Sterling takes a poundingTheEconomist

Thailand's perilous succession

Samsung's meltdown

Good news on treating depressionOCTOBER15TH-21ST 2016

The debasingof American politics

"Albania .. All900Croatia HRK48 France €6.50 Ireland_€6.50 latvia_€6.50 Netherlands €6.50 Romania RON29 Spain _€6.50Austria .. _€6.50 Cyprus ..€6.50 Germany_€6.50 IsraeL _ NIS43.00 lebanon_lE13.000 Nigeria Naira 1,700 Saudi Arabia Rials45 Sweden SKR66Bahrain .._ Dinar4.50 (zech Rep__ CZK199 Gibraltar.-. GIP4.70 Italy. __ _€6.50 lithuania _ €6.50 Norway __ ..NKr66 Serbia RSD720 Switzerland .._ (HFlOBelgium __ €6.50 DenrnarL ..__ DKr53 Greece _ _€6.50 Kazakhstan ..Km,285 luxembourg. __ €6.50 Pcland., PlN29 Slovakia €6.50 Turkey __ _Tl18Bosnia _ BAM16 Estonla., _ _ €6.50 Hungary HUF2,170 Kenya _._ KShs680 Malta.__.._._._ €6.50 Porlugal cONT.•••.€6.50 Slovenia €6.50 UAE Dirhams 45Bulgaria BGN13 Finland €6.50 Iceland ..IKr860 KuwaiL Dinar3.60 Monlenegro €6.50 Ilatar.; Rials45 South Africa R70.00 UK. f5.00

OnthecoverHeaLthy democrades dependon unwritten ruLes. DonaLdTrump has trampLed aLLoverthem: Leader, page 11.TheRepubLican nominee hasvioLated his party andAmerica, pages 19-22.A hack ofthe CLintoncampaign chairman's e-maiLaccountwouLd, in anotheryear, be causing thecandidate probLems, page35. Some Americans aregetting rich by pushingpoLitics to extremes:Schumpeter, page 62. Anambitious young senatoroffers a reveaLing gLimpse ofa post-Trump RepubLicanParty: Lexington, page 40

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••Volume 421 Number 9011

Published since September1843to toke part in "a severe contest betweeninteLUgence, which pressesforward, andon unworthy, timid ignorance obstructinqour progresso "

Editorial offices in tcndon and also:Atlanta, Beijing, Berlin, Brussels, Cairo, Chicago,lima, Mexico City, Moscow, Mumbai, Nairobi,New Delhi, NewYork, Paris, San Francìsco,Sào Paulo, Seoul, Shanghai, Singapore, Tokyo,Washington DC

8 The worLd this week

Leaders11 ELection 2016

The debasing of Americanpolitics

. 12 PharmaceuticaLsBad medicine

12 Saudi intervention inVemenThe forgotten war

13 China's property marketRotten foundations

14 SterlingTaking a pounding

33 South AfricaRolling the rand

33 Morocco's eLectionMore ofthe same?

34 The rise of Syria' s WhiteHeLmetsLocal heroes

United States35 HiLLaryCLinton

Hacked off36 The campaigns

Heard on the trail36 EvangeLicaLvoters

Absalom's revenge38 Washington state's

carbon taxOfwood and trees .

39 BiLinguaLeducationLearning to assimilate

40 LexingtonRepublicans in 2020

The Americas41 US-Mexico trade

In the shadow of the wall42 SeattLe and Vancouver

Distant neighbours42 Haiti after the hurricane

Matthew's fury44 Bello

The Nobel effect inColombia

Asia45 NucLear energy in Japan

Stop-start46 PoLitics in ThaiLand

Holding their breath47 Booming BangLadesh

Tiger in the night47 Myanmar's Rohingyas

Sparks near tinder48 Graft-busting in South

KoreaTrick or treat

49 BanyanThe politics of Mandarin

Letters16 On VenezueLa, aid, Syria,

tax, Mars, adjectives

Briefing19 The Trump tape

With these hands21 SexuaL assauLt

It's notjustthe powerful

~100

Europe23 PoLand's government

Feminism v populism24 Sex education for

refugeesTeaching European values

25 German business andBrexitBMWwon't save Britain

26 CharLemagneHypocrisy on Turkey

Britain27 Airport expansion

Final call28 InternationaL students

Hasta la visa29 Bagehot

Culture clash in Europe

MiddLe East and Africa31 Ethiopia

The downside ofauthoritarianism

32 AgricuLture and cLimateFertile discussion

32 VemenDeaths at a funeral

•• 001~1.00

StèrLing The fall in the poundhints at how painfula "hard"Brexitwould be: leader, page14. Sterling's weakness is avote of no confidence:Buttonwood, page 64. For asmooth Brexit, Britain mustdrop the bolshy language andtryto understand itsneighbours: Bagehot, page 29

/-ThaiLand The king's ill healthleaves the country ontenterhooks, page 46

Ethiopia Once a darling ofinvestors and developmenteconomists, repressiveEthiopia is sliding towardschaos. page 31

~~Contents continues overleaf

6 Contents The Economist October 15th 2016

Chinese property In reaLestate as eLsewhere in itseconomy, China's short-termfixes mask deep strueturaLprobLems: Leader, page 13.AsevereimbaLancein LandsuppLyfueLs a wiLdrnarket,page 63

InformaLity NewtechnoLogymay bring informaL firms andworkers out ofthe shadows,page 53

Samsung Burning batteriesare notthe onLyprobLems ofthe worLd's second-biggesttech company, page 55

China50 Hong Kong poLitics

Legco's stormy start51 Constituencies in

Hong KongToo many seats for farmers

51 Chinese poLiceAn unhappy Lot

InternationaL52 The United Nations'

secretary-generaLCan the next man dobetter?

53 The shadow economyUnreguLated, untaxed,unLoved

Business55 Samsung's smartphone

woesCharred chaeboL

56 Working in JapanOverdoing it

57 AppLe in NapLesMade men

57 AdvertisingGoLdposts

58 Privatisation in VietnamCream ofthe crop

58 VirtuaL reaLity in ChinaNew headsets

60 Business schooLsCampus v beach

61 The world's best MBAprogrammesWorth it?

62 SchumpeterThe business of outrage

Finance and economies63 Chinese property

Not quite a bubbLe64 Buttonwood

SterLing's flash crash65 WeLLsFargo

Stumpfed65 PortugaL's economy

Downgrade worries

66 American workersFeeLthe force fLow

67 BangLadesh's missingmiLLionsHide and seek

67 Payment-card feesMarked cards

68 Free exchangeThe NobeLwinners

Science and technoLogy70 Depression and its

treatmentSniffing at a new soLution

71 Prosthetic medicineOnce more, with feeLing

72 CiviLengineeringScouring, the future

72 ManufacturinguLtracapacitorsBaLticexchange

73 SociaL attitudesNot worth a second gLance

Books and arts74 China today (1)

Crony capitaLism75 China today (2)

Swiftian satire75 Afghanistan

Karzai Inc76 Van CLiburn

Piano man77 Simon McBurney

Encounter on Broadway

84 Economie and financiaLindieatorsStatistics on 42economies, pLusa cLoserLookat remittances

Obituary86 Hanoi Hannah

The music of EngLish

Medicine A new generation ofdrugs couLd change the waydepression is treated, page 70.Approving an unproven drugsets a bad precedent: Leader,page 12

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