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April 22nd-28th 2023 Ukraine’s game planThe EconomistI melt with you
will it prove to be a dry disappointment?
In 1991 Alain Ducasse, a multiMichelin
starred chef, told the
New York Times
that
the fondant had reached a point where res
taurants “were practically obliged to make
it”. It was one of the defining desserts of
that decade. But then the tide began to
turn. Mr Vongerichten was churning out so
many at one point that Mark Bittman, an
American food writer, dubbed it “the Big
Mac of desserts”.
The name evolved. In many places it be
came a “molten chocolate cake” or a “choc
olate lava cake”. It travelled from hushed
dining rooms to the restaurants of Disney
World. Chain restaurants began serving
them; takeaway joints can deliver fondants
along with your pizza. Supermarkets in
clude the dessert in their Valentine’s Day
readymeal deals. Aldi, Costco, Lidl and
Walmart all flog iterations of it. In “Chef”, a
film of 2014, a critic seethes that he would
rather the cook “sit on my face after a brisk
walk on a warm day than suffer through
that fucking lava cake again.” The dish has
become
déclassé
or, worse, a bit naff.
And yet like
crème brûlée
and tiramisu—
also wildly popular in the 1990s—its ubiq
uity seems to have inflicted little damage.
It exists comfortably on both planes, the
blowout and the budget. Any version of it
is fundamentally an extravagance. That
overcomes any food snobbery. A recent
study suggests that people living in “high
indulgence” cultures (as opposed to cul
tures of restraint) report higher levels of
wellbeing. It turns out a little of what you
fancy does, in fact, do you good.
n
How the chocolate fondant became a ubiquitous indulgence
S
ome dishes
are unequivocally high
end: a perfectly clear consommé, for
instance. Others are less so—a cheese
burgercrust pizza, say. Still others defy the
distinction, served in restaurants of all cal
ibres to diners of all tastes. The chocolate
fondant is one such dish. Its success is a
reminder that, in the end, pleasure is still a
universal pursuit.
Two glitzy French cuisiniers claim to
have invented the chocolate fondant. The
first is Michel Bras, a Michelinstarred
chef, who created the
coulant au chocolat
(runny chocolate) in 1981 to evoke the
memory of sipping hot chocolate to warm
up after a family skiing trip. The second is
JeanGeorges Vongerichten, another starry
Gallic gourmet. In New York in 1987 he
pulled hundreds of miniature chocolate
cakes out of the oven before they were
cooked. The centres were molten but there
was no time to correct the mistake. Despite
the error, the diners loved them. He has
served them ever since.
Their techniques are different, but be
tween them Messrs Bras and Vongerichten
created a sophisticated confection. It be
came a phenomenon, served in the toniest
establishments on either side of the Atlan
tic. In America it had the allimportant aro
ma of French refinement and
élégance
.
The flavour is straightforward (one
note would be a less charitable descrip
tion) but getting the dish exactly right is
tricky. There are no outward clues to indi
cate the point at which it is perfectly
cooked. The moment of incision provides
the thrill of drama. Will the dessert ooze or
make. In 1440 Lorenzo Valla, a priest and
scholar (pictured on previous page), de
molished the church’s claim to have domi
nion over western Europe. Valla drew on
history and textual analysis to show that
the document in which the Emperor Con
stantine supposedly surrendered the terri
tory to the Vatican was a fake. Many others
were to follow Valla, deploying reason to
spread the spirit of Enlightenment.
Over the centuries, humanism also
found a voice in science. Ms Bakewell
could have focused on the discoveries of
Nicolaus Copernicus or Galileo Galilei; in
stead, somewhat arbitrarily, she identifies
scientific humanism with Charles Darwin.
The theory of evolution from natural selec
tion wrecked the biblical account of cre
ation and established the continuity
between humanity and the rest of the liv
ing world. Her narrative explores how gen
erations of educated Anglican curates
struggled to reconcile Darwin’s ideas with
their own religious beliefs—and how, as
the poet Matthew Arnold was to write in
“Dover Beach”, the “Sea of Faith” receded.
Any account of humanism in the 20th
century must grapple with its failure to
prevent the rise of fascism and commu
nism. Some humanists, such as Stefan
Zweig, thought that belief systems built
around violence and power would self
destruct. Yet he eventually concluded that
faith in the goodness of mankind was a
“beautiful error”.
