The Economist

'The Economist' cover (September 8, 2001).png

The Economist is an English-language weekly magazine-format newspaper owned by the Economist Group and edited at offices in London.[2][6][7][8] Continuous publication began under its founder, James Wilson, in September 1843. In 2015 its average weekly circulation was a little over 1.5 million, about half of which were sold in the United States.[5][2]The publication belongs to the Economist Group. It is 50% owned by the English branch of the Rothschild family and by the Agnelli family through its holding company Exor. The remaining 50% is held by private investors including the editors and staff.[clarification needed][9][10] The Rothschilds and the Agnellis are represented on the board of directors.[11] A board of trustees formally appoints the editor, who cannot be removed without its permission. Although The Economist has a global emphasis and scope, about two-thirds of the 75 staff journalists are based in the London borough of Westminster.[12] For the year to March 2016 the Economist Group declared operating profit of £61m.[13] Previous major shareholders include Pearson PLC.[14]

The Economist takes an editorial stance of classical and economic liberalism that supports free trade, globalisation, free immigration, and cultural liberalism (such as supporting legal recognition for same-sex marriage or drug liberalisation).[2] The publication has described itself as "...a product of the Caledonian liberalism of Adam Smith and David Hume".[15] It targets highly educated, cultured readers and claims an audience containing many influential executives and policy-makers.[16] The publication's CEO described this recent global change,[clarification needed] which was first noticed in the 1990s and accelerated in the beginning of the 21st century, as a "new age of Mass Intelligence".[17][18]

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.[19] A prospectus for the "newspaper" from 5 August 1843 enumerated thirteen areas of coverage that its editors wanted the publication to focus on:[20]

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 masthead as the publication's mission.[21]

It has long been respected as "one of the most competent and subtle Western periodicals on public affairs".[22] The publication was a major source of financial and economic information for Karl Marx in the formulation of socialist theory[23]; he wrote: "the London Economist, the European organ of the aristocracy of finance, described most strikingly the attitude of this class."[24]

Its logo was designed in 1959 by Reynolds Stone.[25]

In January 2012, The Economist launched a new weekly section devoted exclusively to China, the first new country section since the introduction of a section about the United States in 1942.[26]

This page was last edited on 19 July 2018, at 14:09 (UTC).
Reference: under CC BY-SA license.

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