TheEconomist

Crunch time in France

Ten years on: banking after the crisis

South Korea's unfinished revolution

Biology, but without the cellsMAY 6TH-12TH 2017

The world's moslvaluable resource

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OnthecoverVast flows of data giveinternet companies greatpower. Antitrust authoritiesneed a new approach: leader,page 7. Information is givingrise to a new economy. Howis it shaping up? Pages 13-16.Price-bots can conspireagainst consumers. Howtrustbusters might thwart

. them: Free exchange, page 62

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••Volume 423 Number 9039

Published since September1843to take port in "a severe contest betweenintelligence, which pressesjorward, andan unworthy, timid ignorance obstructingour progresso "

Ed;torial offices in London and also:Atlanta, Beijing, Berlin, Brussels, Cairo, Chicago,lima, Mex1co City, Moscow, Mumbai, Nairobi,New Delhi. NewYork, Paris, San Francisco,Sàc Paulo, Seoul, Shanghai, Singapore, Tokyo,Washington DC

5 The world this week

Leaders7 The data economy

The world's most valuableresource

8 Theresa Mayv BrusselsWar of words

8 France decidesDori't discount MarineLe Pen

9 South Korea votesMoon mission?

10 Synthetic biologyBreaking free from cells

Letters12 On Japan, public land,

Germany, North Korea,India, knots, "TheGoodies"

Briefing13 The data economy

Fuel of the future

Europe17 France's election

The rage against Macron18 German politics

Angie's army18 Turkey and Russia cosy up

Brothers in arms19 Eurovision

War music20 Housing in Russia

A new kind of revolution21 Charlemagne

The parable of Amiens

Britain22 The EUand the election

When Brussels spouts23 Election art

Explosive appointment23 Euratom

The nuclear cliff-edge24 Bagehot

One nation under May

Middle East and Africa25 A cotto n boll's journey

From shrub to shirt to shelf26 South Africa

Funereal politics27 Egypt's judiciary

Under attack27 America and the

PalestiniansMovement, but how muchchange?

28 The state of Arab menDown and out in Cairo andBeirut

United States29 Health care

.Apolitical amputation30 Innovative cities

Night time turned into day32 Immigration enforcement

Cities under siege32 The law in Texas

No refuge33 The Supreme Court

Man in the middle33 Transport in New York

On the wrong track34 School vouchers

Going public35 Lexington

Constant foe, fickle friend

The Americas36 Venezuela

It's up to the army37 Cannabis in Uruguay

Pharmacists v criminals37 French people in Canada

Culture shock in Quebec38 Bello

Peace and politics in. Colombia

Special report:International bankingTen years onAfter page 38

Le Pen Whyvoters who doubtEmmanuel Macron should stillcasttheir ballot against hisopponent: leader, page 8.Even if Marine Le Pen isdefeated, she will have left adeep mark on French politics,page 17

.\."--.c

South Korea' s electionPolitics has not kept up withsocial change. The governmentmust become more responsive:leader, page 9. The politicalrevolution that ousted thepresident is not complete,page 39

Theresa Mayand the EUIn Brussels and at home,Britain's prime minister needsa plan: leader, page 8.Asudden spat with the EUmayboost MrsMay's electionchances-but atthe cost ofmaking Brexit even tougherfor herto negotiate, page 22

~~Contents continues overleaf

3

4 Contents The Economist May 6th 2017

Banking Though the effects ofthefinanciaLcrisis in 2007-08are stiLLreverberating, banksare Learning to Livewith theirnew environment. ButaretheyreaLLysafer now? See ourspeciaL report, after page 38.Investors are simuLtaneousLybuLLishand skittish aboutvaLuations: Buttonwood,page 58

Uber ALawsuit about seLf-driving cars shows SiLiconVaLLey'scompLicated ties, page50. Saudi women are a captivemarket for Uber and Careem,page 52

Biotech Anew approach couLddeLiverthe benefits of naturewithout the hassle of Life:Leader, page 10. BioLogicaLengineering promises to speedup innovation and simpLifytheproduction of drugs and otherchemicaLs, page 64

Asia39 South Korean politics

Post-Park Life41 Japanese politics

An attack on pacifism42 Timor-Leste

Wake up and seLLthe coffee43 Food safety in Pakistan

Stepping up to the pLate44 Banyan

TPP,back from the dead

China45 Diplomacy

BeLt-and-road bLues46 Xinjiang

HumiLiating MusLims

International47 Aid and the private sector

Doing good, doing weLL

Business49 ESPN

StiLLthe champion?50 Alphabet v Uber

No brakes52 The cost of cancer drugs

Hard to swaLLow52 Ride-hailing in Saudi

ArabiaA captive market

53 Animal wasteBurning the fat

53 Axel SpringerMetamorphosis

54 Street food in AmericaRuLesofthe road

56 SchumpeterHarvard Business SchooL

Finance and economiCs57 Chinese investors

The Buffetts of China58 Buttonwood

Share prices, ten years on59 Government debt

Taking the uLtra-Long view59 Puerto Rieo

Debt isLand

60 Illegal-wildlife tradeOn the horns

60 Car finance in Amerieaand BritainSubprime, anyone?

61 The euro-area economySpeeding up

62 Free exchangeALgorithms and antitrust

Science and technology64 Biotechnology

PrimordiaL gLoop65 The fight against AIDS

Safer sex66 Pollutants

Fata Lattraction66 Conservation

Big is beautifuL

Books and arts67 The National Theatre

BaLancing acts68 Islamie State

ChiLdren ofjihad69 Revival of dties

Adventures in architecture69 Art collecting today

Don't be a dupe70 Alain Mabanckou

Africa's SamueL Beckett70 Tribeca film festival

An offering you can'trefuse

72 Economie and finandalindicatorsStatistics on 42 economies,pLus our monthLy poLLofforecasters

Obituary74 Albert Freedman

That's entertainment

Messageto HBSAconfidentiaLmemorandum to the seniorfacuLty of Harvard BusinessSchooL: Schumpeter, page 56

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