The Economist facts for kids
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Cover of the 1 August 2020 issue
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| Type | Weekly newspaper (Friday) |
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| Format |
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| Owner(s) | The Economist Group |
| Founder(s) | James Wilson |
| Founded | September 1843 |
| Political alignment | Radical centrism Economic liberalism Social liberalism |
| Headquarters | 1-11 John Adam Street Westminster, London, England |
| Circulation | 515,200 (print) (as of January–June 2023) |
| ISSN | 0013-0613 |
The Economist is a British weekly newspaper that comes out every Friday. It's printed like a magazine and also available online. This newspaper focuses on important world events, international business, politics, technology, and culture. It is based in London, England. The company that owns it is called The Economist Group. They have main offices in the United States and other big cities around the world.
The Economist is known for using lots of facts and figures to explain things. It also gives its own ideas and analysis instead of just reporting news. It was started in 1843 by a Scottish businessman named James Wilson. He wanted to help end certain import taxes in Britain called the Corn Laws.
Over time, the newspaper started covering more topics. These included how the economy works, current events, money, trade, and British politics. In the mid-to-late 1900s, it added opinion sections, special reports, political cartoons, and letters from readers. It also started reviewing books and art, and covering technology. You can easily spot the paper by its bright red name at the top. Its covers often have interesting pictures related to the main story.
One special thing about The Economist is that most articles are written without a specific author's name. This makes it seem like the newspaper is speaking with one voice. It also has a sister magazine called 1843, which is about lifestyle. Plus, they have many podcasts, films, and books.
The newspaper's main ideas are about liberalism. This means it supports things like free markets, free trade, and people being able to move freely between countries. It also supports policies that are in the middle ground, not too extreme. Even though it has strong opinions, people see it as fair in its reporting. It is also known for checking facts carefully. Because it uses clever language and has a high price, it is often read by people who are well-educated and have good incomes. Many important business leaders and politicians read it.
Contents
The Story of The Economist
The Economist was started by James Wilson in 1843. He was a British businessman and banker. He wanted to help get rid of the Corn Laws, which were taxes on imported food.
When the newspaper first started, it planned to cover many topics. These included:
- Articles explaining free trade ideas.
- Stories about business, farming, and foreign topics.
- Basic ideas of how the economy works.
- Reports from the British Parliament, focusing on trade.
- News about groups supporting free trade.
- General news from around Britain.
- Business news like market changes and new inventions.
- Farming news, including new tools and crop reports.
- News from other countries and colonies, showing the benefits of free trade.
- Law reports important to business and farming.
- Book reviews, mostly about economics and finance.
- A weekly report with prices and statistics.
- Letters and questions from readers.
Wilson said the newspaper was fighting "a severe contest between intelligence... and... ignorance." This idea is still printed on the paper today. Many people have seen it as a very smart newspaper about world affairs.
In 1920, the paper's circulation (how many copies were sold) grew to 6,170. In 1934, it got its first big new look. The famous red name at the top was designed in 1959. In 1971, The Economist changed from a large newspaper size to a smaller, magazine-like size.
In 1981, they started a North American edition. By 2010, its sales had grown more than ten times. In 2012, The Economist added a new weekly section just about China. This was the first new country section since the one about the United States started in 1942.
How The Economist Works
Who Owns It
Until 2015, a company called Pearson plc owned half of The Economist. Then, an Italian family's company, Exor, bought a larger share. Other families like Cadbury and Rothschild also own parts of the company. A group of trustees officially chooses the editor. The editor cannot be removed without their permission.
Even though The Economist covers the whole world, about two-thirds of its 75 journalists work in London. However, because half of its readers are in the United States, The Economist also has important offices in cities like New York, Los Angeles, Chicago, and Washington D.C.
The Editor
The editor-in-chief, or "the Editor," is in charge of the newspaper's ideas and how it runs. Since it started in 1843, there have been several editors. The current editor, Zanny Minton Beddoes, was appointed in 2015. She was the first woman to hold this position.
Here are some of the past editors:
- James Wilson: 1843–1857
- Walter Bagehot: 1861–1877
- Geoffrey Crowther: 1938–1956
- Bill Emmott: 1993–2006
- John Micklethwait: 2006–2014
- Zanny Minton Beddoes: 2015–present
How it Sounds and What it Says
Even though many different people write for The Economist, the newspaper tries to have a single, clear voice. This is helped by the fact that most writers are not named. The articles often sound smart and use language very carefully. When it talks about economics, it assumes you know some basic ideas. For example, it might not explain simple terms like "invisible hand." It is also known for using wordplay, like puns and clever phrases, especially in its headlines. This can sometimes make it a bit tricky for people who are not native English speakers.
