TheEconomistJuly 21st 20183 Daily analysis and opinion to supplement the print edition, plus audio and video, and a daily chart Economist E-mail:newsletters and mobile edition Economist/email Printedition:available online by 7pm London time each Thursday Economist/printedition Audioedition:available online to download each Friday Economist/audioedition TheEconomistonline Volume 428 Number 9101 Published since September1843 totakepartinaseverecontestbetween intelligence,whichpressesforward,and anunworthy,timidignoranceobstructing ourprogress. Editorial ofces in London and also: Beijing, Berlin, Brussels, Cairo, Chicago, Madrid, Mexico City, Moscow, Mumbai, Nairobi, New Delhi, New York, Paris, San Francisco, So Paulo, Seoul, Shanghai, Singapore, Tokyo, Washington DC Contents continues overleaf ContentsHelsinkiHow to interpret Donald Trump’s humiliating press conference with Vladimir Putin: leader, page10. Two depressingly similar presidents meet, page 37. Mr Trump’s defensiveness about the effect of Russian hacking is revealing: Lexington, page 23 Onthecover Theglobaltradingsystemis ingravedanger,butthereis stillachanceofarescue: leader,page9.Thepeace plan,page16.Amidtensions withAmerica,Chinais reassessingitstieswith Europe,page31.Theideaof Eurasiaisonceagainin fashion:Banyan,page30 5Theworldthisweek Leaders 9 Worldtrade A plan to save the WTO 10 DonaldTrumpinEurope Humiliation in Helsinki 10 BritainandtheEU A second referendum 11 EuropevGoogle High nes, meagre results 12 Pakistan’selection Foul play Letters 15 Onpopulism,Brexiteers, technology,political language,datasampling, solarenergy,meetings Brieng 16 Theworldtradingsystem Trade blockage UnitedStates 19 Unions Beginnings and endings 20 Electioninterference GRU II 21 Malevoters Sometimes it’s hard 22 TheMidwest Nice change 23 Lexington A legitimacy problem TheAmericas 24 UnrestinHaiti A gamble gone wrong 25 LawandpoliticsinBrazil Lula, livre 25 ParaguayandTaiwan The blossom and the passion ower 26 Bello Mexico’s misshapen economy Asia 27 Pakistan’selection Military machinations 28 TheCookIslands When economic success stings 29 LGBTrightsinSingapore Cautious progress 30 Banyan The return of Eurasia China 31 Diplomacy China turns to the EU 32 Ahitandaop A notable month for cinema MiddleEastandAfrica 33 RedSeascramble Ports in the Horn 34 Djiboutiindeepwater The risk of Chinese cash 34 TurkeyinSyria You break it, you own it 35 Morocco’snewfriends Handshakes in Africa 35 InfertilityinNigeria A bad place to be barren 36 SlaveryinMauritania Still with us Europe 37 TheTrump-Putinsummit In the Hall of Mirrors 38 Corruptionineastern Europe Miss justice 38 Xenophobia Stranger swings 39 Turkey’s ultra-nationalists Dancing with wolves 39 Spanishhistory Disturbing Franco’s ghost 40 AninterviewwithBruno LeMaire The adaptable Gaullist 41 Charlemagne The backlash against Airbnb BrexitIf Parliament cannot agree on a plan, the decision must go back to the people: leader, page10. The mechanics of a second referendum, page 43 PakistanTime for the generals to aim for clean elections: leader, page 12. Abuses and violence overshadow a vote that could hand power to Imran Khan, a former cricket star, page 27 2018 The Economist Newspaper Limited. All rights reserved. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, 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 Economistis a registered trademark of The Economist Newspaper Limited. Periodicals postage paid at New York,NYand additional mailing ofces.Postmaster: Send address changes to The Economist, P.O. Box 46978, St. Louis , MO. 63146-6978, USA. 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Printed by Quad/Graphics, Saratoga Springs, NY 12866 PEFC certied This copy ofThe Economist is printed on paper sourced from sustainably managed forests certied to PEFC pefcPEFC/29-31-58 Principal commercial ofces: The Adelphi Building, 1-11John Adam Street, LondonWC2N 6HT Tel: +44 (0) 20 7830 7000 Rue de l’Athne 32 1206 Geneva, Switzerland Tel: +4122 566 2470 750 3rd Avenue, 5th Floor, New York, NY 10017 Tel: +1212 5410500 1301Cityplaza Four, 12 Taikoo Wan Road, Taikoo Shing, Hong Kong Tel: +852 2585 3888 Other commercial ofces: Chicago, Dubai, Frankfurt, Los Angeles, Paris, San Francisco and Singapore 4ContentsThe EconomistJuly 21st 2018 Subscription service For our latest subscription offers, visit Economist/offers For subscription service, please contact by telephone, fax, web or mail at the details provided below: Subscription for 1 year (51 issues) United StatesUS $158.25 (plus tax) CanadaCA $158.25 (plus tax) Latin AmericaUS $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:customerhelp@economist 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:customerhelp@economist GoogleDespite a global techlash and high nes in Europe, America’s online giants do not have much to fear from regulators, page 47. The European Commission is right to tackle the tech titans, but its remedies are wanting: leader, page11 European Central BankMario Draghi’s replacement will be chosen after much political haggling, page 53 VenezuelaHow its astute citizens preserve their savings from hyperination—and the lessons for everyone else: Buttonwood, page 54 PythonA simple and versatile computing language has brought coding to a vast new audience, page 63 Britain 43 A second Brexit referendum Here we go again 44 The radical right Back from a brief ’kip International 45 The sexualisation of children Grappling with the “Lolita complex” Business 47 Taming tech titans Antitrust theatre 48 Bartleby Work till you drop 49 Nord Stream 2 Putin that in your pipe 49 Netix Don’t look now 50 Vanadium Beauty and long life 51 Higher education Learning difculties 52 Schumpeter Companies and time Finance and economics 53 European Central Bank Succession planning 54 Buttonwood A trunkful of bolívares 55Goldman Sachs White smoke over West Street 55Football transfers Goal poachers 56China’s economy Jostling eunuchs 57 Income-share agreements Higher returns 58Free exchange The ballot or the wallet Science and technology 63 Computer programming And now for something completely different 64 Medicine Cutting to the truth 65 Archaeology Toast before tillage 65 Virology Second-mover advantage 66 Flying cars A James Bond special Books and arts 67 The Flint water scandal River of re 68 Murder at Harvard Where it happened 68 Mughal history Not just a pretty face 69 Muriel Spark at 1