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class="css-1qjp74c e188esf00"><style data-emotion="css 129jqss">.css-129jqss{position:relative;-webkit-align-self:auto;-ms-flex-item-align:auto;align-self:auto;}@media (min-width: 22.5rem){.css-129jqss{grid-column-start:1;}}@media (min-width: 52.125rem){.css-129jqss{grid-column-start:2;}}@media (min-width: 68.5rem){.css-129jqss{grid-column-start:3;}}@media (min-width: 80rem){.css-129jqss{grid-column-start:3;}}@media (min-width: 89rem){.css-129jqss{grid-column-start:4;}}@media (min-width: 22.5rem){.css-129jqss{grid-column-end:7;}}@media (min-width: 52.125rem){.css-129jqss{grid-column-end:9;}}@media (min-width: 68.5rem){.css-129jqss{grid-column-end:8;}}@media (min-width: 80rem){.css-129jqss{grid-column-end:9;}}@media (min-width: 89rem){.css-129jqss{grid-column-end:12;}}.css-129jqss:last-child::after{height:0;}</style><div class="css-129jqss en4o1560"><style data-emotion="css u7urgs">.css-u7urgs .eg03uz0{margin-top:0.75rem;}@media (min-width: 37.5rem){.css-u7urgs 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e6e0kfy0"><a href="/business" data-analytics="sidebar:section"><span>Business</span></a></span><style data-emotion="css rjcumh">.css-rjcumh{font-family:var(--ds-type-system-sans-lining);font-size:var(--ds-type-scale-0);font-weight:400;line-height:var(--ds-type-leading-lower);color:var(--header-fly-color, var(--ds-color-london-5));}</style><span class="css-rjcumh e1vi1cqp0"> | The music industry</span></div><style data-emotion="css 1p83fk8">.css-1p83fk8{color:var(--header-headline-color, var(--ds-color-london-5));font-family:var(--ds-type-system-serif-lining);font-size:var(--ds-type-scale-4);font-weight:400;line-height:var(--ds-type-leading-upper);}@media (min-width: 37.5rem){.css-1p83fk8{font-size:var(--ds-type-scale-6);line-height:var(--ds-type-leading-upper);}}@media (min-width: 60rem){.css-1p83fk8{font-size:var(--ds-type-scale-7);line-height:var(--ds-type-leading-upper);}}</style><h1 class="css-1p83fk8 e1r8fcie0">From major to minor</h1><style data-emotion="css 1ms10sa">.css-1ms10sa{color:var(--header-rubric-color, var(--ds-color-london-5));font-family:var(--ds-type-system-serif);font-size:var(--ds-type-scale-1);font-style:normal;font-weight:400;line-height:var(--ds-type-leading-lower);}</style><h2 class="css-1ms10sa eg03uz0">Last year was terrible for the recorded-music majors. The next few years are likely to be even worse</h2></section></div><div class="css-129jqss en4o1560"><style data-emotion="css 13r0q4k">.css-13r0q4k .e8htone0{margin-bottom:1.25rem;padding-top:1.75rem;border-top:0.0625rem solid var(--ds-color-london-85);}.css-13r0q4k .e1d3rrj40{padding:1.25rem 0;border-top:0.0625rem solid var(--ds-color-london-85);display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}.css-13r0q4k .e1d3rrj40 +.em0l2j50{margin-top:0;}.css-13r0q4k .e12eqbp50{margin-top:1.3125rem;margin-bottom:2.1875rem;}</style><div class="css-13r0q4k ebbih0g0"><style data-emotion="css 191ofav">.css-191ofav{margin-top:1.5rem;}.css-191ofav +.ezpf5o0{margin-top:0.75rem;}@media (min-width: 37.5rem){.css-191ofav +.ezpf5o0{margin-top:1.75rem;}}@media (min-width: 80rem){.css-191ofav{margin-top:2rem;}}</style><div class="css-191ofav e1oehc1h0"><style data-emotion="css jwv1ak">.css-jwv1ak{position:relative;border-bottom:0;color:var(--ds-color-london-35);}@media (min-width: 37.5rem){.css-jwv1ak{border-bottom:0.0625rem solid var(--ds-color-london-85);}}.css-jwv1ak .ds-actioned-link{margin-right:0.625rem;}@media (min-width: 37.5rem){.css-jwv1ak .ds-actioned-link{margin-left:0.625rem;margin-right:0;}}.css-jwv1ak .ei4w8y0{margin-right:0.625rem;margin-top:0;}@media (min-width: 37.5rem){.css-jwv1ak .ei4w8y0{margin-right:0;}}.css-jwv1ak .ei4w8y0 .ds-actioned-link{margin-right:0;}.css-jwv1ak >.eygoqsu0>*{padding:1rem 0;}.css-jwv1ak >.eygoqsu0>*:nth-of-type(2){border-top:0.0625rem solid var(--ds-color-london-85);}@media (min-width: 37.5rem){.css-jwv1ak >.eygoqsu0>*:nth-of-type(2){border-top:0;}}</style><div class="css-jwv1ak eupm5sl0"><style data-emotion="css