‘Editor’s Picks’ Podcast (August 21, 2023) – Three essential articles read aloud from the latest issue of The Economist. This week, is Germany once again the sick man of Europe? Also, China’s disillusioned youth (10:50) and why AI could make it less necessary to learn foreign languages (17:35).
Category Archives: Economics
Opinion: China’s Youth Has Sacrificed Freedoms, Now Learn To “Eat Bitterness”
For generations, the Chinese Communist Party has held on to power partly through an implicit bargain with its citizenry: Sacrifice your freedoms, and in exchange, we’ll guarantee ever-rising living standards.
That deal has not held up for today’s youths.
Until quite recently, China’s young people seemed poised to take on the world — and many of them appeared to believe they would. They’ve shown a streak of hyper-nationalism, stoked by the country’s leadership and reinforced by China’s growing economic and geopolitical strength.
China’s Gen Z came of age, after all, in the wake of the country’s accession to the World Trade Organization and amid a rapid rise in incomes.
President Xi Jinping has said young people must learn to “eat bitterness” (an idiom that roughly means to toughen up by enduring hardship). Today’s youths, leaders say, are not too good for manual labor or moving to the countryside — experiences Xi and his generation once had to endure.
China’s resilience after the financial crisis, particularly relative to the sluggish recovery across most of the West, suggested China and its citizens had nowhere to go but up. Political dysfunction in many of those same Western democracies, expertly exploited by Chinese propaganda, reinforced this perception.
Previews: The Economist Magazine – August 19, 2023
Why are China’s young people so disillusioned?
Xi Jinping wants them to focus on the party’s goals. Many cannot see why they should
The crowd did not seem excited to see George Michael and Andrew Ridgeley. When Wham! became the first Western pop group to perform in Communist China, the audience was instructed to stay in their seats. It was 1985 and, despite appearances, the young people in attendance were in fact joyous. The country around them was by no means free, but it was starting to reform and open up. Over the next three decades the economy would grow at a rapid pace, producing new opportunities.
China’s defeated youth
Young Chinese have little hope for the future. Xi Jinping wants them to toughen up
In the southern city of Huizhou an electronics factory is hiring. The monthly salary on offer is between 4,500 and 6,000 yuan (or $620 and $830), enough to pay for food and essentials, but not much else. The advertisement says new employees are expected to “work hard and endure hardship”. The message might have resonated with Chinese of an older generation, many of whom worked long hours in poor conditions to give their children a brighter future. But many of those children now face similar drudgery—and are unwilling to endure it. “I can’t sit on an assembly line,” says Zhang, a 20-something barista with dyed-red hair at a local tea shop. He scoffs at the idea of making such sacrifices for so little gain. The job at the tea shop pays just 4,000 yuan a month, but he enjoys chatting up customers.
Opinion: The Biden China Strategy, Saudi Arabia’s Sports Push, Green EV’s?
‘Editor’s Picks’ Podcast (August 14, 2023) – Three essential articles read aloud from the latest issue of The Economist. This week, why Biden’s China strategy isn’t working, Saudi Arabia’s plan to dominate global sport (10:20) and how green is your electric vehicle, really? (17:55).
Previews: The Economist Magazine – August 12, 2023
Costly and dangerous: Why Biden’s China strategy isn’t working
Supply chains are becoming more tangled and opaque
On august 9th President Joe Biden unveiled his latest weapon in America’s economic war with China. New rules will police investments made abroad by the private sector, and those into the most sensitive technologies in China will be banned. The use of such curbs by the world’s strongest champion of capitalism is the latest sign of the profound shift in America’s economic policy as it contends with the rise of an increasingly assertive and threatening rival.
How America is failing to break up with China
The countries’ economic ties are more profound than they appear
When it comes to tracing the geography of global supply chains, few companies provide a better map than Foxconn, the world’s largest contract manufacturer. This year the Taiwanese giant has built or expanded factories in India, Mexico, Thailand and Vietnam. The Chinese production sites once loved by Western companies are firmly out of fashion. Souring relations between the governments in Washington and Beijing have made businesses increasingly fretful about geopolitical risks. As a consequence, in the first half of the year, America traded more with Mexico and Canada than it did with China for the first time in almost two decades. The map of global trade is being redrawn.
ESSAYS: CHINA’S ‘ECONOMIC MIRACLE’ HAS NOW ENDED
Economic long COVID will likely plague the Chinese economy for years.
In the weeks following the policy change, global prices of oil, copper, and other commodities rose on expectations that Chinese demand would surge. In March, then Chinese Premier Li Keqiang announced a target for real GDP growth of around five percent, and many external analysts predicted it would go far higher.
Opinion: Burdens Of CEOs, Weather Guesses, The Gen Z Guerrillas Of Myanmar
‘Editor’s Picks’ Podcast (July 31, 2023) – Three essential articles read aloud from the latest issue of The Economist. This week: what to do about overstretched CEOs, how to better predict the weather (9:00) and we meet Myanmar’s Gen Z guerrillas (15:00).
Previews: The Economist Magazine – July 29, 2023
The overstretched CEO
Companies are increasingly caught up in governments’ competing aims. What to do?
The world should not let Vladimir Putin abandon the grain deal
Here is how to get him to sign up again
Israel has lurched closer to constitutional chaos
But there are still ways to step back from the brink
Opinion: Technology Of Babymaking, Overly-Rosy Economics, Barbenheimer
‘Editor’s Picks’ Podcast (July 24, 2023) – Three essential articles read aloud from the latest issue of The Economist. This week: a report on the technology behind babymaking, why optimism about the world economy might be premature (10:30), and what the hype over Barbenheimer says about the movie industry (16:17).
Previews: The Economist Magazine – July 22, 2023
IVF is failing most women. But new research holds out hope
Fertility is still poorly understood
After louise brown was born in Manchester in July 1978, her parents’ neighbours were surprised to see that the world’s first “test-tube baby” was “normal”: two eyes, ten fingers, ten toes. In the 45 years since, in vitro fertilisation has become the main treatment for infertility around the world. At least 12m people have been conceived in glassware. An ivf baby takes its first gulp of air roughly every 45 seconds. ivf babies are just as healthy and unremarkable as any others. Yet to their parents, most of whom struggle with infertility for months or years, they are nothing short of miraculous.
How cities can respond to extreme heat
Officials from Beijing to Phoenix are grappling with unbearable temperatures
The best thing that has happened in Phoenix, Arizona, since the beginning of July is that the electricity grid has kept functioning.
This has meant that during a record-breaking run of daily maximum temperatures above 43°C (110°F), still in progress as The Economist went to press, the houses, indoor workplaces and publicly accessible “cooling stations” in the city have been air-conditioned. There have been deaths from heat stroke and there will be more; there has been a lot of suffering; and there will have been real economic losses. But if Arizona’s grid had gone out, according to an academic quoted in “The Heat Will Kill You First”, a new book, America would have seen “the Hurricane Katrina of extreme heat”.
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