Alas, humanists themselves also share
the blame. The German author Thomas
Mann, living in exile, said that “in all hu
manism there is an element of weakness,
which…may be its ruin.” It did not help
that, with honourable exceptions, many
humanists had been blind to the claims of
all those who were not fortunate enough to
be white, European and male.
Having alerted readers to today’s popu
lists and dictators, you might think that Ms
Bakewell would use the conclusion of her
book to explore the threat from contempo
rary antihumanism. Instead, she is dis
tracted by modern humanist organisations
and their designs, such as the launch of an
advertising campaign under the slogan:
“There’s probably no God. Now stop worry
ing and enjoy your life.”
In that spirit, Ms Bakewell closes with a
quotation from her favourite humanist,
Robert G. Ingersoll, a 19thcentury Ameri
can lawyer and orator: “Happiness is the
only good. The time to be happy is now.
The place to be happy is here. The way to be
happy is to make others so.” That is indeed
one foundation for a good life. But you feel
that, faced with threats to the humanist
worldview from the likes of the Chinese
Communist Party, Vladimir Putin and the
forces polarising democratic politics,
today’s humanists are ducking the lessons
of history.
n
012
The Economist
April 22nd 2023
Economic & financial indicators
80
Economic data
Gross domestic product
Consumer prices
Unemployment
Current-account
Budget
Interest rates
Currency units
% change on year ago
% change on year ago
rate balance
balance
10-yr gov't bonds
change on
per $
% change
latest
quarter* 2023†
latest
2023†
%
% of GDP, 2023†
% of GDP, 2023†
latest,%
year ago, bp
Apr 19th on year ago
United States
0.9
Q4
2.6 0.7
5.0
Mar
4.2 3.5
Mar
-3.1 -5.2
3.6 67.0
-
China
4.5
Q1
9.1 5.7
0.7
Mar
1.7 5.3
Mar‡§
1.7
-2.9
2.7 §§
11.0
6.90
-7.5
Japan
0.4
Q4
0.1 1.0
3.3
Feb
1.9 2.6
Feb
3.0 -5.9
nil -8.0
135
-4.3
Britain
0.6
Q4
0.5 -0.2 10.1
Mar
6.0 3.8
Jan††
-2.9 -5.4
3.7 180
0.80
-3.8
Canada
2.1
Q4
nil 0.7
4.3
Mar
3.3 5.0
Mar
-0.8 -1.6
3.1 24.0
1.34
-6.0
Euro area
1.8
Q4
-0.1 0.7
6.9
Mar
5.9 6.6
Feb
1.2 -3.6
2.5 157
0.91
2.2
Austria
2.6
Q4
-0.1‡ 0.8
9.2
Mar
6.6 5.0
Feb
1.1 -3.5
3.1 173
0.91
2.2
Belgium
1.4
Q4
0.4 0.5
6.7
Mar
5.4 5.8
Feb
-1.8 -4.9
3.1 175
0.91
2.2
France
0.5
Q4
0.3 0.5
5.7
Mar
5.5 7.0
Feb
-1.9 -5.3
3.0 163
0.91
2.2
Germany
0.9
Q4
-1.7 -0.1
7.4
Mar
6.2 2.9
Feb
3.5 -2.1
2.5 157
0.91
2.2
Greece
4.5
Q4
5.6 1.0
4.6
Mar
4.1 11.4
Feb
-7.0 -3.6
4.3 137
0.91
2.2
Italy
1.4
Q4
-0.5 0.8
7.6
Mar
6.8 8.0
Feb
-0.6 -5.0
4.3 179
0.91
2.2