w0h03k">.css-w0h03k{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;-webkit-align-items:stretch;-webkit-box-align:stretch;-ms-flex-align:stretch;align-items:stretch;-webkit-box-pack:start;-ms-flex-pack:start;-webkit-justify-content:flex-start;justify-content:flex-start;}@media (min-width: 37.5rem){.css-w0h03k{-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;}}@media (min-width: 37.5rem){.css-w0h03k{-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}}@media (min-width: 37.5rem){.css-w0h03k{-webkit-box-pack:justify;-webkit-justify-content:space-between;justify-content:space-between;}}</style><div class="css-w0h03k eygoqsu0"><div><style data-emotion="css 1c8ktq7">.css-1c8ktq7{font-size:var(--ds-type-scale--1);font-family:var(--ds-type-system-sans-lining);font-weight:400;line-height:var(--ds-type-leading-lower);color:var(--ds-color-london-35);}</style><time dateTime="2008-01-10T00:00:00.000Z" class="css-1c8ktq7 e4cw3vv0"> Jan 10th 2008</time><style data-emotion="css tmjz0q">.css-tmjz0q{font-size:var(--ds-type-scale--1);margin:0 0.5rem;}</style><span class="css-tmjz0q e1oehc1h1">|</span><style data-emotion="css sy52uq">.css-sy52uq{font-family:var(--ds-type-system-sans);font-weight:400;font-size:var(--ds-type-scale--1);font-variant:small-caps no-common-ligatures no-discretionary-ligatures no-historical-ligatures no-contextual;line-height:var(--ds-type-leading-lower);text-transform:lowercase;color:var(--ds-color-london-35);}</style><span class="css-sy52uq e1q31umy0"> </span></div><div><style data-emotion="css 1902i5q">.css-1902i5q{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;}</style><div class="css-1902i5q eygoqsu0"><style data-emotion="css 1s3lugw">.css-1s3lugw{display:none;}@media (max-width: 37.4375rem){.css-1s3lugw{display:block;}}</style><div class="css-1s3lugw e3e40d40"></div><style data-emotion="css jusp8i">.css-jusp8i{position:relative;display:inline;}.css-jusp8i .ecqelu90{z-index:100;position:fixed;left:0;bottom:0;width:100%;border-bottom-left-radius:0;border-bottom-right-radius:0;}@media (min-width: 37.5rem){.css-jusp8i .ecqelu90{position:absolute;top:1.5rem;bottom:auto;left:auto;right:0;width:auto;border-radius:0.5rem;}}</style><div data-test-id="sharing-modal" class="css-jusp8i e756v990"><button class="ds-actioned-link ds-actioned-link--minor ds-actioned-link--share"><span>Share</span></button></div></div></div></div></div></div><style data-emotion="css 1xs6rxu">.css-1xs6rxu{margin-top:0.75rem;width:100%;margin-bottom:0.875rem;display:inline-block;}@media (min-width: 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.e15xa22h0+.e18kpe851+.e1tt35bk0,.css-11m2wk0 .e1gvmbw00+.e18kpe851+.e1tt35bk0,.css-11m2wk0 .e1gvmbw00+.e18kpe851{margin-top:2.1875rem;}.css-11m2wk0 .e1tt35bk0+.e18kpe851,.css-11m2wk0 .e1tt35bk0+.e18kpe851+.e1tt35bk0,.css-11m2wk0 .e16ilo480+.e18kpe851,.css-11m2wk0 .e16ilo480+.e18kpe851+.e1tt35bk0{margin-top:1.3125rem;}.css-11m2wk0 .e1tt35bk0+.e1v7vv2r0{margin-top:1.75rem;}@media (max-width: 37.4375rem){.css-11m2wk0 .e18kpe851+.e1tt35bk0,.css-11m2wk0 .e1gvmbw00+.e18kpe851+.e1tt35bk0,.css-11m2wk0 .e15xa22h0+.e18kpe851+.e1tt35bk0{margin-top:0.875rem;}}.css-11m2wk0 .e18kpe851+*:not(.e1tt35bk0),.css-11m2wk0 .e18kpe851+.e1tt35bk0+*:not(.e1tt35bk0){clear:both;}.css-11m2wk0 *:not(.ezpf5o0)+.e1tt35bk0:has([data-caps='initial']:first-child),.css-11m2wk0 *:not(.ezpf5o0)+.e1tt35bk0:has(.drop-cap:first-child){margin-top:1.75rem;}.css-11m2wk0 .e1v7vv2r0+.e1tt35bk0:has([data-caps='initial']:first-child),.css-11m2wk0 .e1v7vv2r0+.e1tt35bk0:has(.drop-cap:first-child){margin-top:1.3125rem;}.css-11m2wk0 .e1cbnkh80{clear:both;}.css-11m2wk0 *+.e1cbnkh80{margin-top:2.1875rem;}.css-11m2wk0 .e1cbnkh80+*{margin-top:2.1875rem;}.css-11m2wk0 *+.ezpf5o0{margin-top:1.75rem;}.css-11m2wk0 .ezpf5o0+*{margin-top:0.875rem;}</style><div class="css-11m2wk0 e19oi8vf2"><style data-emotion="css 1f0x4sl">.css-1f0x4sl{color:var(--ds-color-london-5);font-family:var(--ds-type-system-serif);font-weight:400;font-size:var(--ds-type-scale-1);line-height:var(--ds-type-leading-lower);}.css-1f0x4sl del,.css-1f0x4sl s{-webkit-text-decoration:strikethrough;text-decoration:strikethrough;}.css-1f0x4sl strong,.css-1f0x4sl b{font-weight:700;}.css-1f0x4sl em,.css-1f0x4sl i{font-style:italic;}.css-1f0x4sl sup{font-feature-settings:'sups' 1;}.css-1f0x4sl