The Economist has always called itself a "newspaper" even though it looks like a magazine. This is because it started as a newspaper in 1843 and still focuses on current events. It is even legally called a newspaper in Britain and the United States.
Why Writers Are Anonymous
Most articles in The Economist do not have the writer's name. This is a very old tradition. The editor's name is not even printed in the paper. The only time an editor signs an article is when they are leaving the job. Writers are named in special cases, like when famous people write opinion pieces or for special reports. The names of the writers are available on The Economist's website.
The editors say this is important because the "collective voice" of the newspaper matters more than who wrote each article. They believe it shows that everyone works together. Writers often refer to themselves as "your correspondent."
Some people have criticized this, saying it hides how young or new some writers might be. However, the newspaper lists its writers and their backgrounds online.
What You'll Find Inside
The Economist's main topics are world events, politics, and business. But it also has regular sections on science, technology, books, and art. About every two weeks, there is a special, in-depth report on a specific topic. These reports cover areas like Countries and Regions, Business, Finance and Economics, and Science and Technology. The newspaper is printed on Thursdays and is available in many countries the next day. It is printed in seven different places around the world.
Since 2007, there has also been an audio version of the paper. You can listen to the full newspaper in MP3 format. This audio version is free for subscribers.
Letters from Readers
The Economist often publishes letters from its readers. These letters respond to articles from the previous week. They include letters from important business people and politicians, but also from regular readers. Well-written or funny letters are often chosen. The newspaper often prints letters that disagree with its own articles or opinions. This helps show different points of view.
Letters used to start with "Sir," but this changed in 2015 when Zanny Minton Beddoes became the first female editor. Now, letters do not have a salutation.
Regular Columns
The Economist has several opinion columns, and their names often relate to their topic:
- Bagehot (Britain): Named after a past editor, this column covers British politics.
- Banyan (Asia): Named after the banyan tree, this column looks at issues across Asia.
- Bartleby (Work and management): This column is about work and how businesses are run.
- Buttonwood (Finance): Named after the tree where early Wall Street traders met, this column covers money and finance.
- Chaguan (China): Named after Chinese tea houses, this column focuses on China.
- Charlemagne (Europe): Named after a famous emperor, this column covers European issues.
- Johnson (language): Named after Samuel Johnson, this column is about language.
- Lexington (United States): Named after a place important in American history, this column covers the United States.
- Schumpeter (Business): Named after an economist, this column is about business.
- Free Exchange (Economics): This column discusses general economic topics.
- Obituary (recent death): This column writes about people who have recently passed away.
TQ (Technology Quarterly)
Every three months, The Economist publishes a special section called Technology Quarterly, or TQ. This section focuses on new trends and developments in science and technology. It often has a main theme, like quantum computing, and includes many articles about that topic.
1843 Magazine
In 2007, The Economist started a sister magazine called Intelligent Life. It was about lifestyle topics like art, food, cars, and travel. In 2016, this magazine was renamed 1843, to honor the year The Economist was founded. It comes out six times a year. Unlike The Economist, 1843 shows the names of its writers.
The World Ahead
The newspaper also creates two yearly reports called The World In [Year] and The World If [Year]. These reports look back at important events of the year and try to predict what will happen in the future. They cover social, cultural, economic, and political events.
Country of the Year
Since 2013, The Economist has chosen a 'Country of the Year' in its special Christmas edition. This award goes to the country that has improved the most in the past year.
| Year | Choice | Notes |
|---|---|---|
| 2013 |  Uruguay |
For making same-sex marriage legal. |
| 2014 |  Tunisia |
For a peaceful change of government. |
| 2015 |  Myanmar |
For making political and economic changes. |
| 2016 |  Colombia |
For reaching a peace agreement. |
| 2017 |  France |
For supporting an "open society" with its new president. |
| 2018 |  Armenia |
For fighting against corruption. |
| 2019 |  Uzbekistan |
For economic and political reforms. |
| 2020 |  Malawi |
For becoming more democratic. |
| 2021 |  Italy |
For economic changes and a good vaccination program. |
| 2022 |  Ukraine |
For resisting the 2022 Russian invasion. |
| 2023 |  Greece |
For economic changes and stable politics. |
Books
Besides its newspaper and magazines, The Economist also publishes books. These books often cover topics similar to those in the newspaper. They also have a series of "guides" that explain different subjects. For example, a finance writer might write a guide to hedge funds.
Every issue of the paper includes book reviews. At the end of the year, they publish a big list of "The Economist's Books of the Year." The newspaper has its own special writing style guide that all its writers follow.
