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Magazine Reviews: The Economist
Originally founded in 1843 in London, The Economist is one of the most respected publications around the globe. Being owned 50% by the Financial Times and 50% by private shareholders, including staff and members of the Rothschild Family, The Economist is a global Weekly Magazine, which focuses mainly on economics. However, it also examines issues of domestic and international affairs, current affairs, finance, business, science, technology and the arts including movie and book reviews.
Aiming at being a thought provoking and informed Read Magazine, The Economist is written for readers, who share an interest in being objectively informed. Targeting both educated people and lay people, The Economist achieves in total 1.3 million sales per issue, out of which half are sold in North America. In Europe is often considered as conservative magazine mainly because it supports that the solution to any economic problem would be deregulation and privatization. However, in the recent British elections it has endorsed both the Labour Party and the Conservative Party as well as both Republican and Democratic candidates in the United States.
Reading The Economist is a very different experience from reading any other similar magazine namely the “big three”- Time, Newsweek, and US News. Avoiding celebrity gossip that occupies a large share of the “big three” editorial, The Economist revisits its stories for weekly updates and is a profoundly analytical news magazine of journalistic integrity. In addition, the magazine has the integrity to admit they get things wrong like it happened in the invasion of Iraq. Although they initially supported it, they then admitted it was wrong.
The magazine’s strong points can be summarized as follows:
First of all, The Economist is a British publication written in a good British style. Using a sharp and brief writing style, without omitting any important information, The Economist largely avoids the media populism. Varying from dry to ironic and from flat to blunt tone the Magazine Offers politically correct articles echoing the truth of the matter as seen in its very true essence. Its authors and editors call the facts as they see them, using a sense of humour only to make dull topics a bit more interesting.
The magazine offers analytical articles covering numerous countries and regions around the globe without reflecting political bias. Despite the fact that The Economist favours social liberalism supporting free markets, globalization, immigration, legalised drugs, abolition of death penalty and prostitution, while disfavouring governmental interference in any social and economic activity, it keeps an objective stance in its political reviews avoiding the political corruption that often arises in the media. Instead, it clearly states and defends its editorials without taking sides and by always keeping a fairly balanced opinion. However, it gives corrupt politicians a really hard time.
The Economist provides useful financial and statistical data that typically compare the economic, political and social fundamental of the countries. Repeatedly, their financial forecasting is accurate with the example of having predicted the internet dot com bubble of 1999 and the global housing bubble of 2000. In addition, the Big Mac Index, originally introduced by The Economist, has made it into textbooks as a useful introduction to ideas of Purchasing Power Parity (PPP).
All in all, The Economist is a valuable resource for students, teachers, business people and lay readers. Although it might get a bit tiresome sometimes by the fact that all articles have to conform to the same editorial mode, which narrows journalistic independence, still The Economist is a precious guide to in-depth analysis of the world news.
About the Author
I work as a financial and investment advisor but my passion is writing, music and photography. Writing mostly about finance, business and music, being an amateur photographer and a professional dj, I am inspired from life.
Being a strong advocate of simplicity in life, I love my family, my partner and all the people that have stood by me with or without knowing. And I hope that someday, human nature will cease to be greedy and demanding realizing that the more we have the more we want and the more we satisfy our needs the more needs we create. And this is so needless after all.