sub{font-feature-settings:'subs' 1;}.css-1f0x4sl small,.css-1f0x4sl .small-caps{display:inline;font-size:inherit;font-variant:small-caps no-common-ligatures no-discretionary-ligatures no-historical-ligatures no-contextual;line-height:var(--ds-type-leading-lower);text-transform:lowercase;}.css-1f0x4sl u,.css-1f0x4sl .underline{-webkit-text-decoration:underline;text-decoration:underline;text-underline-offset:0.125rem;text-decoration-thickness:0.0625rem;}.css-1f0x4sl a{color:var(--ds-color-london-5);-webkit-text-decoration:underline;text-decoration:underline;text-decoration-color:var(--ds-color-chicago-45);text-decoration-thickness:0.125rem;text-underline-offset:0.125rem;}.css-1f0x4sl a:hover{color:var(--ds-color-chicago-30);-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;}.css-1f0x4sl a:focus{background-color:var(--ds-color-chicago-95);color:var(--ds-color-london-5);outline:none;-webkit-text-decoration:underline;text-decoration:underline;text-decoration-color:var(--ds-color-chicago-45);text-decoration-thickness:0.125rem;}.css-1f0x4sl a:active{background-color:var(--ds-color-chicago-95);color:var(--ds-color-london-5);-webkit-text-decoration:none;text-decoration:none;}.css-1f0x4sl [data-caps='initial'],.css-1f0x4sl .drop-cap{float:left;font-feature-settings:'ss08' 1;font-size:3.5rem;height:3.25rem;line-height:1;margin:0.0625rem 0.2rem 0 0;text-transform:uppercase;}.css-1f0x4sl [data-ornament='ufinish'],.css-1f0x4sl .ufinish{color:var(--ds-color-economist-red);}.css-1f0x4sl [data-ornament='ufinish']::before,.css-1f0x4sl .ufinish::before{font-size:var(--ds-type-scale-1);content:' ';}</style><p data-component="paragraph" class="css-1f0x4sl e1tt35bk0">Illustration by Claudio Munoz</p></div></section><style data-emotion="css 1bdax0c">.css-1bdax0c{margin:0.875rem 0;}.css-1bdax0c .eikojtn0+*{margin-top:0.875rem;}.e1t0la761+.css-1bdax0c{margin-top:0;}</style><div class="css-1bdax0c e13p72us0"><style data-emotion="css 1i4m1tx">.css-1i4m1tx{color:var(--ds-color-london-20);font-family:var(--ds-type-system-sans);font-size:var(--ds-type-scale--1);line-height:var(--ds-type-leading-lower);}.css-1i4m1tx s,.css-1i4m1tx del{-webkit-text-decoration:line-through;text-decoration:line-through;text-decoration-thickness:0.0625rem;}.css-1i4m1tx b{font-weight:600;}.css-1i4m1tx i{font-style:italic;}.css-1i4m1tx sup{font-feature-settings:'sups' 1;}.css-1i4m1tx sub{font-feature-settings:'subs' 1;}.css-1i4m1tx u{text-decoration-thickness:0.0625rem;}.css-1i4m1tx a{color:var(--ds-color-london-5);-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;}.css-1i4m1tx a:hover{color:var(--ds-color-chicago-30);-webkit-text-decoration:none;text-decoration:none;}.css-1i4m1tx a:focus,.css-1i4m1tx a:active{background-color:var(--ds-color-chicago-95);color:var(--ds-color-london-5);}.css-1i4m1tx a:focus{outline:solid transparent;-webkit-text-decoration:underline;text-decoration:underline;}.css-1i4m1tx a:active{-webkit-text-decoration:none;text-decoration:none;}</style><p class="css-1i4m1tx eikojtn0">This article appeared in the Business section of the print edition under the headline “From major to minor”</p></div><style data-emotion="css 1ijq0b9">.css-1ijq0b9 .ds-chapter-list__item a span{border:0;}.css-1ijq0b9 .ds-chapter-list__item a:hover span{color:var(--ds-color-chicago-30);-webkit-text-decoration:underline;text-decoration:underline;}.css-1ijq0b9 .ds-chapter-list__item a:focus span{background-color:var(--ds-color-chicago-95);box-shadow:none;color:var(--ds-color-london-5);outline:solid transparent;-webkit-text-decoration:underline;text-decoration:underline;}.css-1ijq0b9 .ds-chapter-list__item a:active span{color:var(--ds-color-chicago-30);}.css-1ijq0b9 .ds-section-headline a{border-bottom:0;}.css-1ijq0b9 .ds-section-headline a:hover{color:var(--ds-color-chicago-30);-webkit-text-decoration:underline;text-decoration:underline;}.css-1ijq0b9 .ds-section-headline a:focus{background-color:var(--ds-color-chicago-95);box-shadow:none;color:var(--ds-color-london-5);outline:solid transparent;-webkit-text-decoration:underline;text-decoration:underline;}.css-1ijq0b9 .ds-section-headline a:active{color:var(--ds-color-chicago-30);}</style><div