History
The Economist, known for its distinct editorial voice and global perspective, was established in 1843 by British businessman James Wilson. Its inception aimed at promoting the repeal of the Corn Laws, which imposed heavy tariffs on imported grains, significantly impacting agricultural pricing and food security in Britain. Wilson's vision for the publication was laid out in a prospectus dated August 5, 1843, which highlighted thirteen key areas of coverage. This broad scope not only encompassed leading articles defending free trade principles but also included political economy, parliamentary reports, agricultural topics, and international commerce, reflecting Wilson's commitment to informed discourse on pivotal economic issues.
The publication rapidly distinguished itself as a platform for intelligent analysis in a period marked by intense economic debate and social change. Wilson believed that The Economist should actively engage in intellectual debates against "timid ignorance," a stance that has endured as part of the publication's identity. It carved a niche within the media landscape, often being regarded as a significant voice in public affairs, despite being critiqued by notable figures such as Karl Marx and Vladimir Lenin, who viewed it as representative of bourgeois interests. Marx cited The Economist in his writings, noting its alignment with the financial elite, while Lenin criticized it as a tool for British imperialist sentiment.
The 19th century saw The Economist wade into significant economic controversies, notably the currency disputes of the mid-1800s, where it sided with the Banking School against the Currency School regarding monetary policy. The journal's critique of the Bank Charter Act of 1844 and its assertion that financial crises stemmed from market dynamics rather than excessive currency supply marked its analytical stance on broader economic principles that would echo into modern economic thought.
The print landscape of The Economist transformed throughout the 20th century as it embraced modern design and formats, particularly with a major redesign in 1934 and a notable transition into a magazine-style format in 1971. Its audience grew considerably, exemplified by the launch of a North American edition in 1981, which further expanded its reach and influence. The rise in circulation demonstrated the publication's adaptability, particularly as it responded to the global landscape by introducing new sections, such as a dedicated focus on China in 2012, reflecting the shifting center of economic gravity towards Asia.
Despite its acclaim for international reporting, The Economist has faced criticism regarding its editorial practices. Reviews over the years highlighted concerns about potential inconsistencies between its reporting and editorial stances. Critics like James Fallows and Andrew Sullivan questioned the reliability of its content, suggesting that marketing strategies may have overshadowed substantive original reporting. Nonetheless, the publication has maintained a reputation for rigorous analysis of global events while striving to uphold a separation between its reporting and editorial opinions.
In recent history, ownership transitions marked significant changes in The Economist's corporate structure. In 2015, Pearson sold its stake to the Agnelli family's investment firm, Exor, signaling a major shift. Less than a decade later, the paper faced allegations of misconduct linked to a high-profile legal figure in Bangladesh, underscoring the ongoing complexities of navigating journalism in a contemporary context defined by rapid technological advances and ethical challenges. The Economist continues to strive to blend its foundational dedication to free trade and economic insight with the evolving demands of global readership.
Shareholders and Ownership Dynamics
Until August 2015, Pearson plc held a significant 50% stake in The Economist through its subsidiary, The Financial Times Limited. This strategic partnership came to an end when Pearson decided to divest its interests in The Economist. The sale of shares was notably marked by the Agnelli family's investment arm, Exor, which paid £287 million to increase its holdings from 4.7% to a substantial 43.4%. In addition, The Economist itself invested £182 million to buy back 5.04 million shares, which were subsequently distributed among the current shareholders, illustrating a proactive approach to managing its ownership structure. Besides Exor, smaller shareholders include renowned names like Cadbury and Rothschild, who collectively own 21%. Other varying interests from family shareholders and staff members further diversify the ownership landscape.
Governance and Editorial Independence
The governance of The Economist is notably shaped by a board of trustees who are responsible for appointing the editor. This framework ensures a degree of editorial independence that is pivotal for maintaining the publication's integrity and reputation. The editor cannot be removed without the board's consent, emphasizing the importance of a stable and consistent editorial vision. The Economist Newspaper Limited serves as a wholly owned subsidiary of The Economist Group, further consolidating the company's operations under a unified management structure. Historical governance figures, such as Sir Evelyn Robert de Rothschild, who held the chairmanship from 1972 to 1989, reflect the long-standing commitment to maintaining the publication's legacy and operational excellence.
Global Presence and Contribution
Despite its global emphasis, the geographical composition of The Economist's workforce reveals a strong concentration of talent within the London borough of Westminster, where approximately two-thirds of its 75 staff journalists are situated. This London base acts as a hub for editorial oversight and content generation. However, acknowledging the journal's international readership dynamics, The Economist also maintains key editorial offices and substantial operations in major American cities, including New York City, Los Angeles, Chicago, and Washington D.C. Since around half of its subscribers are located in the United States, this strategic presence in American markets not only enhances its distribution reach but also enriches its editorial perspectives, aligning with the global narrative that The Economist often champions in its analyses and reporting.
Role of the Editor
The Editor-in-Chief of The Economist, often referred to simply as "the Editor," plays a pivotal role in not only shaping the publication's editorial policies but also in the management of its corporate operations. This role has evolved significantly since the newspaper's founding in 1843, responding to shifts in the media landscape, technological advancements, and changing reader preferences. The Editor is responsible for ensuring that the content remains relevant and insightful, a task that requires a deep understanding of global economic, political, and cultural trends.
