About us
History
The Economist was established in 1843 by James Wilson, a hatmaker from the small Scottish town of Hawick, to campaign against the protectionist Corn Laws. The tariffs were repealed in 1846 but the newspaper lived on as “a political, literary, and general newspaper”, never abandoning its belief in free trade, internationalism and minimum interference by government, especially in the affairs of the market. (It did, however, abandon the Oxford comma.)
The Corn Laws, which by taxing and restricting imports of grain made bread expensive and starvation common, were bad for Britain. Free trade, in Wilson’s view, was good for everyone. Wilson believed “that reason is given to us to sit in judgment over the dictates of our feelings.” Reason convinced him in particular that Adam Smith was right, and that through its invisible hand the market benefited profit-seeking individuals and society alike. Wilson was himself a manufacturer and wanted especially to influence “men of business”. Accordingly, he insisted that all the arguments and propositions put forward in his paper should be based on fact and rigour. That was why he called it The Economist.
Though Wilson founded The Economist, the newspaper’s greatest editor was his son-in-law, Walter Bagehot (pronounced BAJ-ut), who was the paper’s third editor, from 1861 to 1877. He broadened the range of the paper into politics; he was also responsible for greatly strengthening the interest in America that The Economist has always shown. The paper’s influence grew under his editorship. One British foreign secretary, Lord Granville, said that whenever he felt uncertain, he liked to wait and see what the next issue of The Economist had to say. A later admirer of Bagehot’s was Woodrow Wilson, president of the United States from 1913 to 1921.
Another remarkable editor was appointed in 1922: Walter Layton, whose achievement, in the words of The Economist’s historian, Ruth Dudley Edwards in her book “The Pursuit of Reason”— was to ensure that the paper was “read widely in the corridors of power abroad as well as at home”, a reputation it continues to enjoy today. His successor, Geoffrey Crowther, developed and improved the coverage of foreign affairs (especially with regard to America) and business.
From its earliest days, The Economist had looked abroad, both for subjects to write about and for readers. Even in the 1840s it had subscribers in continental Europe and America. By 1938 half its sales were outside Britain. Crowther’s great innovation was to start a section devoted to American affairs, which he did just after the Japanese attack on Pearl Harbour in December 1941. The “American Survey” section (renamed “United States” in 1997) was aimed not at Americans but at British readers who, Crowther believed, needed to know more about their new allies. In time, however, it earned a following in the United States too.
For most of its existence The Economist was content with a small readership. When Bagehot stood down as editor, circulation was just 3,700, and by 1920 it had climbed to only 6,000. After the second world war it rose rapidly, but from a base of barely 18,000. When Crowther left it stood at only 55,000, not reaching 100,000 until 1970. Today circulation is 1.5m, more than four-fifths of it outside Britain. Subscribers in the United States and Canada account for 57% of the total.
In recent decades the paper has added sections devoted to Europe, Asia, Latin America, China, and science and technology. It has also expanded coverage of books, arts and culture, and introduced columns on financial markets (Buttonwood), business (Schumpeter), Asian politics (Banyan) and Latin America (Bello).
The Economist has also been active in its pursuit of new readers on digital platforms. The newspaper started publishing online in 1996, and has more recently launched a daily news app (Espresso), a bilingual English-Chinese product (Global Business Review) and a virtual-reality app (Economist VR). Economist Radio produces several podcasts a week, and Economist Films produces short- and long-form video. The social-media department maintains widely followed accounts on Facebook, Twitter, LinkedIn, Snapchat, LINE, Medium and other social networks.
Frequently asked questions
When James Wilson published the prospectus for The Economist, a new periodical he planned to launch, he described it as “a weekly paper, to be published every Saturday”. To modern eyes the 19th-century black-and-white incarnation of The Economist is clearly a newspaper, and it looked very similar until the middle of the 20th century. The red logo appeared for the first time in 1959, the first colour cover in 1971, and it was only in 2001 that full colour was introduced on all inside pages. By the time the transformation from newspaper to magazine format had been completed, the habit of referring to ourselves as “this newspaper” had stuck.
Neither. The Economist’s starting point is that government should only remove power and wealth from individuals when it has an excellent reason to do so. When The Economist opines on new ideas and policies, it does so on the basis of their merits, not of who supports or opposes them. The result is a position that is neither right nor left but a blend of the two, drawing on the classical liberalism of the 19th century and coming from what we like to call the radical centre.
The modern, global version of The Economist was created in “the tower”, as journalists refer to the tallest of the three brutalist concrete buildings that make up The Economist Plaza in St James’s Street. Commissioned by The Economist and designed by Alison and Peter Smithson, the tower was our home from 1964 until the summer of 2017, when we moved into the Adelphi, a 1930s Art Deco office block on the Embankment.
The corporate logotype of The Economist has evolved from the gothic lettering used on the cover of the first issue, published in 1843, to the box device designed in 1959 by Reynolds Stone, a British engraver and typographer. It now incorporates a font from The Economist Typefamily, a typeface created specifically for our use.
Contact us
You can contact us here.
