Subject: National wealth still depends on making stuff
From: "Bloomberg View" <[email-masked]>
To: <[email-masked]>
Date: Fri, 14 Jul 2017 05:03:16 -0400 (EDT)

A daily digest of opinions and analysis

The Intangible Economy Is Not Enough

Apps, patents and social media are great, but what if they can't power an economy that provides a decent living for all? Noah Smith revisits a neglected school of thought that suggests manufacturing pays off in ways not measured by GDP.

Who's Afraid of a Big Bad Bond Bump? Not China

In May, Moody's saw reasons to worry about Chinese government debt. Investors had other ideas. Matthew Winker explains why China is the latest country to turn sovereign-debt ratings on their heads.

An ETF Bubble? Don't Believe It

The explosive growth of exchange-traded funds has caused some money managers to panic, but Ben Carlson says concerns about "peak passive" are overblown. If anything, the shift to low-cost investment funds is a win for the investor class.

France Shouldn't Let Google Get Off Tax-Free

It may be impossible for France to claim much in back taxes from the search giant now, but the country urgently needs new rules to crack down on tax avoidance. And it isn't alone: Leonid Bershidsky argues the current system leaves countries almost powerless against huge, tax-averse multinationals.

Legal Procedure Needs a Dose of Common Sense

A famous judge called courtroom rules antiquated (in language that might not be allowed in court). Maybe he's on to something. Stephen Carter explains why judges really shouldn't spend so much time tangled up in technicalities.

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Ritholtz’s Reads

The best books to read on entrepreneurship (Five Books)

Capitalism the Apple way versus capitalism the Google way (The Atlantic)

An anonymous cryptocurrency trader just made $200 million in a month (Bloomberg)

(Read Barry Ritholtz’s full daily news roundup here.)

Bloomberg Gadfly

Fast retailing must pick up the pace

Roche's bad biosimilar day is no disaster

Qatar Airways should give up on its American dream

(Read more from BV’s sister site for fast business commentary.)

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