Historical Editors
The history of The Economist is marked by a series of influential editors who have each contributed to its unique voice and approach to journalism. The founder, James Wilson, led the publication from 1843 to 1857, setting the foundation for its liberal economic philosophy. Subsequent editors such as Walter Bagehot and Sir Walter Layton furthered the magazine's reputation for informed analysis. For instance, Bagehot, who edited from 1861 to 1877, was instrumental in introducing the concept of a journalistic style that combined deep research with accessible presentation, a hallmark of The Economist today.
The succession of editors reflects not just changing leadership but also shifting intellectual and political climates. For example, Geoffrey Crowther's tenure from 1938 to 1956 occurred during significant global upheaval, including World War II, which necessitated a balanced approach to reporting on complex geopolitical events. Similarly, Bill Emmott, who edited from 1993 to 2006, navigated the challenges posed by globalization and technological change, ensuring that the publication remained a vital source of information amidst a rapidly changing world.
The Current Editor
Since 2015, Zanny Minton Beddoes has occupied the role of Editor, the first woman to lead The Economist. Under her guidance, the publication has continued to adapt to the modern media landscape while maintaining its commitment to high-quality journalism. Minton Beddoes has emphasized the importance of diverse perspectives and interdisciplinary approaches in economic discourse. Her leadership reflects an ongoing commitment to relevance and integrity in an era characterized by misinformation and polarized viewpoints. As the media continues to evolve, the role of the Editor remains crucial in guiding The Economist’s mission to provide clarity and insight amid complexity.
Tone and Voice in The Economist
The Economist is renowned for its unique editorial voice, which is carefully crafted to deliver a consistent tone across its diverse array of articles. While it features numerous individual contributors, the publication maintains a unified perspective, effectively masquerading individuality through the anonymity of its writers. This editorial approach lends itself to a style that is characterized by dry, understated wit and an astute, precise use of language. Readers often encounter complex economic concepts presented succinctly, presupposing a working knowledge of classical economic theories. The publication does not shy away from using industry-specific terminology, frequently omitting explanations for terms such as "invisible hand" or "macroeconomics," while even summarizing intricate concepts like the theory of comparative advantage in just a few words.
This approach makes The Economist accessible to the educated layperson, dispelling the need for formal economic training among its readership. The articles are carefully crafted to synthesize economic events into easily digestible insights that resonate with those who possess a general understanding of the subject matter. The publication employs a distinctive style, often refraining from translating short quotes or phrases in French or German, opting instead to provide context about included entities. For example, they may describe Goldman Sachs simply as "an investment bank," making the information relatable to a broad audience.
Furthermore, The Economist is celebrated for its clever use of wordplay, which includes puns, allusions, and a variety of literary devices such as alliteration and assonance. These techniques shine particularly through the headlines and captions, enhancing the engaging nature of its content. However, this stylistic flair can potentially pose challenges for non-native English speakers who may struggle with idiomatic expressions and cultural references embedded within the language.
Historically, The Economist has chosen to classify itself as a "newspaper," a decision that reflects its traditional roots. Despite transitioning from a broadsheet to a perfect-binding format—often associated with magazines—it continues to prioritize current affairs over niche subjects. This self-identification is not merely cosmetic; it is legally recognized as a newspaper in both Britain and the United States. The distinction between a newspaper and a magazine is emphasized within the publication, particularly in comparison to its sister lifestyle magazine, 1843. Editor Zanny Minton Beddoes elaborated on this distinction, noting that the identity of The Economist as a newspaper dates back to its founding in 1843, as perfect-bound publications were referred to as newspapers during that era. This historical context enriches The Economist's reputation and underscores its commitment to providing rigorous analysis within the framework of contemporary journalism.
Editorial Anonymity at The Economist
The practice of editorial anonymity at The Economist has been a defining characteristic of the publication for many years. Articles typically do not list authors' names, adopting a collective voice rather than highlighting individual contributions. This tradition reflects a belief among the editorial team that the publication's identity and message are more important than personal authorship. An editor's only signed article is typically released upon their departure, reinforcing the anonymity mindset that pervades the pages of the magazine. This approach aims to unify the content under a consistent narrative voice, arguably strengthening The Economist’s brand and contributing to its reputation as a reliable source of information.
In contrast to complete secrecy, the identities of editors and correspondents are available on the publication's website, alongside their career summaries and qualifications. This information allows readers insight into the expertise behind the articles while still preserving the editorial anonymity that distinguishes The Economist. The rationale behind this approach, according to the editorial team, is rooted in a desire to present a collaborative effort rather than foreground individual journalists. This policy is sometimes met with criticism, such as when author Michael Lewis suggested in 1991 that the anonymity could conceal a lack of experience among writers.
Interestingly, the anonymity of the editorial process has not prevented high-profile authors and experts from contributing. Notable figures sometimes pen opinion pieces, diversifying the perspectives presented in the publication. Additionally, certain special reports, like the Year in Review, include bylines, though the majority of articles remain anonymous. Writers in titled columns may refer to themselves in the third person, which has been observed as a unique stylistic choice that further emphasizes collective authorship. Critics like John Ralston Saul have claimed that the anonymity serves a marketing function, suggesting that it helps to construct an image of impartiality and authority in the editorial voice.
This unique editorial policy has not gone unnoticed in academic circles; studies have suggested that The Economist's approach contributes positively in three main areas: the consistency of its voice, effective talent management, and the overall strength of its brand. While some argue that this approach could mask the youth and inexperience of its writers, as Lewis indicated, fans of the publication argue that the end result—a cohesive editorial standpoint—justifies the means. The continuing evolution of The Economist's editorial strategy demonstrates the complexities of balancing individuality with institutional identity in contemporary journalism.