data-tracking-id="content-well-chapter-list" class="css-1ijq0b9 e8htone0"><div class="ds-chapter-list"><h2 class="ds-section-headline ds-section-headline--rule-accent"><a href="/business" class="ds-section-headline-link">Business</a> <span class="ds-section-subheadline">January 12th 2008</span></h2><ul><li class="ds-chapter-list__item"><a class="ds-link-with-arrow ds-link-with-arrow--minor ds-link-with-arrow--selected ds-link-with-arrow--text-right" href="/business/2008/01/10/from-major-to-minor"><span>From major to minor</span></a></li><li class="ds-chapter-list__item"><a class="ds-link-with-arrow ds-link-with-arrow--minor ds-link-with-arrow--text-right" href="/business/2008/01/10/everythings-gone-blu"><span>Everything's gone Blu</span></a></li><li class="ds-chapter-list__item"><a class="ds-link-with-arrow ds-link-with-arrow--minor ds-link-with-arrow--text-right" href="/business/2008/01/10/no-fun-and-games"><span>No fun and games</span></a></li><li class="ds-chapter-list__item"><a class="ds-link-with-arrow ds-link-with-arrow--minor ds-link-with-arrow--text-right" href="/business/2008/01/10/what-did-he-know"><span>What did he know?</span></a></li><li class="ds-chapter-list__item"><a class="ds-link-with-arrow ds-link-with-arrow--minor ds-link-with-arrow--text-right" href="/business/2008/01/10/coffee-wars"><span>Coffee wars</span></a></li><li class="ds-chapter-list__item"><a class="ds-link-with-arrow ds-link-with-arrow--minor ds-link-with-arrow--text-right" href="/business/2008/01/10/reality-bites"><span>Reality bites</span></a></li><li class="ds-chapter-list__item"><a class="ds-link-with-arrow ds-link-with-arrow--minor ds-link-with-arrow--text-right" href="/business/2008/01/10/no-lakh-of-daring"><span>No lakh of daring</span></a></li><li class="ds-chapter-list__item"><a class="ds-link-with-arrow ds-link-with-arrow--minor ds-link-with-arrow--text-right" href="/business/2008/01/10/totally-different"><span>Totally different</span></a></li></ul></div></div><style data-emotion="css wcxg11">.css-wcxg11{font-family:var(--ds-type-system-serif);position:relative;}.css-wcxg11 .ds-link-with-arrow-icon{cursor:pointer;font-weight:500;}.css-wcxg11 .ds-link-with-arrow-icon span{color:var(--ds-color-london-5);}.css-wcxg11 .ds-link-with-arrow-icon::before{color:var(--ds-color-economist-red);}.css-wcxg11 .ds-link-with-arrow-icon:hover span{color:var(--ds-color-chicago-30);-webkit-text-decoration:underline;text-decoration:underline;}.css-wcxg11 .ds-link-with-arrow-icon:focus span{background-color:var(--ds-color-chicago-95);box-shadow:none;color:var(--ds-color-london-5);outline:solid transparent;-webkit-text-decoration:none;text-decoration:none;}.css-wcxg11 .ds-link-with-arrow-icon:active span{background-color:var(--ds-color-chicago-95);color:var(--ds-color-chicago-30);-webkit-text-decoration:underline;text-decoration:underline;}.css-wcxg11 .ds-link-with-arrow-icon:hover span,.css-wcxg11 .ds-link-with-arrow-icon:focus span,.css-wcxg11 .ds-link-with-arrow-icon:active span{border:0;}</style><div data-test-id="vertical" class="css-wcxg11 e1d3rrj40"><style data-emotion="css vsh08d">.css-vsh08d{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;-webkit-box-pack:column;-ms-flex-pack:column;-webkit-justify-content:column;justify-content:column;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;text-align:center;-webkit-column-gap:1.25rem;column-gap:1.25rem;}</style><div orientation="vertical" class="css-vsh08d e1d3rrj41"><style data-emotion="css s61v3v">.css-s61v3v{border-radius:0.125rem;box-shadow:-0.125rem 0.125rem 0.25rem 0 rgba(0,0,0,0.4);margin-bottom:0.75rem;min-width:10rem;max-width:12rem;}@media (min-width: 37.5rem){.css-s61v3v{min-width:12rem;}}.css-s61v3v img{display:block;max-width:100%;}</style><div orientation="vertical" class="css-s61v3v e1d3rrj43"><style data-emotion="css j0a8mg">.css-j0a8mg img{display:block;}.css-j0a8mg .egmy3ck2{margin-top:0.25rem;}</style><figure class="css-j0a8mg e1197rjj0"><img alt="Up in the air" loading="lazy" width="400" height="526" decoding="async" data-nimg="1" style="color:transparent" sizes="300px" srcSet="https://www.economist.com/cdn-cgi/image/width=16,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 