The Economist Latin America January 2, 2021

Governments in Britain and across the European Union rushed to approve a post-Brexit trade agreement before December 31st, the date on which Britain’s transition period ends. The deal, which was announced on Christmas Eve, covers goods, but says little about financial services. Some disruption for business is expected. The EU’s member states back the pact, though the measures will come into force only provisionally until the European Parliament can give its blessing. Scientists were worried by two new and more contagious variants of covid-19 that are spreading around the world. Nearly all the countries in the EU began vaccinating citizens, a week after the European Medicines Agency approved the Pfizer-BioNTech vaccine. The Netherlands said it would not start until January 8th, claiming it wanted more time to implement its programme “carefully”.…

OVER THE past ten months most people in the rich world have participated in the biggest shopping revolution in the West since malls and supermarkets conquered suburbia 50 years ago. The pandemic has led to a surge in online spending, speeding up the shift from physical stores by half a decade or so. Forget the chimney; Christmas gifts in 2020 came flying through the letterbox or were dumped on the doorstep. Workers at a handful of firms, including Amazon and Walmart, have made superhuman efforts to fulfil online orders, and their investors have made supernormal profits as Wall Street has bid up their shares on euphoria that Western retailing is at the cutting edge. Yet as we explain this week (see Business section) it is in China, not the West, where…

Governments in Britain and across the European Union rushed to approve a post-Brexit trade agreement before December 31st, the date on which Britain’s transition period ends. The deal, which was announced on Christmas Eve, covers goods, but says little about financial services. Some disruption for business is expected. The EU’s member states back the pact, though the measures will come into force only provisionally until the European Parliament can give its blessing. Scientists were worried by two new and more contagious variants of covid-19 that are spreading around the world. Nearly all the countries in the EU began vaccinating citizens, a week after the European Medicines Agency approved the Pfizer-BioNTech vaccine. The Netherlands said it would not start until January 8th, claiming it wanted more time to implement its programme…

IN 1916 CINCINNATI decided to construct a magnificent new subway system. After decades of cock-ups it was abandoned in 1948, and today there are two miles of tunnels beneath the city that have never been used. That cautionary tale is still relevant. Politicians everywhere are calling for more infrastructure spending (see Finance section). Yet few industries have a worse record of coming through on time and on budget. If the incipient boom is to produce better results, governments and firms must learn to adopt best practice from around the world. Most countries have enacted short-term stimulus plans to deal with the pandemic. On December 27th President Donald Trump signed a $900bn spending bill (see United States section). But there is also appetite to binge on infrastructure. Joe Biden wants to spend…

OVER THE past ten months most people in the rich world have participated in the biggest shopping revolution in the West since malls and supermarkets conquered suburbia 50 years ago. The pandemic has led to a surge in online spending, speeding up the shift from physical stores by half a decade or so. Forget the chimney; Christmas gifts in 2020 came flying through the letterbox or were dumped on the doorstep. Workers at a handful of firms, including Amazon and Walmart, have made superhuman efforts to fulfil online orders, and their investors have made supernormal profits as Wall Street has bid up their shares on euphoria that Western retailing is at the cutting edge. Yet as we explain this week (see Business section) it is in China, not the West,…

IN 1916 CINCINNATI decided to construct a magnificent new subway system. After decades of cock-ups it was abandoned in 1948, and today there are two miles of tunnels beneath the city that have never been used. That cautionary tale is still relevant. Politicians everywhere are calling for more infrastructure spending (see Finance section). Yet few industries have a worse record of coming through on time and on budget. If the incipient boom is to produce better results, governments and firms must learn to adopt best practice from around the world. Most countries have enacted short-term stimulus plans to deal with the pandemic. On December 27th President Donald Trump signed a $900bn spending bill (see United States section). But there is also appetite to binge on infrastructure. Joe Biden wants to…