World Events and Business Coverage
The Economist stands out as a leading publication primarily focused on global events, politics, and business. It provides readers with insightful commentary and analysis of pressing issues that impact societies and economies around the world. In addition to its core topics, The Economist regularly features content on science and technology, as well as sections dedicated to books and the arts. This comprehensive approach allows it to address a diverse array of subjects, catering to the interests of a global readership. The publication's rigorous examination of various topics enables it to present a well-rounded perspective on the interconnectivity of different fields and industries.
In-depth Reporting and Publishing Schedule
Approximately every two weeks, The Economist includes a detailed special report—formerly known as surveys—on a specific topic of significance. These reports are an opportunity for in-depth analysis and provide readers with a thorough understanding of complex issues. The publication is organized into five main categories: Countries and Regions, Business, Finance and Economics, Science, and Technology. Such categorization allows readers to easily navigate and access content that aligns with their interests. The Economist goes to press every Thursday between 6 p.m. and 7 p.m. GMT, making it a timely source of information that addresses current global affairs. The newspaper's availability at newsagents in numerous countries on the following day further enhances its reach and accessibility to readers worldwide. Its production at seven different sites worldwide underscores The Economist's commitment to maintaining a global perspective.
Audio Edition and Subscription Options
Since July 2007, The Economist has also ventured into the realm of audio journalism by offering a complete audio edition of the paper. Released at 9 p.m. London time every Thursday, this audio version is produced by Talking Issues, a dedicated production company. The recordings encompass the full text of the newspaper in MP3 format and include additional pages typically found in the UK edition. This initiative caters to the increasing demand for audio content, allowing subscribers to consume the publication while multitasking or on the go. The weekly audio download, which is around 130 MB in size, is free for subscribers, while non-subscribers can access it for a fee. This flexible approach to content delivery reflects current trends in media consumption and acknowledges the diverse preferences of readers.
Writing Style and Editorial Vision
The distinctive writing style of The Economist is another aspect that sets it apart from other publications. The editorial team is known for its concise and engaging prose, striving to condense substantial information within limited space. David G. Bradley, the publisher of The Atlantic, articulated this approach well, noting that it embodies "a consistent world view expressed, consistently, in tight and engaging prose." This commitment to clarity and precision not only enhances readability but also adds value to its analyses, ensuring that even complex topics are made accessible to a broad audience. By maintaining this editorial vision, The Economist reinforces its reputation as a trusted source of information and analysis in an ever-changing world.
Letters to The Economist
The Economist regularly engages with its readership by featuring letters in response to previous editions, creating an ongoing dialogue between the publication and its audience. These letters come not only from high-profile individuals such as senior businesspeople, politicians, and ambassadors, but also from ordinary readers who share their thoughts and perspectives. The diversity of voices adds richness to the conversation, often leading to a plethora of responses, especially on controversial topics. For instance, a survey on corporate social responsibility published in January 2005 elicited a significant number of critical responses from prominent organizations, including Oxfam and the World Food Programme, along with individuals like the Chairman of BT Group and an ex-Director of Shell. Such instances underscore the paper's role as a platform for various viewpoints.
In its commitment to encouraging diverse opinions, The Economist actively publishes letters that criticize its own articles and positions. This practice is exemplified by the letters following a critical piece about Amnesty International in March 2007, where the publication featured a reply from the organization alongside supportive responses, including one from the head of the United Nations Commission on Human Rights. Such inclusivity not only reflects The Economist's respect for alternate viewpoints but also aligns with its journalistic integrity. The publication adheres to local laws, like the right-of-reply regulations in Singapore, thereby ensuring that rebuttals from governing officials are aired even as it maintains editorial independence.
Each letter published in The Economist typically ranges from 150 to 200 words, providing succinct yet impactful commentary. A notable change occurred in 2015 when the paper’s long-standing salutation 'Sir,' which had been used since its inception in 1843, was discontinued by the first female editor, Zanny Minton Beddoes. Following this shift, letters now appear without any salutation, further modernizing the letter-publishing format. In previous years, responses to online articles were consolidated in a section called "The Inbox," but this practice has evolved, emphasizing the publication's adaptation to the changing modes of communication and engagement with its audience. Such ongoing evolution reflects The Economist's dedication to fostering an environment where all voices can contribute to significant global discussions.
Opinion Columns Overview
The publication features a diverse array of opinion columns, each uniquely named to reflect its subject matter. These columns provide readers with insightful commentary and analysis on various topics ranging from politics and economics to culture and language.
Bagehot and Banyan
"Bagehot," focusing on British affairs, is named after Walter Bagehot, a prominent 19th-century constitutional expert and former editor of The Economist. Since April 2017, Adrian Wooldridge has taken the helm, succeeding David Rennie, and continues to provide sharp insights into the political and social landscape of Britain. Conversely, "Banyan," established in April 2009, delves into Asian issues and is penned by Dominic Ziegler. The name reflects the banyan tree's significance in the region, symbolizing interconnectedness across cultures and societies in Asia.