Staff directory
You can find our staff directory here.
Diversity policy
The Economist Group values diversity. We are committed to equal opportunities and creating an inclusive environment for all our employees. We welcome applicants regardless of ethnic origin, national origin, gender, race, colour, religious beliefs, disability, sexual orientation or age.
Staff diversity data
The Economist is committed to equal opportunities and creating an inclusive environment for all our employees. We welcome applicants regardless of ethnic origin, national origin, gender, race, colour, religious beliefs, disability, sexual orientation or age. Here we present data on the gender, and race and ethnicity of our editorial department. As a British newspaper, our home city is London, where we hire and train most of our editorial staff, drawing on an international pool of talent.
Corporate structure
Ownership
The Economist has been editorially independent since it was founded in September 1843 to take part “in a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress.”
The share capital of The Economist Newspaper Limited, The Economist Groups parent company, is divided into ordinary shares, “A” special shares, “B” special shares and trust shares. The company is private and none of the shares is listed. Its articles of association also state that no individual or company can own or control more than 50% of its total share capital, and that no single shareholder may exercise more than 20% of voting rights exercised at a general meeting of the company.
Ordinary shares are principally held by employees, past employees, founding members of the company and, more recently, by Exor SA. The ordinary shareholders are not entitled to participate in the appointment of directors, but in most other respects rank pari passu with the other shareholders. The transfer of ordinary shares must be approved by the Board of directors.
The “A” special shares are held by individual shareholders including the Cadbury, Rothschild, Schroder and other family interests as well as a number of staff and former staff.
The “B” special shares are all held by Exor which holds 43.4% of the total share capital of the company excluding the trust shares. Exor purchased the majority of its shareholding from Pearson plc in October 2015.
The trust shares are held by trustees, whose consent is needed for certain corporate activities, including the transfer of “A” special and “B” special shares. The rights attaching to the trust shares provide for the continued independence of the ownership of the company and the editorial independence of The Economist. Apart from these rights, they do not include the right to vote, receive dividends or have any other economic interest in the company. The appointments of the editor of The Economist and of the chairman of the company are subject to the approval of the trustees.
The general management of the business of the company is under the control of the Board of directors. There are 13 seats allowable on the Board, seven of which may be appointed by holders of the “A” special shares and six by the holders of the “B” special shares.
Governance
Board - Directors
Rupert Pennant-Rea
Appointed as non-executive chairman in July 2009, having served as a non-executive director since August 2006. Chairman of Royal London Group, and a non-executive director of Times Newspapers and PGI Limited. Editor of The Economist from 1986 to 1993 and deputy governor of the Bank of England from 1993 to 1995.
Chris Stibbs
Chris was appointed Group chief executive in July 2013. He originally joined the company as Group finance director in July 2005. In April 2010 he also took on the responsibility for the Economist Intelligence Unit as its managing director. Previously he was the corporate development director of Incisive Media, finance director of the TBP Group and director of the FT Law and Tax Division.
Sir David Bell
Appointed as a non-executive director in August 2005. He retired as an executive director of Pearson and as chairman of the Financial Times in 2009. He is chairman of Sadler’s Wells.
John Elkann
Appointed as a non-executive director in July 2009. Chairman and CEO of Exor, chairman of Fiat Chrysler Automotive, Giovanni Agnelli B.V and PartnerRe. Also vice-chairman of Ferrari N.V, the Italian Aspen Institute and the Giovanni Agnelli Foundation.
Lady Heywood
Appointed as a non-executive director in November 2015. Managing director, Exor Group and trustee of the Royal Opera House, Royal Academy of Arts and the Royal Academy of Music.
Brent Hoberman
Appointed as a non-executive director in January 2016. Chairman and co-founder of Founders Factory, Founders Forum, made.com and Smartup. Co-founder of lastminute.com and a non-executive director of TalkTalk. He is a business ambassador for the UK government and also sits on its Digital Advisory Board.
Baroness Jowell
Appointed as a non-executive director in November 2015. Member of the House of Lords, served as a member of Parliament for 23 years including 13 years as a minister, eight in the cabinet. Professor in practice at the London School of Economics, non-executive chairman of the Chime Specialist Group and chairs the City Safe Foundation. Senior visiting Fellow Harvard School for Public Health.
Dr Alex Karp
Appointed as a non-executive director in February 2016. Cofounder and CEO of Palantir. Received his PhD from the University of Frankfurt.
Philip Mallinckrodt
Appointed as a non-executive Director in July 2017. A non-executive Director of Schroders plc and a trustee of the Schroder Foundation. International Advisory Council member at the Brookings Institution.
Zanny Minton Beddoes
Zanny was appointed editor of The Economist in February 2015. She was previously the newspaper's business affairs editor. She joined The Economist in 1994, after spending two years as an economist at the International Monetary Fund.
Eli Goldstein
Appointed as a non-executive director in October 2017. Founder and managing partner of The Radcliff Companies, previously chief investment officer and partner of EL Rothschild. A member of the board of managers of Chrome Hearts Holdings, a director of Bronfman EL Rothschild and co-director of Commerce Equities Corporation.
