OnthecoverFrance's new presidentpromises reform from thecentre. The challenge isimmense, but he deserves tosucceed: leader, page 7. Theimprobable, inescapablequest to reform France, page19. Why did polls sell Macronshort? Page 22. CanEmmanuel Macron revive theFranco-German engine?Charlemagne, page 25

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••Volume 4'23Number 9040

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

Editorial offices in London and aLso:Atlanta, Beijing, Berlin, Brussels, Cairo, Chicago,Lima, Mexlco City, Moscow, Mumbai, Nairobi.New Delhi, NewYork, Paris, San Francisco,Sào Pau lo, Seoul, Shanghai, Singapore, Tokyo,Washington DC

5 The world this week

Leaders7 France's president

Macron's mission8 The Trump presidency

Courting trauble9 Sacking James Comey

You're fired!9 India's economy

State of disrepair10 Surrogacy

The gift of life

Letters12 On bonds, birds, sea

levels, central banks,quantum computing,split infinitives

Briefing14 Trumponomics

Home-cooked policies16 In his own words

What he wants16 The Trump trilemma

You can't always get whatyou want

18 Reassessing global tradeMake his day

Europe19 President Macron

Marchons, marchons!22 Polling errors

Undercounting centrists23 Muckraking in Malta

Shady island23 English in the EU

Lingua franca24 The new Europhiles

Who loves EU,baby25 Charlemagne

Germany and Macron-mania

Britain26 Scotland

Uniting the clans27 Welsh politics

Independents' day28 Bagehot

Why Marx still matters

Middle East and Africa29 Iran

Rouhani under fire30 Egypt's economy

Opening for business31 Israeli politics

The generals make way31 Egypt' s zoos

No place for animals32 Namibia and Germany

Salt in old wounds

United States33 Trump and the FBI

The hand that made him34 Spedal prosecutors

Starry night34 Opioids

A selective scourge36 Lexington

Palace whispers

The Americas37 Gangs in Mexico

Crime's new geography38 Bello

Venezuela is not an island39 Cuba

Cash for clunkers39 Argentina

Judging the dirty war

Asia40 South Korean politics

From dissident topresident

41 The war in AfghanistanAbout-face

42 Chinese IndonesiansSent down

42 House prices in AustraliaShuttered dreams

43 Commemorating ShivajiThe highest praise

44 BanyanResisting the Philippines'war on drugs

3

Coùrting trouble Theimpulsiveness andshallowness of America'spresident threatens theeconomy as well as the rule oflaw: leader, page 8. Theadministration's economicstrategy is good in parts, butunimaginative and incoherent,page 14. Excerpts frorn ourinterview with Donald Trump,page 16

The sacking of James ComeyLinks between the Trumpcampaign and Russia shouldbe investigated byanindependent commission:leader, page 9. Donald Trump'smove against the FBIdireetorwas either incompetent ormalign, page 33. EvenRepublican senators look at MrTrump and despair: Lexington,page 36

Why Marx stili matters TheLabour leadership is right-KarlMarxhasa lottoteachBritain: Bagehot, page 28

~~Contents continues overleaf

4 Contents The Economist May isth 2017

The collapse of retailing Thedecline of established ways ofshopping is a threatto workersand investors, pages 54-56

India's finances Unless itreins in spendthrift states,India will eventually suffer a~sèà~~fi~i~~~~àtl~f,pà~~I).States are on a borrowingspree ofthe kind that rarelyends well, page 57

SurrogacyCarrying a child forsomeone else should becelebrated-and paid for:leader, page 10. Even asdemand for surrogacy soars,more countries are trying toban it, page 47

China45 HeaLth care

Wanted: family doctors46 Migrants' woes

A literary sensation

International47 Surrogacy

Help wanted

Business49 MiddLe Eastern airLines

Missed connection50 EB-5 visas

Citizen Kushner51 Sinclair Broadcast

Asignal event51 Business advice

Ageneral's wisdom52 Atale oftwo tech hubs

Silicon Valley North53 Schumpeter

Warding off activists

Briefing54 American retaiLing

Sorry, we're closed

Finance and economics57 India's economy

Spendthrift states58 Buttonwood

Fund managers underpressure

59 Clearing-housesThe Brexit effect

59 Africa' s economyDispensing withinformalities

60 China's economyIn the name of GDP

60 Crowd-sourdngThe wisdom ofthe herd

61 Free exchangeWilliam Baumol

Sdence and technology62 Artifidal intelligence

Shall we play a game?64 New materials

The lotus position64 VioLins

Debranding

Books and arts66 FabLed places

The dream beyond thedesert

67 The maths of lifeMr Big

67 MemoirsNeurosurgeon, revealthyself

68 JohnsonHit and misspeak

69 Britain's OlympicathletesWhat price victory?

69 Art and artists in AfricaThe next big thing

72 Economic and finandalindicatorsStatistics on 42 economies,\1l~ i! ç~Q~~~lQQk atcommodity prices

Obituary74 Ueli Steck

Highest, fastest

AI and video games Whyresearchers into artificialintelligence are so keen onvideo games, page 62

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Orecycle() 2017 The Economist Newspaper Limited. AHrights reserved. Netther this publication nor any partofitmay be reproduced. stored in a retrievatsystem, ortransmitted in anyform or byany means, electrontc. mechenicat. photocopying, recording or other-wise. withoutthe prior permission ofThe EconomistNewspaper Limited. Published everyweek, except for a year-end doubleissue. byThe Economist Newspaper limited. The Economist is a registered trademarkofThe EconomistNewspaper limited. Prtnted byVogel Druck und MedienserviceGmbH, teibniestrafse 5, 97204 Hcchberq. Deutschtand. France, NuméroCommission Paritaire: 68832 GB. Encartd'abonnement dedeux pages sttué entre tes folios 10et 130. Rapp. Italia: IMDsrl ViaGuido da Velate 1120162Milano Aut. Trib. MI272 del 13/04/88 Poste Italiane SpA· Sped Abb Post Dl353/2003 (ccnv. L 27/2/2004 n.46) art l com ma l DCBMilano, Dir. Resp. Domenico Tassinari