Bartleby and Buttonwood
"Bartleby," which explores themes of work and management, draws inspiration from a character in Herman Melville's short story, capturing the complexities of contemporary professional life. Established in May 2018, it was initially written by Philip Coggan until August 2021. Meanwhile, "Buttonwood," named after the tree where early Wall Street traders once convened, offers critical analysis of financial developments. Since 2018, John O'Sullivan has been the author, succeeding Philip Coggan; the column transitioned from an online-only format to being featured in the print edition in 2006.
Regional Focus: Chaguan and Charlemagne
"Chaguan," which debuted on September 13, 2018, focuses on China and draws its name from the traditional tea houses in Chengdu, symbolizing a gathering place for dialogue and cultural exchange. "Charlemagne," named after the famous emperor of the Frankish Empire, presents insights into European affairs and is currently written by Stanley Pignal. This column has seen a rotation of writers, including Jeremy Cliffe and David Rennie, providing a rich historical perspective on contemporary European issues.
Language and American Perspective: Johnson and Lexington
The "Johnson" column returned in 2016 and is named in honor of Samuel Johnson, an influential lexicographer and literary figure. Robert Lane Greene currently covers topics related to language, exploring its evolution and societal impacts. On the American front, "Lexington," named after the site of the first battle in the American Revolutionary War, offers critical analyses of U.S. affairs. Its authorship has changed over the years, with James Bennet taking the role as of late 2023, continuing the column's legacy of engaging with pressing American issues.
Business and Economics Insights: Schumpeter and Free Exchange
"Schumpeter," named after renowned economist Joseph Schumpeter, has been offering insights into the business world since its establishment in September 2009, with Patrick Foulis as the current author. The column discusses innovation and entrepreneurship, rooted in Schumpeter's theories of economic dynamics. "Free Exchange," a general economics column that replaced "Economics Focus" in January 2012, frequently engages with academic research, making complex economic theories accessible to a broader audience and fostering informed discussions on economic policies.
Acknowledging Lives: Obituary
The "Obituary" column has been a poignant feature since 2003, written by Ann Wroe. This column pays tribute to notable individuals who have recently passed away, reflecting on their contributions to society and examining their legacies. Through these columns, the publication not only informs its readers about current events but also enriches their understanding of the world through historical and cultural contexts.
Technology Quarterly Overview
Every three months, The Economist releases a comprehensive publication known as Technology Quarterly, or TQ. This special section is dedicated to exploring the latest trends and advancements within the realms of science and technology. It serves not only as a report on technological innovations but also as a forum where economic implications are intricately woven into discussions. By examining the interplay between economic factors and technological changes, TQ provides valuable insights that are relevant to both industry professionals and general readers alike.
The issues of Technology Quarterly often feature a central theme that guides the editorial focus for that particular edition. Themes might include emerging technologies such as quantum computing, the evolution of cloud storage systems, artificial intelligence advancements, or new developments in renewable energy technologies. Within these themed issues, TQ encompasses a curated selection of articles that delve into the subject matter from various angles, showcasing diverse perspectives from experts in the field.
In addition to highlighting significant technological developments, TQ analyzes how these innovations impact the global economy, consumer behavior, and industry standards. By connecting the dots between technology and economic structures, TQ provides a comprehensive understanding of how new inventions and innovations can drive market changes and create opportunities. The publication's analysis can help businesses and individuals navigate the rapidly evolving landscape of technology, ultimately fostering a deeper understanding of where future advancements may lead.
With a commitment to quality reporting and expert opinion, Technology Quarterly has become a trusted source for insights in the technology sector. It stands as a vital resource for those eager to grasp the intricacies of technological progress and its broader implications on society and the economy as a whole.
Intelligent Life and Its Evolution
In September 2007, The Economist ventured into the realm of lifestyle publications with the launch of Intelligent Life, a quarterly magazine designed for readers with sophisticated tastes. The magazine was carefully curated to cover a wide variety of topics, including the arts, style, fine dining, wine, automobile culture, and travel, emphasizing content that was engaging and intellectually stimulating. The aim was to appeal to a global audience interested in the nuances of luxury living and informed insights on global trends. This strategic move reflected The Economist's understanding of the changing media landscape, where lifestyle content was becoming increasingly relevant to its readership.
Over time, Intelligent Life evolved, and in March 2016, it underwent a significant rebranding as 1843 to honor the year The Economist was established. The new name marked a shift in its identity, positioning itself not just as a lifestyle magazine but as a storytelling platform that explores extraordinary aspects of life around the world. With a commitment to maintaining high editorial standards, the magazine features an array of articles, essays, and narratives by both Economist journalists and external contributors, alongside commissioned photography that enhances the visual storytelling.
Under the editorial leadership of Rosie Blau, who was previously a correspondent for The Economist, 1843 successfully carved out a niche for itself, competing with prominent publications like The Wall Street Journal's WSJ and the Financial Times' FT Magazine. With its motto "Stories of An Extraordinary World," 1843 aims to engage readers with unique insights and compelling narratives that stand out in the crowded landscape of lifestyle journalism. Unlike its parent publication, The Economist, authors’ names are prominently displayed alongside their articles, fostering a more personal connection between writers and readers.
In May 2020, the magazine announced a transition to a digital-only format, a response not only to the evolving preferences of modern readers but also a reflection of broader trends in the media industry where print circulation has been in decline. This digital pivot allows 1843 to reach a global audience more effectively, providing multimedia storytelling options that enhance the reading experience. The move signals the magazine's adaptability and commitment to remaining relevant in an ever-changing digital landscape while continuing to deliver high-quality content that resonates with its audience.