16w, https://www.economist.com/cdn-cgi/image/width=32,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 32w, https://www.economist.com/cdn-cgi/image/width=48,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 48w, https://www.economist.com/cdn-cgi/image/width=64,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 64w, https://www.economist.com/cdn-cgi/image/width=96,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 96w, https://www.economist.com/cdn-cgi/image/width=128,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 128w, https://www.economist.com/cdn-cgi/image/width=256,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 256w, https://www.economist.com/cdn-cgi/image/width=360,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 360w, https://www.economist.com/cdn-cgi/image/width=384,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 384w, https://www.economist.com/cdn-cgi/image/width=480,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 480w, https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 600w, https://www.economist.com/cdn-cgi/image/width=834,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 834w, https://www.economist.com/cdn-cgi/image/width=960,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 960w, https://www.economist.com/cdn-cgi/image/width=1096,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 1096w, https://www.economist.com/cdn-cgi/image/width=1280,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 1280w, https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg 1424w" src="https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/sites/default/files/20080112issuecovUS400.jpg"/></figure></div><style data-emotion="css std7t4">.css-std7t4{max-width:16rem;}</style><div orientation="vertical" class="css-std7t4 e1d3rrj42"><style data-emotion="css zqomh4">.css-zqomh4{color:var(--ds-color-london-5);font-family:var(--ds-type-system-serif-lining);font-size:var(--ds-type-scale-2);font-weight:500;line-height:var(--ds-type-leading-upper);margin-bottom:0.25rem;}</style><h3 orientation="vertical" class="css-zqomh4 e1d3rrj44">From the January 12th 2008 edition</h3><style data-emotion="css 12b2bkb">.css-12b2bkb{color:var(--ds-color-london-5);font-size:var(--ds-type-scale-0);font-weight:400;line-height:var(--ds-type-leading-lower);margin-bottom:1.5rem;}</style><p orientation="vertical" class="css-12b2bkb e1d3rrj45">Discover stories from this section and more in the list of contents</p><a class="ds-link-with-arrow-icon ds-link-with-arrow-icon--minor" href="/weeklyedition/2008-01-12" data-analytics="sidebar:weekly_edition"><span>Explore the edition</span></a></div></div></div><style data-emotion="css 1cmx12d">.css-1cmx12d{margin-top:0.875rem;}.css-1cmx12d +.eq1asik0{margin-top:3rem;padding-bottom:0;}.e1t0la761+.css-1cmx12d{margin-top:0;}</style><div class="css-1cmx12d em0l2j50"><style data-emotion="css 19gx9y0">.css-19gx9y0{position:relative;border-bottom:0;border-top:0.0625rem solid var(--ds-color-london-85);color:var(--ds-color-london-35);}.css-19gx9y0 .ds-actioned-link{margin-right:0.625rem;}@media (min-width: 37.5rem){.css-19gx9y0 .ds-actioned-link{margin-left:0.625rem;margin-right:0;}}.css-19gx9y0 .ei4w8y0{margin-right:0.625rem;margin-top:0;}@media (min-width: 37.5rem){.css-19gx9y0 .ei4w8y0{margin-right:0;}}.css-19gx9y0 .ei4w8y0 .ds-actioned-link{margin-right:0;}.css-19gx9y0 >.eygoqsu0>*{padding:1rem 0;}.css-19gx9y0 >.eygoqsu0>*:nth-of-type(2){border-top:0.0625rem solid var(--ds-color-london-85);}@media (min-width: 37.5rem){.css-19gx9y0 >.eygoqsu0>*:nth-of-type(2){border-top:0;}}</style><div class="css-19gx9y0 eupm5sl0"><style data-emotion="css 15sn8g1">.css-15sn8g1{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;-webkit-align-items:stretch;-webkit-box-align:stretch;-ms-flex-align:stretch;align-items:stretch;-webkit-box-pack:start;-ms-flex-pack:start;-webkit-justify-content:flex-start;justify-content:flex-start;}@media (min-width: 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class="ds-section-headline ds-section-headline--rule-emphasised"><a href="/business" class="ds-section-headline-link">Discover more</a></h2><style data-emotion="css 1udh2m3">@media (min-width: 60rem){.css-1udh2m3 .en4o1560 .en4o1560:last-of-type{padding-bottom:1.5rem;}}@media (min-width: 60rem){.css-1udh2m3 .en4o1560 .en4o1560{padding-bottom:1.5rem;}}@media (min-width: 80rem){.css-1udh2m3 .en4o1560 .en4o1560{padding-bottom:0;}}@media (min-width: 60rem){.css-1udh2m3 .en4o1560>hr+.enphw8n0:last-of-type{padding-bottom:1.5rem;}}@media (min-width: 60rem){.css-1udh2m3 .en4o1560:nth-of-type(5){padding-bottom:1.5rem;}}.css-1udh2m3 .e188esf00 .e188esf00{margin-top:-0.25rem;}@media (min-width: 80rem){.css-1udh2m3 .en4o1560:nth-of-type(3) .e188esf00{margin-top:0;}}</style><div class="css-1udh2m3 e1sxhytt1"><style data-emotion="css 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pdqis7">.css-pdqis7{grid-area:group1;position:relative;-webkit-align-self:auto;-ms-flex-item-align:auto;align-self:auto;}.css-pdqis7::after{background-color:var(--ds-color-london-85);content:'';height:100%;position:absolute;right:-1rem;right:calc(-1 * var(--ds-grid-gap));top:0;width:1px;}.css-pdqis7:last-child::after{height:0;}</style><div class="css-pdqis7 en4o1560"><style data-emotion="css ctje7d">.css-ctje7d{position:relative;width:100%;margin-top:0;overflow:hidden;display:block;}.eeawncf0 .css-ctje7d,.e1ns5z760 .css-ctje7d{margin-top:0;margin-bottom:0;}@media (min-width: 22.5rem){.eeawncf0 .css-ctje7d,.e1ns5z760 .css-ctje7d{margin-top:0;margin-bottom:0;}}@media (min-width: 37.5rem){.eeawncf0 .css-ctje7d,.e1ns5z760 .css-ctje7d{margin-top:0;margin-bottom:0;}}@media (min-width: 60rem){.eeawncf0 .css-ctje7d,.e1ns5z760 .css-ctje7d{margin-top:-0.25rem;margin-bottom:0;}}@media (min-width: 80rem){.eeawncf0 .css-ctje7d,.e1ns5z760 .css-ctje7d{margin-top:0;margin-bottom:0;}}.e1ft9m2r0 .css-ctje7d{margin-left:0.75rem;margin-top:0;}@media (max-width:29.9375rem){.e1ft9m2r0 .css-ctje7d{padding-top:0.375rem;}}.ebp5mrt0 .css-ctje7d{padding-bottom:1.5rem;border-bottom:var(--ds-border-rule);}</style><div class="css-ctje7d enphw8n0"><style data-emotion="css 1w6u71t">.css-1w6u71t{position:relative;float:none;width:100%;margin:0;padding:0;}.css-1w6u71t img{display:block;}.css-1w6u71t svg{bottom:0;display:block;left:0;position:absolute;width:15%;}.css-1w6u71t+.exn4l0u0{margin-top:0.5rem;}.css-1w6u71t+style+.exn4l0u0{margin-top:0.5rem;}.css-1w6u71t+.e7j57mt0{margin-top:0.5rem;}.css-1w6u71t+style+.e7j57mt0{margin-top:0.5rem;}.css-1w6u71t+.e8l300f0{margin-top:0.5rem;}.css-1w6u71t+style+.e8l300f0{margin-top:0.5rem;}</style><div class="css-1w6u71t e1xwzcy70"><figure class="css-j0a8mg e1197rjj0"><img theme="[object Object]" alt="A man waitiing for the lift, which is full of people. " loading="lazy" width="1280" height="720" decoding="async" data-nimg="1" style="color:transparent" sizes="(min-width: 1440px) 700px, (min-width: 1280px) 50vw, (min-width: 960px) 66vw, 95vw" srcSet="https://www.economist.com/cdn-cgi/image/width=256,quality=80,format=auto/content-assets/images/20241123_WBD002.jpg 256w, https://www.economist.com/cdn-cgi/image/width=360,quality=80,format=auto/content-assets/images/20241123_WBD002.jpg 360w, https://www.economist.com/cdn-cgi/image/width=384,quality=80,format=auto/content-assets/images/20241123_WBD002.jpg 384w, https://www.economist.com/cdn-cgi/image/width=480,quality=80,format=auto/content-assets/images/20241123_WBD002.jpg 480w, https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/content-assets/images/20241123_WBD002.jpg 600w, https://www.economist.com/cdn-cgi/image/width=834,quality=80,format=auto/content-assets/images/20241123_WBD002.jpg 834w, https://www.economist.com/cdn-cgi/image/width=960,quality=80,format=auto/content-assets/images/20241123_WBD002.jpg 960w, https://www.economist.com/cdn-cgi/image/width=1096,quality=80,format=auto/content-assets/images/20241123_WBD002.jpg 1096w, https://www.economist.com/cdn-cgi/image/width=1280,quality=80,format=auto/content-assets/images/20241123_WBD002.jpg 1280w, https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241123_WBD002.jpg 1424w" src="https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241123_WBD002.jpg"/></figure></div><div class="css-0 exn4l0u0"><style data-emotion="css 