Hubbry Logo
search
logo
2309448

The Economist

logo
Community Hub0 Subscribers
Write something...
Be the first to start a discussion here.
Be the first to start a discussion here.
See all
The Economist

The Economist is a British news and current affairs journal published in a weekly print magazine format and daily on digital platforms. Variously referred to as a magazine and a newspaper, it publishes stories on topics that include economics, business, geopolitics, technology and culture. Mostly written and edited in London, it has other editorial offices in the United States and in major cities in continental Europe, Asia, and the Middle East. The publication prominently features data journalism, and has a focus on interpretive analysis over original reporting, to both criticism and acclaim.

Founded in 1843, The Economist was first circulated by Scottish economist James Wilson to muster support for abolishing the British Corn Laws (1815–1846), a system of import tariffs. Over time, the newspaper's coverage expanded further into political economy and eventually began running articles on current events, finance, commerce, and British politics. Throughout the mid-to-late 20th century, it greatly expanded its layout and format, adding opinion columns, special reports, political cartoons, reader letters, cover stories, art critique, book reviews, and technology features. The paper is recognisable by its fire engine red masthead (nameplate) and illustrated, topical covers. Individual articles are written anonymously, with no byline, in order for the paper to speak as one collective voice. It is supplemented by its sister lifestyle magazine, 1843, and a variety of podcasts, films, and books. It is considered a newspaper of record in the UK.

The editorial stance of The Economist primarily revolves around classical, social, and most notably economic liberalism. It has supported radical centrism, favouring policies and governments that maintain centrist politics. The newspaper typically champions economic liberalism, particularly free markets, free trade, free immigration, deregulation, and globalisation. Its extensive use of word play and high subscription price has linked the paper with a high-income elite readership, drawing both positive and negative connotations. In line with this, it claims to have an influential readership of prominent business leaders and policy-makers.

The Economist was founded by the British businessman and banker James Wilson in 1843, to advance the repeal of the Corn Laws, a system of import tariffs. A prospectus for the newspaper from 5 August 1843 enumerated thirteen areas of coverage that its editors wanted the publication to focus on:

Wilson described it as taking part in "a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress", a phrase which still appears on its imprint (US: masthead) as the publication's mission. It has long been respected as "one of the most competent and subtle Western periodicals on public affairs". It was cited by Karl Marx in his formulation of socialist theory because Marx felt the publication epitomised the interests of the bourgeoisie. He wrote that "the London Economist, the European organ of the aristocracy of finance, described most strikingly the attitude of this class." In 1915, revolutionary Vladimir Lenin referred to The Economist as a "journal that speaks for British millionaires". Additionally, Lenin stated that The Economist held a "bourgeois-pacifist" position and supported peace out of fear of revolution.

In the currency disputes of the mid-nineteenth century, the journal sided with the Banking School against the Currency School. It criticised the Bank Charter Act 1844 which restricted the amount of bank notes that the Bank of England could issue on the basis of Currency School policy encouraged by Lord Overstone, that eventually developed into monetarism. It blamed the 1857 financial crisis in Britain on 'a certain class of doctrinaires' who 'refer every commercial crisis and its disastrous consequences to "excessive issues of bank notes". It identified the causes of the financial crisis as variations in interest rates and a build-up of excess financial capital leading to unwise investments.

In 1920, the paper's circulation rose to 6,170. In 1934, it underwent its first major redesign. The current fire engine red nameplate was created by Reynolds Stone in 1959. In 1971, The Economist changed its large broadsheet format into a smaller magazine-style perfect-bound formatting. In 1981 the publication introduced a North American edition after publishing the British edition since 1843; its circulation had increased more than tenfold by 2010. In January 2012, The Economist launched a new weekly section devoted exclusively to China, the first new country section since the introduction of one on the United States in 1942.

In 1991, James Fallows argued in The Washington Post that The Economist used editorial lines that contradicted the news stories they purported to highlight. In 1999, Andrew Sullivan complained in The New Republic that it uses "marketing genius" to make up for deficiencies in original reporting, resulting in "a kind of Reader's Digest" for America's corporate elite. The Guardian wrote that "its writers rarely see a political or economic problem that cannot be solved by the trusted three-card trick of privatisation, deregulation and liberalisation".

See all
User Avatar
No comments yet.