Overview of The World Ahead
The World Ahead is a well-regarded series produced annually by a leading newspaper, encapsulating the significant trends and events that mold the global landscape. This franchise comprises two principal reviews released each year, titled The World In [Year] and The World If [Year]. In these reports, the publication takes a deep dive into the pivotal social, cultural, economic, and political events of the past year and explores how they will resonate in the near future. These analyses serve as essential reading for those seeking an in-depth understanding of current affairs and future possibilities.
Features of The World Ahead Reports
The World In [Year] serves as a retrospective, providing a comprehensive review of the previous year's defining moments and their implications. Conversely, The World If [Year] offers a forward-looking perspective, exploring potential scenarios that could unfold based on existing trends and developments. As noted by the American think tank Brookings Institution, this annual exercise in forecasting extends over about 150 pages and is regarded as a significant contribution to the field of future studies and strategic planning. This dual approach not only helps readers contextualize the present but also encourages them to think critically about what lies ahead.
Global Reach and Accessibility
The influence of The World Ahead extends beyond its original language, as evidenced by the collaboration with Jang Group in Pakistan to publish an Urdu-language edition of The World In [Year]. This initiative underscores the commitment to making insightful information accessible to a wider audience, facilitating the understanding of complex global issues within different cultural contexts. The translation of these reports enriches the discussions around international developments and aids Urdu-speaking populations in engaging with global narratives.
In conclusion, The World Ahead serves as a crucial resource for policymakers, business leaders, and the general public, offering valuable insights into the dynamics shaping our world. The combination of retrospective and predictive analysis makes it an indispensable tool for anyone interested in navigating the complexities of the modern era.
Country of the Year
In 2013, The Economist introduced the 'Country of the Year' award in its annual Christmas special edition, a recognition that celebrates national progress and improvement within a given year. The selection process is based on various criteria, with a focus on tangible advancements in political, economic, and social conditions. The award highlights not only significant strides in democracy and governance but also progress in areas such as human rights, economic reforms, and overall quality of life for citizens.
The award serves as a platform to showcase nations that have made notable transformations and improvements, bringing attention to often overlooked success stories on the global stage. Countries that win the accolade are assessed on their commitment to reforms that benefit the populace, innovation in policy-making, and resilience in overcoming challenges. For example, a country's initiative to combat corruption or improve education standards could be pivotal in their selection.
By recognizing these achievements, The Economist aims to inspire other nations to emulate successful reforms and to reflect on the potential for positive change within their societies. The award not only boosts national pride but also encourages governments to continue investing in improvements for their citizens. As nations navigate complex geopolitical landscapes, the 'Country of the Year' award underscores the significance of progress and serves as a reminder of what can be achieved through collaborative efforts and visionary leadership.
Books by The Economist
The Economist is well-known not only for its weekly publication of news articles but also for its extensive range of books that reflect the themes and topics explored in its main newspaper. These books cover a variety of subjects including economics, politics, business, and technology, often providing deeper insights than what is available in the shorter articles of the paper. With a commitment to explanatory journalism, The Economist has carved out a niche in producing technical manuals that delve into specific fields, enhancing the readers' understanding of complex subjects.
In addition to the technical manuals, The Economist regularly compiles collections of articles and columns that have previously appeared in the newspaper. This approach allows readers to access a curated selection of the best insights and analyses from the publication's own contributors. Notably, many of these books are authored by columnists and specialists within The Economist's ranks. For instance, Finance Correspondent Philip Coggan authored "The Economist Guide to Hedge Funds" in 2011, which not only showcases the author's expertise but also embodies the publication's commitment to high-quality financial journalism.
Furthermore, every issue of The Economist features book reviews, reflecting its editorial perspective on notable new releases. The year-end issue is particularly distinguished by its comprehensive reviews, published under the title "The Economist's Books of the Year," where it highlights standout works across various genres and disciplines. This annual tradition not only serves as a guide for readers seeking the most influential literature but also cements The Economist's role as a thought leader in publishing and intellectual discourse.
Importantly, The Economist maintains its own in-house style guide, known as The Economist Style Guide, which dictates the editorial tone and writing style of all its publications. By adhering to a unique stylebook rather than an industry standard, The Economist ensures consistency in its messaging and branding. Various editions of this style guide help maintain high standards of clarity and precision that the publication is recognized for, resonating with both loyal readers and new audiences alike.
Writing Competitions at The Economist
The Economist is renowned not only for its incisive journalism but also for its commitment to fostering creativity and critical thinking through various writing competitions and prizes organized throughout the year. One of the most notable competitions was initiated in 1999, titled "The World in 2050," which aimed to explore futuristic ideas about the world’s potential trajectory. Co-sponsored by Royal Dutch/Shell, this global futurist writing competition attracted over 3,000 entries from around the globe. The first-place winner received a substantial prize of US$20,000, along with the honor of having their work published in The Economist's prestigious annual publication, The World In. The diverse judging panel featured prominent figures including Bill Emmott, Esther Dyson, Sir Mark Moody-Stuart, and Matt Ridley, who brought a wealth of experience and expertise to the evaluation process.
In a shift towards contemporary issues, The Economist launched the "Open Future" writing competition in the summer of 2019. This initiative aimed to engage younger audiences on critical topics, starting with an essay prompt that focused on climate change—a pressing global challenge. This competition not only encouraged innovative thinking among youth but also highlighted The Economist's commitment to addressing environmental issues. A notable aspect of this competition was the acceptance of a submission from an artificial intelligence writing program, marking a significant moment in the intersection of technology and literature. This event underscored the evolving nature of authorship and creativity in the digital age, as well as The Economist's openness to exploring new forms of expression.