107bvwz">.css-107bvwz{font-family:var(--ds-type-system-serif-lining);font-size:var(--ds-type-scale-3);font-weight:normal;line-height:var(--ds-type-leading-upper);}.css-107bvwz a{-webkit-text-decoration:none;text-decoration:none;color:var(--ds-color-london-5);display:block;}.css-107bvwz a:hover,.css-107bvwz a:hover{color:var(--ds-color-chicago-30);-webkit-text-decoration:underline;text-decoration:underline;}.css-107bvwz a:focus,.css-107bvwz a:focus{background-color:var(--ds-color-chicago-95);color:var(--ds-color-london-5);outline:none;-webkit-text-decoration:underline;text-decoration:underline;}.css-107bvwz a:active,.css-107bvwz a:active{color:var(--ds-color-chicago-30);}.css-107bvwz a::before{bottom:0;content:'';display:block;left:0;opacity:0;overflow:hidden;position:absolute;right:0;text-indent:-999em;top:0;white-space:nowrap;z-index:1;}.css-107bvwz+.e7x1xmz0,.css-107bvwz+style+.e7x1xmz0{margin-top:0.5rem;}.e1p220na0 .css-107bvwz+.e7x1xmz0{margin-top:0;}</style><h3 class="css-107bvwz e7j57mt0"><a href="/business/2024/11/21/how-to-behave-in-lifts-an-office-guide" data-analytics="more_from:headline_1">How to behave in lifts: an office guide</a></h3><style data-emotion="css llqkfq">.css-llqkfq{color:var(--ds-color-london-5);font-family:var(--ds-type-system-serif);max-width:43.75rem;font-size:var(--ds-type-scale-0);line-height:var(--ds-type-leading-lower);}</style><p class="css-llqkfq e7x1xmz0">Life in an elevator</p></div></div></div><style data-emotion="css 12zrjtn">.css-12zrjtn{grid-area:group2;position:relative;-webkit-align-self:auto;-ms-flex-item-align:auto;align-self:auto;}.css-12zrjtn::after{background-color:var(--ds-color-london-85);content:'';height:100%;position:absolute;right:-1rem;right:calc(-1 * var(--ds-grid-gap));top:0;width:1px;}.css-12zrjtn:last-child::after{height:0;}</style><div class="css-12zrjtn en4o1560"><style data-emotion="css 6p3gio">.css-6p3gio{position:relative;width:100%;margin-top:0;overflow:hidden;display:block;}.eeawncf0 .css-6p3gio,.e1ns5z760 .css-6p3gio{margin-top:0;margin-bottom:0;}@media (min-width: 22.5rem){.eeawncf0 .css-6p3gio,.e1ns5z760 .css-6p3gio{margin-top:0;margin-bottom:0;}}@media (min-width: 37.5rem){.eeawncf0 .css-6p3gio,.e1ns5z760 .css-6p3gio{margin-top:0;margin-bottom:0;}}@media (min-width: 60rem){.eeawncf0 .css-6p3gio,.e1ns5z760 .css-6p3gio{margin-top:-0.25rem;margin-bottom:0;}}@media (min-width: 80rem){.eeawncf0 .css-6p3gio,.e1ns5z760 .css-6p3gio{margin-top:0;margin-bottom:0;}}.e1ft9m2r0 .css-6p3gio{margin-left:0.75rem;margin-top:0;}@media (max-width:29.9375rem){.e1ft9m2r0 .css-6p3gio{padding-top:0.375rem;}}.ebp5mrt0 .css-6p3gio{padding-bottom:1.5rem;border-bottom:var(--ds-border-rule);}</style><div class="css-6p3gio enphw8n0"><style data-emotion="css 1js7g3m">.css-1js7g3m{position:relative;float:none;width:100%;margin:0;padding:0;}.css-1js7g3m img{display:block;}.css-1js7g3m svg{bottom:0;display:block;left:0;position:absolute;width:15%;}.css-1js7g3m+.exn4l0u0{margin-top:0.5rem;}.css-1js7g3m+style+.exn4l0u0{margin-top:0.5rem;}.css-1js7g3m+.e7j57mt0{margin-top:0.5rem;}.css-1js7g3m+style+.e7j57mt0{margin-top:0.5rem;}.css-1js7g3m+.e8l300f0{margin-top:0.5rem;}.css-1js7g3m+style+.e8l300f0{margin-top:0.5rem;}@media (min-width: 30rem){.css-1js7g3m{float:right;margin:0.25rem 0 0 1.5rem;width:33%;padding:0;}.css-1js7g3m+.exn4l0u0{margin-top:0;}.css-1js7g3m+.e7j57mt0{margin-top:0;}.css-1js7g3m+.e8l300f0{margin-top:0;}}</style><div class="css-1js7g3m e1xwzcy70"><figure class="css-j0a8mg e1197rjj0"><img theme="[object Object]" alt="Detainees play outside at the Port Isabel Detention Center hosted by U.S. Immigration and Customs Enforcement, Harlingen Enforcement and Removal Operations in Texas." loading="lazy" width="1280" height="720" decoding="async" data-nimg="1" style="color:transparent" sizes="(min-width: 1440px) 700px, (min-width: 1280px) 50vw, (min-width: 960px) 66vw, 95vw" srcSet="https://www.economist.com/cdn-cgi/image/width=256,quality=80,format=auto/content-assets/images/20241123_WBP002.jpg 256w, https://www.economist.com/cdn-cgi/image/width=360,quality=80,format=auto/content-assets/images/20241123_WBP002.jpg 360w, https://www.economist.com/cdn-cgi/image/width=384,quality=80,format=auto/content-assets/images/20241123_WBP002.jpg 