareexpectedtobeletoutnextmonth.SeearticleMorethan20peoplewerekilledasfreshprotestsbrokeoutintheSyriancityofHoms.TheUNsaysover3,000peoplehavebeenkilledinSyriasincetheunrestbeganinMarch.DozensofpeoplewerekilledinYemenduringprotestsagainstPresidentAliAbdullahSaleh,whoreturnedlastmonthfromSaudiArabia,wherehehadfledinJunefortreatmentfollowingabombattack.Thoughhehaspromisedtostepdown,heshowednosignofactuallydoingso.KenyasenttanksandarmouredcarsintoSomaliatoattacktheShabab,theIslamistmilitiathatcontrolsmostofthesouthernpartofSomaliaexceptforMogadishu,thecapital.TheShabab,whichthreatenedtorespondtotheincursionwithterrorisminKenya,hasrecentlykidnappedseveralforeignersinthecountry,includingaFrenchwoman,whosubsequentlydied,andtwoSpanishmedicalworkers.InLiberia’spresidentialelectionEllenJohnsonSirleaf,theincumbent,won44%ofthevote.ShewillfaceWinstonTubman,aformerdiplomat,inarun-offnextmonth.BarackObamasaidhewouldsend100AmericanmilitaryadvisersandsupportstafftohelpCongolese,CentralAfricanandUgandantroopshuntdownrebelsoftheLord’sResistanceArmy,afanaticalUgandangroupthathaskilledandabductedthousandsofciviliansinaswatheofnorth-westernUgandaandnearbyborderlands.ActivistsoftheworlduniteThousandsofanti-capitalistprotesterstooktothestreetsinscoresofcitiesaroundtheworld.InNewYorkaround7,000peoplejoinedtheOccupyWallStreetcampinManhattan,andthereweresimilar-sizedmarchesinLosAngelesandSanFrancisco.InLondonprotesterscampedoutsideStPaul’sCathedral.ThebiggestdemonstrationstookplaceinMadridandinRome.SeearticleTheObamaadministrationditchedaninsuranceprogrammeforcareassistanceaimedatpeoplewithsevereillnessesordisabilities,whichformedpartofthehealth-carereformact.Criticsofthescheme,whoincludeafewDemocrats,TheEconomistTheEconomistTranslationTeam《经济学人》英文版2011年10月22日刊免费邮件订阅地址:http://80.tc/dy本刊旨在提供学习交流之用,请于下载后24小时内删除,我们鼓励购买正版!saidtheirearlywarningsthattheprogrammewasnotviablewereignored.BarackObamaandthesurvivingluminariesofAmerica’scivil-rightsmovementattendedthededicationofamemorialtoMartinLutherKingwithintheNationalMallareainWashington.ThededicationwaspostponedfromAugustbecauseofHurricaneIrene.ReluctantwarriorPakistan’sarmychief,AshfaqKayani,wasreportedtohavesaidthatAmericashouldthink“tentimes”beforetakinganyunilateralactionintheborderregionofNorthWaziristan.ReportssayGeneralKayaniwarnedAmericatofocusonstabilisingAfghanistan,insteadofpushingPakistantoattackmilitantgroups.JuliaGillard,Australia’sprimeminister,wasforcedtodropacontroversialproposaltofunneltheprocessingofpeopleseekingasyluminhercountrythroughMalaysia.ItisabigdefeatforMsGillard,whoonlythedaybeforehadscoredasuccessbypushingherequallycontroversialplanforacarbontaxthoughthelowerhouseofParliament.SeearticleChinaagainaccusedtheDalaiLamaofencouragingTibetanstocommitsuicide.ThelatestclaimcameaftertheexiledTibetanspiritualleaderofferedprayersforeightmonksandanunwhohavesetthemselvesonfiretoprotestagainstChineseruleinTibetanpartsofSichuanprovince.Chinasaidtheself-immolationswere“terrorismindisguise”.HollandedaysFrançoisHollande,amild-manneredformerbossoftheFrenchSocialists,wontheparty’spresidentialprimaryvote.HewillnowgoontofaceNicolasSarkozyinnextspring’spresidentialelection.SeearticleKurdishmilitantskilledatleast24Turkishsoldiersinanumberofco-ordinatedattacksinTurkey’smainlyKurdishsouth-east.InresponseTurkishtroopsenterednorthernIraq,huntingfightersfromtherebelKurdistanWorkers’Party(PKK).KurdishviolenceinTurkeyhasintensifiedsinceageneralelectioninJune.OfficialsfromtheEuropeanUnionpostponedameetingwithViktorYanukovych,Ukraine’spresident.YuliaTymoshenko,MrYanukovych’smainrival,wasrecentlyhandedaseven-yearprisonsentenceinKiev,whichtheEUsayswaspoliticallymotivated.AfterhintingthatMsTymoshenko’ssentencemightbemodified,MrYanukovychnowsayshewillnotbowtointernationalpressure.BeleagueredGreecewashitbya48-hourgeneralstrike,asitsparliamentpreparedtovoteonafreshroundofspendingcutsandtaxrises.AlthoughbarelyaweekgoesbywithoutsomeformofunrestinGreece,unionssaidthiswasthebiggeststrikesincethefirstGreekbail-outinMay2010.AbigsummitofEuropeanleadersisbeingheldonOctober23rdtodiscusstheeuro-zonecrisis.QuestionsgrewoverSilvioBerlusconi’sabilitytoholdhiscoalitiontogether,afterheonlynarrowlywonavoteofconfidenceinthelowerhouseofItaly’sparliament.SeearticleTheEconomistTheEconomistTranslationTeam《经济学人》英文版2011年10月22日刊免费邮件订阅地址:http://80.tc/dy本刊旨在提供学习交流之用,请于下载后24小时内删除,我们鼓励购买正版!LiamFoxresignedasBritain’sdefencesecretaryfollowingascandalinvolvingaconflictofinterestwithaclosefriend.SeearticleAcontentiouscontenderVenezuela’sSupremeCourtruledthatLeopoldoLópez,anoppositionpresidentialcandidate,cannotbesworninifhewinstheelection.Heisbannedfromholdingpublicofficebecauseofallegationsofcorruption,whichhaveneverbeenprovenincourt.TheInter-AmericanCourtofHumanRightshassaidthebanisillegal.StudentprotestsinChileturnedviolent,asdemonstratorssetabusonfireandthrewpetrolbombsandpolicerespondedwithteargasandwatercannon.Theprotestersaredemandingthatthecentralgovernmentfullytakeovertheeducationsystem.fromtheprintedition|TheworldthisweekBusinessthisweekOct22nd2011|fromtheprinteditionAmerica’sbigbanksreportedapoorsetofquarterlyearnings.BankofAmerica’sheadlinenetprofitof$6.2billionwasboostedmostlybyaccountingquirksandcashithasreapedfromsellingassets(itisnownolongerAmerica’sbiggestbankbyassets,cedingthattitletoJPMorganChase).CitigroupandWellsFargopostedhealthyrisesinincome,butbothalsorecordedtheirfirstincreasesfortwoyearsinmissedpaymentsonconsumerloansandmortgages.SeearticleThetitanstumblesGoldmanSachsregisteredaquarterlylossforonlythesecondtimesinceitwentpublicin1999.Amidvolatilemarkets,revenueatthebankplungedby60%comparedwithlastyear’sthirdquarter.MorganStanleymadea$2.2billionprofit.Citigroupagreedtopay$285mtosettlecivilfraudchargesbroughtbytheSecuritiesandExchangeCommissionthatclaimedthebankmisledpeopleintobuyingmortgage-relatedinvestments,whichitsubsequentlybetagainst.Citineitheradmittednordeniedwrongdoing.RajRajaratnamwassentencedto11yearsinprisononOctober13th.ItistheTheEconomistTheEconomistTranslationTeam《经济学人》英文版2011年10月22日刊免费邮件订阅地址:http://80.tc/dy本刊旨在提供学习交流之用,请于下载后24小时内删除,我们鼓励购买正版!longestjailtermhandeddownforinsidertrading,andwouldhavebeenlongerexceptforMrRajaratnam’sadvanceddiabetes,whichthejudgetookintoconsideration.SeearticleAmerica’sCommodityFuturesTradingCommissiongaveitsapprovaltorestrictionsonspeculatingincommodities.Thenewrulesextendthecommission’sexistinglimitsonpositionsthatfirmscanholdinagriculturalcontractsto28othercommodities,includingoil,goldandsilver.Lastyear’sDodd-Frankfinancialreformsdecreedthatsuchmeasuresbeimplementedtocurbupwardpressureoncommodityprices,whichisreckonedbysometobecausedbyinvestorspeculation.SeearticleTheEuropeanCourtofJusticeruledthatmethodstoderivestemcellsfromhumanembryos,andtobeusedfor“purposesofscientificresearch”,cannotbepatented,asetbackforEurope’sbiotechnologyanddrugsindustries.ThecasewasbroughtbyGreenpeaceinGermany,whichisopposedto“thecommercialisationofthehumanbody”.Therulingappliesonlytointellectual-propertyrights,anddoesnotintroduceanyethicalbanonexperiments.Still,manyscientistspredictedthatthedecisionwillcauseresearchtomigratetoAmericaandAsia.SeearticleJapan’scorporate-governancepracticeswerethrownintothespotlight,afterMichaelWoodfordwasoustedaspresidentofOlympusbythecompany’sboard.MrWoodfordsuggeststhathisoffencewastoaskquestionsaboutlargepaymentstoafirmintheCaymanIslands.Olympussaidhewassackedbecauseofaclashofmanagementstyles.SeearticleISSacceptedatakeoverbidfromG4S.Withmorethan1mworkers,thecombinedsecurity-andfacilities-servicescompanywillbetheworld’ssecond-biggestprivate-sectoremployer,afterWalmart.TheshaletrailKinderMorganagreedtobuyElPasoCorporation.The$38billiontransactionwillcreateAmerica’sbiggestoperatorofoil-and-gaspipelineswithassetsinallofthecountry’sshale-gasprojects.KinderMorganwillselloffElPaso’sexplorationandproductionbusinesstohelppayforitspurchase.InaseparatedealStatoilsaiditwouldpay$4.4billionforBrighamExploration,whichwillbroadentheNorwegianenergycompany’sbusinessinshaleandotherunconventionalgassources.BPaccepteda$4billionpaymentfromAnadarkoPetroleum,oneofitsminoritypartnersinthewellthatcausedlastyear’soilspillintheGulfofMexico,tosettleanypendingdisputesbetweenthetwooverresponsibilityforthedisaster.Thesettlement,thebiggestyetfromoneofBP’spartnersinthestrickenDeepwaterHorizonwell,comesafterlastmonth’sfinalreportbyAmericaninvestigators,whichspreadtheblamefortheaccidentamongseveralfirms.China’sGDPgrewbyarobust9.1%year-on-yearinthethirdquarter,easingfearsofahardlandingfortheeconomy.SeearticleLilianeBettencourt,France’srichestwomanwitha31%stakeinL’Oréal,lostathree-yearlegalbattlewithherdaughter,whenacourtfoundthatthe88-year-oldwasnolongermentallyfittorunthefamily’sinheritance.ThecosmeticsempirewasfoundedbyEugèneSchueller,MrsBettencourt’sfather,in1909.WherearetheGroupies?TheEconomistTheEconomistTranslationTeam《经济学人》英文版2011年10月22日刊免费邮件订阅地址:http://80.tc/dy本刊旨在提供学习交流之用,请于下载后24小时内删除,我们鼓励购买正版!Grouponappearedsettolaunchitsmuch-anticipatedinitialpublicoffering,butatafarlowervaluationthanhadbeenexpectedwhenitfiledtogopublicinJune.SincethenanumberofcompetitorshavejumpedintoGroupon’smarket,byalsoofferingsteepproductdiscountsthroughtheuseofsocial-networkingtools.Seearticlefromtheprintedition|TheworldthisweekTheEconomistTheEconomistTranslationTeam《经济学人》英文版2011年10月22日刊免费邮件订阅地址:http://80.tc/dy本刊旨在提供学习交流之用,请于下载后24小时内删除,我们鼓励购买正版!CapitalismanditscriticsRageagainstthemachinePeoplearerighttobeangry.ButitisalsorighttobeworriedaboutwherepopulismcouldtakepoliticsOct22nd2011|fromtheprinteditionFROMSeattletoSydney,protestershavetakentothestreets.WhethertheyareinspiredbytheOccupyWallStreetmovementinNewYorkorbytheindignadosinMadrid,theyburnwithdissatisfactionaboutthestateoftheeconomy,abouttheunfairwaythatthepoorarepayingforthesinsofrichbankers,andinsomecasesaboutcapitalismitself.InthepastitwaseasyforWesternpoliticiansandeconomicliberalstodismisssuchoutpouringsoffuryasamisguidedfringe.InSeattle,forinstance,thelastbigprotests(againsttheWorldTradeOrganisation,in1999)lookedmindless.Iftheyhadagoal,itwasselfish—anattempttoimpoverishtheemergingworldthroughprotectionism.Thistimetoo,somethingsarefamiliar:theoddbitofviolence,alotofincoherentrantingandplentyofinconsistency(seearticle).Theprotestershavedifferentaimsindifferentcountries.Highertaxesfortherichandaloathingoffinanciersistheclosestthingtoacommondenominator,thoughinAmericapollsshowthatpopularrageagainstgovernmenteclipsesthatagainstWallStreet.Yeteveniftheprotestsaresmallandmuddled,itisdangeroustodismissthebroaderragethatexistsacrosstheWest.Therearelegitimatedeep-seatedgrievances.Youngpeople—andnotjustthoseonthestreets—arelikelytofacehighertaxes,lessgenerousbenefitsandlongerworkinglivesthantheirparents.Moreimmediately,housesareexpensive,credithardtogetandjobsscarce—notjustinoldmanufacturingindustriesbutintheritzierservicesthatattractincreasinglydebt-ladengraduates.InAmerica17.1%ofthosebelow25areoutofwork.AcrosstheEuropeanUnion,youthunemploymentaverages20.9%.InSpainitisastaggering46.2%.OnlyinGermany,theNetherlandsandAustriaistherateinsingledigits.Itisnotjusttheyoungwhofeelsqueezed.Themiddle-agedfacefallingrealwagesanddiminishedpensionrights.Andtheelderlyareseeinginflationeatawaythevalueoftheirsavings;inBritainpricesarerisingby5.2%butbankdepositsyieldlessthan1%.Inthemeantime,bankersarebacktohugebonuses.History,miseryandprotestTotheman-in-the-street,allthissmacksofasystemthathasfailed.NeitherofTheEconomistTheEconomistTranslationTeam《经济学人》英文版2011年10月22日刊免费邮件订阅地址:http://80.tc/dy本刊旨在提供学习交流之用,请于下载后24小时内删除,我们鼓励购买正版!themainWesternmodelshasmuchpoliticalcreditatthemoment.Europeansocialdemocracypromisedvotersbenefitsthatsocietiescannolongerafford.TheAnglo-Saxonmodelclaimedthatfreemarketswouldcreateprosperity;manyvotersfeelinsteadthattheygotaseriesofdebt-fuelledassetbubblesandaneconomythatwasriggedinfavourofafinancialelite,whotookalltheproceedsinthegoodtimesandthenlefteverybodyelsewithnoalternativeotherthantobailthemout.Touseoneoftheprotesters’betterslogans,the1%havegainedattheexpenseofthe99%.Ifthegrievancesaremorelegitimateandbroaderthanpreviousragesagainstthemachine,thenthedangersarealsogreater.Populistanger,especiallyifithasnocoherentagenda,cangoanywhereintimesofwant.The1930sprovidedthemostterrifyingexample.Amorerecent(andlessfrightening)casestudyistheteaparty.ThejustifiedfuryofAmerica’sstrivingmiddleclassesagainstacumbersomestatehasinpracticetranslatedintoaformofobstructivenihilism:nothingtodowithtaxescangetthroughWashington,includingtaxreform.Worryingly,politiciansarealreadyinsomethingofafunk.TheRepublicansfirstdenouncedtheoccupiersofWallStreet,thencuddleduptothem.AcrossEuropesocialdemocraticpartieshavetendedtoloseelectionsiftheymovetoofarfromthecentreground,butleaders,likeEdMilibandinBritainandFrançoisHollandeinFrance(seearticle),stillfindtheanti-bankerrhetoricenticing.Whynotoptforagesture—tariffs,asupertaxontherich—thatmayonlymakemattersworse?AstrugglingBarackObama,whohasalreadyflirtedwithclasswarfareandbusiness-bashing,mightwellconsiderdraggingChinaanditscurrencyintothefray.Anditwillgetworse:austerityandprotesthavealwaysgonetogether(seearticle).Tacklethecauses,notthesymptomsBraverpoliticianswouldfocusontwothings.Thefirstistacklingthecausesoftheragespeedily.Aboveallthatmeansdoingmoretogettheireconomiesmovingagain.Acrediblesolutiontotheeurocrisiswouldbeahugestart.Moregenerally,focusonpoliciesthatboosteconomicgrowth:tradelessausterit
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