Both competitions reflect The Economist’s broader goal of promoting insightful discourse on significant issues, encouraging participants to think critically about the future and its challenges. The prizes awarded and the recognition gained through these competitions serve not just as accolades for the winners, but as a platform for a diverse range of voices to contribute to important global conversations. Through these initiatives, The Economist not only promotes outstanding writing but also stimulates engagement with pressing societal concerns, illustrating the powerful role of literature in shaping public discourse.
Podcasts
The Economist has been a prominent player in the podcasting space since 2006, consistently providing listeners with incisive analysis and thought-provoking commentary. Over the years, the publication has developed various podcast series that cover a broad range of topics reflecting the complexities and dynamics of the world today. The podcasts currently in production cater to a diverse audience with interests in general news, technology, finance, politics, and more.
Among the flagship podcasts is "The Intelligence," which delivers insightful summaries of the day’s most pressing news stories, helping listeners stay updated on global events. Another notable series, "Editor's Picks," features audio versions of selected articles, allowing listeners to engage with the content while on the go. For those interested in specific regions, "Drum Tower" focuses on news and developments in China, while "Checks and Balance" provides a closer look at American politics, offering critical analysis during a time of political polarization. In the realm of finance, "Money Talks" dives into market trends and business strategies, enabling listeners to navigate the complex world of economics, whereas "Babbage" addresses the latest trends in technology. Additionally, "The Weekend Intelligence" presents in-depth explorations of single topics, allowing for a thorough understanding of various issues.
The Economist's commitment to exploring current affairs is also reflected in its limited-run series, which have tackled topical subjects with remarkable depth and focus. For instance, "The Prince" examines the rise and influence of Xi Jinping, offering insights into his leadership style and political maneuvers. Meanwhile, "Next Year in Moscow" provides a platform for Russian emigrants and dissidents following the tumultuous events of Russia's 2022 invasion of Ukraine, highlighting their experiences and perspectives. In "Boss Class," thought leaders in the field of business management share valuable strategies and insights, catering to an audience eager to refine their skills in leadership and management.
In September 2023, The Economist took a significant step in enhancing its podcast offerings by announcing the launch of Economist Podcasts+, a paid subscription service. This initiative allows listeners to gain access to exclusive content, delivering premium analysis and insights beyond what is typically available in the standard offerings. This subscription model reflects the increasing value of audio journalism, as it provides a sustainable way for news organizations to produce high-quality content while fostering a deeper connection with their audience. Through these podcasts, The Economist continues to inform, engage, and entertain listeners, solidifying its position as a leader in the digital media landscape.
Data Journalism at The Economist
The foundation of data journalism within The Economist can be traced back to its inception in 1843. The weekly publication originally incorporated basic international trade statistics and tables as part of its content. By 1847, The Economist showcased its first graphical representation with an illustration highlighting various coin sizes, paving the way for visual data storytelling. A significant milestone occurred in November 1854 with the introduction of a tree map that illustrated the size of coal fields in England and America. Data Journalism.com has noted that The Economist's early foray into data-driven articles occurred approximately a century before the modern genesis of the field, illustrating its pioneering role in this domain.
As The Economist evolved from a broadsheet to a magazine-style format, it embraced colour in its graphical presentations—initially featuring bold fire-engine-red hues in the 1980s, which transitioned to a thematic blue beginning in 2001. This shift reflected both aesthetic choices and the evolving preferences of the publication's editors and readers, who developed an appetite for data-centric storytelling throughout the 2000s. In the late 2000s, the paper began publishing a growing number of articles that focused solely on visual data, introducing "daily charts" that were typically accompanied by succinct explanations. This new format allowed for more frequent engagement with data and insights, further establishing The Economist's status as a leader in data journalism.
To enhance its capabilities in this area, The Economist established a dedicated data-journalism department in 2015, comprising a team of skilled data journalists, visualisers, and interactive developers. This group quickly became instrumental in producing election forecasting models, including those for the French presidential elections in 2017 and 2022, as well as the 2020 US presidential and congressional elections. As interest in precise political forecasts grew, the team signaled its ongoing commitment to quality by seeking a political data scientist in late 2023. Beyond article production, The Economist prioritized transparency in its data methodologies by maintaining a corporate GitHub account, which allows for public access to their models and software.
In line with their innovative approach, The Economist launched "Graphic Detail" in October 2018, a feature that spotlighted extensive charts and maps across both print and digital platforms. This initiative aimed to enhance the reader's understanding of complex data and visual narratives. The series continued until November 2023, highlighting the commitment of The Economist to merge thorough analysis with engaging visual content. Overall, the publication continues to push the envelope of data journalism, exemplifying how well-curated and transparently communicated data can enhance readers’ comprehension of global events and trends.
Economic Statistics and Their Impact
The Economist has long played a significant role in the realm of economic statistics, providing essential data that inform public policy and business decisions in British society and beyond. Historically, the publication has tracked various economic indicators, including employment figures, economic growth metrics, and interest rates. These statistics are regarded as authoritative and decisive, helping stakeholders, from government officials to individual investors, navigate the complex landscape of economic trends. The regular dissemination of these statistics has solidified The Economist's reputation as a trusted source of information, influencing decisions and discussions worldwide.