384w, https://www.economist.com/cdn-cgi/image/width=480,quality=80,format=auto/content-assets/images/20241123_WBP002.jpg 480w, https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/content-assets/images/20241123_WBP002.jpg 600w, https://www.economist.com/cdn-cgi/image/width=834,quality=80,format=auto/content-assets/images/20241123_WBP002.jpg 834w, https://www.economist.com/cdn-cgi/image/width=960,quality=80,format=auto/content-assets/images/20241123_WBP002.jpg 960w, https://www.economist.com/cdn-cgi/image/width=1096,quality=80,format=auto/content-assets/images/20241123_WBP002.jpg 1096w, https://www.economist.com/cdn-cgi/image/width=1280,quality=80,format=auto/content-assets/images/20241123_WBP002.jpg 1280w, https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241123_WBP002.jpg 1424w" src="https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241123_WBP002.jpg"/></figure></div><div class="css-0 exn4l0u0"><style data-emotion="css 1jzypbl">.css-1jzypbl{font-family:var(--ds-type-system-serif-lining);font-size:var(--ds-type-scale-2);font-weight:normal;line-height:var(--ds-type-leading-upper);}.css-1jzypbl a{-webkit-text-decoration:none;text-decoration:none;color:var(--ds-color-london-5);display:block;}.css-1jzypbl a:hover,.css-1jzypbl a:hover{color:var(--ds-color-chicago-30);-webkit-text-decoration:underline;text-decoration:underline;}.css-1jzypbl a:focus,.css-1jzypbl a:focus{background-color:var(--ds-color-chicago-95);color:var(--ds-color-london-5);outline:none;-webkit-text-decoration:underline;text-decoration:underline;}.css-1jzypbl a:active,.css-1jzypbl a:active{color:var(--ds-color-chicago-30);}.css-1jzypbl a::before{bottom:0;content:'';display:block;left:0;opacity:0;overflow:hidden;position:absolute;right:0;text-indent:-999em;top:0;white-space:nowrap;z-index:1;}.css-1jzypbl+.e7x1xmz0,.css-1jzypbl+style+.e7x1xmz0{margin-top:0.5rem;}.e1p220na0 .css-1jzypbl+.e7x1xmz0{margin-top:0;}</style><h3 class="css-1jzypbl e7j57mt0"><a href="/business/2024/11/21/donald-trumps-victory-has-boosted-shares-in-private-prison-companies" data-analytics="more_from:headline_2">Donald Trump’s victory has boosted shares in private-prison companies </a></h3><p class="css-llqkfq e7x1xmz0">A hard line means hard cash</p></div></div><style data-emotion="css 16c9eiw">.css-16c9eiw{border-width:0;border-top:1px solid var(--ds-color-london-85);margin:1.5rem 0;margin:1.5rem 0 1.25rem;width:100%;}</style><hr class="css-16c9eiw e188esf01"/><div class="css-6p3gio enphw8n0"><div class="css-1js7g3m e1xwzcy70"><figure class="css-j0a8mg e1197rjj0"><img theme="[object Object]" alt="Gautam Adani, chairman of Adani Group." loading="lazy" width="1280" height="720" decoding="async" data-nimg="1" style="color:transparent" sizes="(min-width: 1440px) 700px, (min-width: 1280px) 50vw, (min-width: 960px) 66vw, 95vw" srcSet="https://www.economist.com/cdn-cgi/image/width=256,quality=80,format=auto/content-assets/images/20241123_WBP004.jpg 256w, https://www.economist.com/cdn-cgi/image/width=360,quality=80,format=auto/content-assets/images/20241123_WBP004.jpg 360w, https://www.economist.com/cdn-cgi/image/width=384,quality=80,format=auto/content-assets/images/20241123_WBP004.jpg 384w, https://www.economist.com/cdn-cgi/image/width=480,quality=80,format=auto/content-assets/images/20241123_WBP004.jpg 480w, https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/content-assets/images/20241123_WBP004.jpg 600w, https://www.economist.com/cdn-cgi/image/width=834,quality=80,format=auto/content-assets/images/20241123_WBP004.jpg 834w, https://www.economist.com/cdn-cgi/image/width=960,quality=80,format=auto/content-assets/images/20241123_WBP004.jpg 960w, https://www.economist.com/cdn-cgi/image/width=1096,quality=80,format=auto/content-assets/images/20241123_WBP004.jpg 1096w, https://www.economist.com/cdn-cgi/image/width=1280,quality=80,format=auto/content-assets/images/20241123_WBP004.jpg 1280w, https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241123_WBP004.jpg 1424w" src="https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241123_WBP004.jpg"/></figure></div><div class="css-0 exn4l0u0"><h3 class="css-1jzypbl e7j57mt0"><a 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