Netherlands
3.2
Q4
2.6 1.2
4.4
Mar
4.8 3.5
Feb
6.9 -2.7
2.9 167
0.91
2.2
Spain
2.6
Q4
0.8 1.4
3.3
Mar
4.3 12.8
Feb
0.3 -4.7
3.5 175
0.91
2.2
Czech Republic
0.1
Q4
-1.4 -0.2 15.0
Mar
11.4 2.5
Feb‡
-1.7 -4.8
4.8 47.0
21.4
6.1
Denmark
1.9
Q4
2.3 0.8
6.7
Mar
5.0 2.8
Feb
9.0 0.5
2.8
154
6.80
1.5
Norway
1.3
Q4
0.8 1.4
6.5
Mar
4.6 3.6
Jan‡‡
20.0 11.4
1.4 76.0
10.6
-16.6
Poland
0.6
Q4
-9.3 0.7 16.1
Mar
13.7 5.4
Mar§
-2.4 -2.9
6.2
-12.0
4.22
2.1
Russia
-2.7
Q4
na -2.1
3.5
Mar
7.5 3.5
Feb§
6.8 -4.4
11.0 77.0
81.8
-1.4
Sweden
-0.1
Q4
-2.0 -0.6 10.6
Mar
5.6 8.2
Feb§
3.0 -0.3
2.5 100
10.3
-7.5
Switzerland
0.8
Q4
0.1 0.9
2.9
Mar
2.2 1.9
Mar
6.5 -0.7
1.1 20.0
0.90
5.6
Turkey
3.5
Q4
3.8 2.8 50.5
Mar
42.2 10.7
Feb§
-4.5 -4.2
11.8
-941
19.4
-24.4
Australia
2.7
Q4
1.9 1.6
7.8
Q4
4.6 3.5
Mar
1.7 -2.3
3.5 44.0
1.49
-8.7
Hong Kong
-4.2
Q4
nil 3.4
1.7
Feb
2.4 3.3
Feb‡‡
3.5 -1.4
3.1 37.0
7.85
-0.1
India
4.4
Q4
-3.4 6.1
5.7
Mar
5.6 7.8
Mar
-1.2 -5.9
7.2 8.0
82.2
-7.0
Indonesia
5.0
Q4
na 4.7
5.0
Mar
3.9 5.9
Q3§
0.8 -2.9
6.6
-32.0
14,845
-3.4
Malaysia
7.0
Q4
na 3.5
3.7
Feb
2.3 3.5
Feb§
2.7 -5.2
3.9
-21.0
4.44
-4.3
Pakistan
6.2
2022**
na 1.5 35.4
Mar
30.3 6.3
2021
-2.9
-5.6
15.1 †††
313
284
-35.1
Philippines
7.1
Q4
10.0 4.8
7.6
Mar
5.7 4.8
Q1§
-3.3 -6.4
6.2 21.0
56.2
-6.7
Singapore
0.1
Q1
-2.7 1.7
6.3
Feb
5.2 2.0
Q4
18.3 -0.1
2.9 31.0
1.33
3.0
South Korea
1.3
Q4
-1.6 1.5
4.2
Mar
2.8 2.9
Mar§
2.6 -2.1
3.4 1.0
1,326
-6.7
Taiwan
-0.4
Q4
-1.5 1.6
2.4
Mar
1.9 3.6
Feb
11.9 -2.2
1.2 20.0
30.6
-4.3
Thailand
1.4
Q4
-5.9 3.8
2.8
Mar
2.5 0.9
Feb§
2.1 -2.7
2.6 7.0
34.5
-2.1
Argentina
1.9
Q4
-6.0 -3.6
104
Mar
92.2 6.3
Q4§
-2.2 -4.2
na na
217
-47.7
Brazil
1.9
Q4
-0.9 1.0
4.7
Mar
5.2 8.6
Feb§‡‡
-2.9 -7.9
12.4 16.0
5.04
-7.1
Chile
-2.3
Q4
0.2 -0.2 11.1
Mar
7.8 8.4
Feb§‡‡
-5.6 -2.5
5.6
-102
796
2.8
Colombia
2.9
Q4
2.7 1.6 13.3
Mar
11.9 11.4
Feb§
-4.7 -4.4
11.5 171
4,519
-16.9
Mexico
3.6
Q4
1.8 1.4
6.8
Mar
5.9 2.8
Feb
-1.0 -3.7
8.9 nil
18.0
11.1
Peru
1.7
Q4
-6.0 1.9
8.4
Mar
6.5 6.7
Mar§
-3.3 -1.6
7.6 28.0
3.78
-1.3
Egypt
3.9
Q4
na 3.0 32.6
Mar
25.0 7.2
Q4§
-3.0 -6.9
na na
30.9
-40.3
Israel
2.7
Q4
5.3 2.9
5.0
Mar
3.8 3.9
Feb
3.9 -2.0
3.9 148
3.65
-11.2
Saudi Arabia
8.7
2022
na 2.8
2.7
Mar
2.2 4.8
Q4
6.6 1.4
na na
3.75
nil
South Africa
0.9
Q4
-4.9 1.3
7.3
Mar
5.1 32.7
Q4§
-1.9 -4.5
10.1 20.0
18.1
-17.4
Source: Haver Analytics. *% change on previous quarter, annual rate. †The Economist Intelligence Unit estimate/forecast. §Not seasonally adjusted. ‡New series. **Year ending June. ††Latest 3 months. ‡‡3-month moving
average. §§5-year yield. †††Dollar-denominated bonds.