Rankings and Economic Advantages
In addition to economic statistics, The Economist has developed a variety of rankings to evaluate business schools and undergraduate universities. These rankings aim to provide insights into the comparative advantages of educational institutions, particularly within the U.S. education system. In 2015, The Economist unveiled its first ranking of U.S. universities, which focused on economic benefits derived from educational attainment. This data, sourced from the U.S. Department of Education, employs sophisticated regression analysis to correlate median earnings with the educational background of graduates. Such rankings have gained traction and are often referenced by prospective students and educational policymakers seeking to assess the value and impact of higher education.
Notable Economic Indexes
Among the many indexes published weekly by The Economist, a few have gained particular attention for their unique perspectives on global economic and social factors. The Big Mac Index, first introduced in 1986, serves as an informal gauge of purchasing power parity by comparing the price of a Big Mac hamburger in various countries. Since 2006, this index has been published biannually, offering a light-hearted yet insightful look at currency valuation on a global scale.
Another prominent index is the Democracy Index, produced by The Economist Intelligence Unit (EIU), which assesses the state of democracy around the globe. This index provides a nuanced understanding of political structures and governance, highlighting variations in democratic practices across countries.
Furthermore, the Glass Ceiling Index evaluates gender equality in the workplace, shedding light on persistent disparities that women face in various sectors. It aims to raise awareness and prompt action to bridge the gender gap in economic opportunities.
The Most Dangerous Cities Index offers a stark comparison of urban safety, ranking major cities based on their homicide rates, thereby presenting critical data for policymakers and citizens alike. Lastly, the Commodity-Price Index tracks fluctuations in the prices of key commodities such as gold, brent oil, and agricultural products, serving as a vital resource for investors and businesses involved in the commodity markets. Each of these indexes contributes valuable insights that enhance the understanding of global economic dynamics and social structures.
The Editorial Stance of The Economist
The Economist's editorial perspective is deeply rooted in classical, social, and particularly economic liberalism. Since its inception in 1843, it has consistently championed radical centrism, advocating for policies and governments that prioritize stability in centrist political discourse. The publication is a staunch proponent of neoliberal principles, emphasizing the importance of free markets, unobstructed trade, open immigration policies, deregulation, and globalization. The term "economism" at the time of The Economist's founding referred to concepts that align closely with what we now recognize as economic liberalism. Activist and journalist George Monbiot has criticized the publication as being inherently neoliberal, although he acknowledges its acceptance of certain Keynesian economic ideas when they align with practical outcomes, labeling some of these views as more "reasonable." The Economist has taken a progressive stance on environmental issues by advocating for a carbon tax to combat climate change. In the words of former editor Bill Emmott, the guiding philosophy of The Economist has always been liberal rather than conservative, reflecting its support for a transition in the United Kingdom towards a republican framework alongside other progressive media outlets like The Guardian and The Observer.
Contributors to The Economist express a spectrum of opinions on various issues, yet the publication generally aligns itself with central bank interventions to support major banks and corporations when necessary. This principle can be traced back to Walter Bagehot, who served as the third editor of The Economist and suggested that the Bank of England should lend to struggling major banks during times of crisis. Karl Marx notably referred to the publication as the "European organ" of the "aristocracy of finance," highlighting the perception of its alignment with elite financial interests. On social fronts, the newspaper has emerged as an ally for liberal causes, advocating for the recognition of same-sex marriages, supporting drug legalization efforts, and critiquing the American tax system. It has also shown support for certain health regulations, including restrictions on smoking in public and bans on corporal punishment for children. Guests workers programs, parental school choice, and amnesty policies are consistently endorsed, demonstrating a commitment to pragmatic solutions in the realm of immigration and social policy, while it once provocatively published an "obituary" for God, showcasing its penchant for challenging traditional narratives.
During British general elections, The Economist has exhibited its eclectic endorsements, backing the Labour Party in 2005 and 2024, the Conservative Party in 2010 and 2015, and the Liberal Democrats in 2017 and 2019. In the United States, it has supported both Democratic and Republican candidates, characterizing its principles as more important than partisan allegiance. The publication has articulated its ideology by identifying itself with the radical center, distanced from both extreme ends of the political spectrum. This extremity of centrism has been a hallmark of The Economist’s identity since editor Geoffrey Crowther famously stated in 1955 that "the extreme centre is the paper's historical position". Additionally, The Economist has positioned itself as a critique of privilege, excess, and predictability in politics. While it has occasionally aligned with conservative figures like Ronald Reagan and Margaret Thatcher, it has also expressed support for a variety of liberal leaders, endorsing individuals like Harold Wilson and Bill Clinton and advocating for diverse liberal issues ranging from the abolition of capital punishment to reformative movements aimed at gun control and same-sex marriage.
Notably, the publication has not shied away from critiquing political leadership. For example, in 2008, it expressed serious concerns regarding the presidency of Cristina Fernández de Kirchner in Argentina, citing her policies as detrimental to the nation's economic and social landscape. The Economist's editorial stance on figures like Bill Clinton, whom it called for impeachment, and Donald Rumsfeld, for whom it demanded resignation amid military turmoil, illustrates its commitment to accountability, irrespective of political affiliation. While the publication initially supported the U.S.-led invasion of Iraq, it later criticized the execution of the operation as fundamentally flawed, shedding light on the mismanagement by the Bush administration. In a reflective piece celebrating its 175th anniversary, The Economist called upon liberal adherents to renew their commitment to reform rather than preserve the status quo, urging a return to progressive advocacy for robust political, economic, and social changes. This includes a vision for open immigration, comprehensive tax reform inspired by Georgism, re-examining the social contract with a focus on education, and revitalizing a liberal internationalist approach, thus reinforcing its enduring commitment to liberal ideals in a constantly evolving global landscape.