Writing Competitions
The Economist often holds writing competitions for its readers. In 1999, they had a global competition about what the world would be like in 2050. More than 3,000 people entered. In 2019, they had an essay competition for young people about climate change.
Podcasts
Since 2006, The Economist has made many podcast series. Some of their current podcasts include:
- The Intelligence (general news)
- Editor's Picks (audio versions of articles)
- Drum Tower (about China)
- Babbage (about technology)
- Money Talks (about finance and business)
- Checks and Balance (about American politics)
- The Weekend Intelligence (long reports on one topic)
They also have special short series, like The Prince (about Xi Jinping) and Next Year in Moscow (about Russians who left their country). In 2023, The Economist started a paid subscription service for its podcasts.
Using Data in Journalism
The Economist has used data journalism since it started in 1843. At first, it published simple trade numbers. In 1847, it included its first graph. This was very early for a newspaper. Over time, it started using colored graphs. In the late 2000s, the paper began publishing more articles that focused mainly on charts. These "daily charts" are often followed by a short explanation.
In 2015, a special team of data journalists was created. This team makes election predictions and other data-based stories. They even share their data and methods online so people can see how they work.
Special Indexes
The Economist also keeps track of many economic statistics, like how many people have jobs or how fast the economy is growing. These numbers are seen as very important in Britain. The Economist also ranks business schools and universities. Some of their most famous data indexes are:
- The Big Mac Index: This compares the price of a Big Mac burger in different countries to see how much money is worth.
- Democracy Index: This measures how democratic countries are.
- The Glass Ceiling Index: This measures how equal women are in the workplace.
- The Most Dangerous Cities Index: This measures crime rates in major cities.
- Commodity-Price Index: This tracks the prices of things like gold and oil.
What The Economist Believes
The Economists main ideas are about liberalism. This means it supports free markets, free trade, and people being able to move freely between countries. It also supports policies that are in the middle ground, not too extreme. It believes in less government control over businesses. A former editor said that The Economists ideas have always been liberal, not conservative.
The newspaper supports banks and important companies through central banks. It also supports social causes like recognizing gay marriages. It has criticized the tax system in the U.S. and supports some government rules on health, like banning smoking in public. The Economist also supports programs for guest workers and allowing parents to choose schools for their children. It has a long history of supporting gun control.
The Economist has supported different political parties in British elections, including the Labour Party, Conservative Party, and Liberal Democrats. In the United States, it has supported both Republican and Democratic candidates. The paper sees itself as against privilege and showing off. It has supported leaders like Ronald Reagan and Margaret Thatcher. It also supported the U.S. in Vietnam. But it has also supported other leaders like Harold Wilson and Bill Clinton. It has always been against the death penalty and supported reforms in prisons and ending colonialism. More recently, it has supported gun control and gay marriage.
The Economist has sometimes criticized political leaders. For example, it called for Bill Clinton's impeachment and for Donald Rumsfeld to resign after problems in Iraq. While it first supported the U.S. invasion of Iraq in 2003, it later said the operation was "bungled" and criticized how the U.S. government handled the war.
How Many People Read It
Each issue of The Economist is officially dated from Saturday to the following Friday. New articles are put online on Thursday evenings, before the paper is officially published. From July to December 2019, about 909,476 print copies were sold each week around the world. When you add digital readers, it reaches over 1.6 million people. On average, the paper can reach up to 5.1 million readers each week. On social media, it reaches about 35 million people.
In 1877, only 3,700 copies were sold. By 1970, this grew to 100,000. By 2000, it was almost 1 million, and by 2016, about 1.3 million. About half of all sales (54%) are in the United States. The United Kingdom makes up 14% of sales, and Europe makes up 19%. Two out of three American readers earn more than $100,000 a year. The Economist is sold in over 200 countries.
The Economist used to joke about its small number of readers. In the early 1990s, its slogan was "The Economist – not read by millions of people." A former editor once said, "Never in the history of journalism has so much been read for so long by so few."
Censorship
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Sometimes, parts of The Economist that criticize governments are removed from the paper by authorities in those countries.
For example, in 2006, Iran banned the sale of The Economist. This happened because a map in the paper called the Persian Gulf simply "Gulf," which is a sensitive political issue there.
In 2013, The Economist said that a prison department in Missouri, USA, had stopped prisoners from receiving an issue. The department said it could "threaten security" or "encourage criminal activity."
Images for kids
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A panel of journalists and public policy leaders at The Economist's 2019 India Summit
See also
In Spanish: The Economist para niños