Markets
% change on:
% change on:
Index one
Dec
30th
index one
Dec
30th
In local currency
Apr 19th
week
2022
Apr 19th
week
2022
United States
S&P 500
4,154.5
1.5
8.2
United States
NAScomp 12,157.2 1.9
16.2
China
Shanghai Comp
3,370.1
1.3
9.1
China
Shenzhen Comp
2,126.5
-1.0
7.6
Japan
Nikkei 225
28,606.8
1.9
9.6
Japan
Topix 2,040.4
1.7
7.9
Britain
FTSE 100
7,898.8
0.9
6.0
Canada
S&P TSX
20,680.8
1.1
6.7
Euro area
EURO STOXX 50
4,393.6
1.4
15.8
France
CAC 40
7,549.4
2.1
16.6
Germany
DAX* 15,895.2
1.2
14.2
Italy
FTSE/MIB 27,933.6
1.1
17.8
Netherlands
AEX 760.2
0.1
10.3
Spain
IBEX 35
9,494.8
2.3
15.4
Poland
WIG 62,435.1
3.6
8.7
Russia
RTS, $ terms
1,004.6
3.0
3.5
Switzerland
SMI 11,366.2
1.2
5.9
Turkey
BIST 5,061.2
-1.6
-8.1
Australia
All Ord.
7,561.3
0.3
4.7
Hong Kong
Hang Seng
20,367.8
0.3
3.0
India
BSE 59,567.8
-1.4
-2.1
Indonesia
IDX 6,821.8
0.3
-0.4
Malaysia
KLSE 1,425.1
-0.7
-4.7
Pakistan
KSE 40,499.3
0.9
0.2
Singapore
STI 3,324.1
1.2
2.2
South Korea
KOSPI 2,575.1
1.0
15.1
Taiwan
TWI
15,770.5
-1.0
11.5
Thailand
SET 1,580.7
-0.7
-5.3
Argentina
MERV 275,405.9
3.2
36.3
Brazil
BVSP* 103,912.9
-2.8
-5.3
Mexico
IPC 54,308.1
nil
12.1
Egypt
EGX 30
17,516.0
4.6
20.0
Israel
TA-125 1,714.3
-1.5
-4.8
Saudi Arabia
Tadawul 11,163.6
2.1 5.8
South Africa
JSE AS
78,796.9
1.4
7.9
World, dev'd
MSCI 2,833.4
1.4
8.9
Emerging markets
MSCI 990.4
-0.3 3.6
US corporate bonds,
spread over Treasuries
Dec 30th
Basis points
latest
2022
Investment grade
150
154
High-yield
483
502
Sources: Refinitiv Datastream; Standard & Poor's Global Fixed Income
Research. *Total return index.
Commodities
The Economist
commodity-price index
% change on
2015=100
Apr 11th Apr 18th* month
year
Dollar Index
All Items
154.2
156.5
0.7
-19.1
Food 141.4
144.1
3.7
-13.9
Industrials
All 166.1
168.1
-1.5
-22.8
Non-food agriculturals 119.9
118.6
-4.5
-36.1
Metals 179.8
182.8
-0.9
-19.6
Sterling Index
All items
189.3
192.2
-1.1
-15.4
Euro Index
All items
156.7
158.3
-1.0
-20.4
Gold
$ per oz
2,004.4 2,008.3
3.2
2.8
Brent
$ per barrel
85.7
84.8
12.8
-21.0
Sources: Bloomberg; CME Group; Cotlook; Refinitiv Datastream;
Fastmarkets; FT; ICCO; ICO; ISO; Live Rice Index; LME; NZ Wool
Services; Thompson Lloyd & Ewart; Urner Barry; WSJ. *Provisional.
For more countries and additional data, visit
economist.com/economicandfinancialindicators
012
The Economist
April 22nd 2023
Graphic detail
Flood economics
81
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