Circulation Overview
The Economist operates on a specific weekly publication schedule, with each issue officially dated from Saturday to the following Friday. New content is made available online at around 21:00 on Thursday evenings in the UK, which allows readers access ahead of the formal publication date. This strategy helps to build anticipation and engage readers actively with the material. As of mid-2019, The Economist's average global print circulation topped 909,476, but when paired with their digital offerings, total readership surpasses 1.6 million. On average, a weekly readership can reach up to 5.1 million when factoring in both print and digital platforms. Moreover, the publication has a significant presence on social media, reportedly reaching an audience of 35 million as of 2016.
Historical Growth
The circulation history of The Economist reveals significant growth over the decades. In its early years, specifically in 1877, the circulation was modest at around 3,700. This number increased to 6,000 by 1920. The post-World War II era marked a turning point, with circulation experiencing rapid growth; by 1970, it had soared to 100,000. The magazine's circulation is rigorously audited by the Audit Bureau of Circulations (ABC). By the year 2000, circulation figures had approached the million mark, and by 2016, the total was approximately 1.3 million.
Geographical Distribution and Demographics
Understanding the geographic breakdown of The Economist's readership provides insight into its market reach. Approximately 54% of its sales come from the United States, followed by 14% from the United Kingdom and 19% from continental Europe. Interestingly, a significant portion of American readers is affluent, with two-thirds earning more than $100,000 annually. The magazine's sales are widespread, available through both subscriptions and news agents in over 200 countries, which highlights its global influence.
Brand Identity and Market Position
In its history, The Economist has often embraced a distinctive brand identity, even at times regarding its lower circulation numbers as a mark of exclusivity. In the early 1990s, the publication famously adopted the slogan "The Economist – not read by millions of people," which underlined its appeal to a niche, educated audience. Geoffrey Crowther, a former editor, captured this sentiment succinctly when he noted, "Never in the history of journalism has so much been read for so long by so few," implying that while its readership may not be vast, it is highly engaged and influential. This positioning frames The Economist not merely as a publication, but as a critical resource for informed analysis among its dedicated reader base.
Censorship has long been a contentious issue, particularly in authoritarian regimes where freedom of expression is severely restricted. The Economist, a respected international news publication, has faced significant censorship challenges in various countries. In Iran, for instance, the government has consistently removed critical sections pertaining to its regime from the magazine. A notable incident occurred on June 15, 2006, when the Iranian authorities banned the sale of The Economist after the publication labeled the Persian Gulf simply as "Gulf." This seemingly minor nomenclature choice is rooted in a complex and politically charged naming dispute that has historical significance in the region.
Similarly, the situation in Zimbabwe exemplifies the extreme consequences that can result from governmental censorship. The Economist's correspondent, Andrew Meldrum, was imprisoned for allegedly violating a law against "publishing untruth." This charge stemmed from his reporting on a decapitation that he reported as a politically motivated act carried out by supporters of the ruling party. Although the charge was based on claims that were later retracted, the case emphasizes how authoritarian governments can manipulate laws to suppress dissenting voices. Meldrum was eventually acquitted, yet he faced deportation, further illustrating the precarious position of journalists in repressive environments. In another instance in the United States, The Economist encountered censorship when the Missouri Department of Corrections refused to distribute a specific issue to prisoners, citing concerns that it could pose a threat to institutional security or support criminal activity.
The Economist is also known for its annual selection of a country that exemplifies significant achievements in governance or societal progress. Over the years, several nations have been recognized for their transformative efforts. For instance, in 2013, Uruguay was celebrated for its progressive legalization of recreational marijuana and same-sex marriage. The following year, Tunisia was recognized for its peaceful transition of power during a tumultuous time known as the Arab Winter. In 2015, Myanmar gained attention for its political and economic reforms, which were significant advancements in the country's governance following decades of military rule.
Continuing this trend, Colombia was acknowledged in 2016 for reaching a pivotal peace agreement aimed at resolving decades of conflict. France’s election of Emmanuel Macron in 2017 was framed as a commitment to an "open society," which resonated with The Economist's values. The 2018 Armenian Revolution, which effectively opposed systemic corruption and ineffective governance, earned Armenia recognition, while Uzbekistan was noted in 2019 for its own economic and political reforms. Malawi's 2020 presidential election was lauded for furthering democratization, and in 2021, Italy was recognized for its economic reforms and effective COVID-19 vaccination program. Most recently, in 2022, Ukraine was celebrated for its remarkable resistance against the Russian invasion, showcasing resilience in the face of aggression. In 2023, Greece was highlighted for its economic reforms and political stability, reflecting ongoing efforts to enhance governance in a challenging landscape.
In summary, these instances of censorship not only underline the challenges faced by media outlets reporting from or on authoritarian regimes but also highlight the impact of governance reforms and transitions in nations across the globe. These developments are critical in shaping public discourse and advancing democratic ideals, proving that despite censorship, the pursuit of truth and accountability remains a vital aspect of journalism and societal progress.