Trustees
The trust shares of the company are held by trustees, whose consent is needed for certain corporate activities, such as the appointments of the editor of The Economist and of the chairman of the Group.
Baroness Bottomley of Nettlestone PC, DL
Trustee since October 2005. Heads the board practice of Odgers Berndtson. Member of the House of Commons (1984- 2005). Member of the Cabinet (1992-97), serving as Secretary of State, first for Health and then for National Heritage. Chancellor of the University of Hull, pro-chancellor of the University of Surrey and governor of the London School of Economics. Member of the UK Advisory Council of the International Chamber of Commerce and of the International Advisory Panel of Chugai Pharmaceutical. Non-executive director of BUPA and of Smith & Nephew.
Tim Clark
Trustee since December 2009. Deputy chairman of G3 and a non-executive director of Big Yellow Group. Board member of the National Theatre, senior adviser to Chatham House, vice-chair of Business for New Europe and a member of the International Chamber of Commerce UK Governing Body, the Development Committee of the National Gallery, the International Advisory Board of Uria Menendez and the Advisory Board of the Centre for European Reform. Former senior partner of Slaughter and May.
Lord O'Donnell CB, KCB, GCB
Trustee since 2012. Press secretary to Prime Minister John Major (1990-94). UK executive director on the boards of the IMF and the World Bank (1997-98). At the UK Treasury, appointed Managing Director of Macroeconomic Policy and International Finance in 1999, serving as Permanent Secretary from 2002 to 2005. Appointed to the House of Lords in 2012, having served three British prime ministers as Cabinet Secretary and Head of Civil Service from 2005 to 2011.
Editorial practices
Philosophy
The Economist has been published since September 1843 to take part “in a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress”. This mission continues to guide our coverage: we publish it every week in the newspaper.
Our readers expect us to keep them well informed about the world. So each week in print and each day online we provide a carefully selected global mix of stories. Our news priorities are reflected in the sections that we include in the paper every week: these are both geographical (Britain, Europe, the United States, the Americas, China, Asia, Middle East and Africa, International) and thematic (Business, Finance and economics, Science and technology, Books and arts). By systematically sifting news in these categories we aim to ensure that readers miss nothing important. In addition, through leaders, briefings and special reports we strive to identify ideas and trends that will shape global developments—and keep us and our readers engaged in the “severe contest”. This underpins all our editorial output, across digital outputs and sister publications.
Our stories offer a distinctive blend of news, based on facts, and analysis, incorporating The Economist’s perspective.
We do not attach ourselves to any political party. Our public agenda is liberal in the classical sense. We have supported free trade ever since our foundation in 1843 when we opposed Britain’s corn laws, which sought to keep the price of grain high by limiting imports. We have continued to advocate bold policies in favour of individual freedoms, such as same-sex marriage and legalisation of drugs, regardless of whether they are politically popular, in the belief that the force of argument will eventually prevail.
Ethics
The Economist strives for the highest ethical standards. Our approach falls under two headings:
Core principles
- We should be honest, fair and fearless in gathering, reporting and interpreting information.
- We are accountable to our readers, listeners, viewers and each other.
- We steadfastly uphold our editorial independence.
- We use objective data and research to inform our journalism.
- We apply classical liberal values transparently in our reporting and analysis.
- We are transparent about conflicts of interest (see below). As an anonymous newspaper, we have to be especially beyond reproach.
Conflicts of interest
- The editor-in-chief sets clear rules on conflicts of interest. These are reviewed and re-circulated periodically. Journalists know that the penalty for non-observance of the rules can be dismissal.
- Our journalists should disclose any possible conflicts of interest, such as beneficial holdings, directorships, and freelance engagements. The editor-in-chief keeps a registry of journalists’ interests, and updates it annually.
- Any journalist wishing to accept a trip offered by a government, company or other entity must obtain approval by a senior editor. Such trips should be rare. They should be limited to press trips offered for travel pieces, with a disclosure printed in the resulting content, or the case where a trip cannot be taken at our own expense, such as travel into a warzone.
- Journalists arriving at The Economist from a partisan political job will not be allowed to write about policy or politics in the country in which they held that job for some time. Journalists covering politics or policy cannot contribute money or help to a political party or organisation in the country they are working in.
- Facilitation payments to expedite or secure a government action are not acceptable.
Author anonymity
Most newspapers and magazines use bylines to identify the journalists who write their articles. The Economist, however, does not. Its articles lack bylines and its journalists remain anonymous. Why?
Part of the answer is that The Economist is maintaining a historical tradition that other publications have abandoned. Leaders are often unsigned in newspapers, but everywhere else there has been rampant byline inflation (to the extent that some papers run picture bylines on ordinary news stories). Historically, many publications printed articles without bylines or under pseudonyms to give individual writers the freedom to assume different voices and to enable early newspapers to give the impression that their editorial teams were larger than they really were. The first few issues of The Economist were, in fact, written almost entirely by James Wilson, the founding editor, though he wrote in the first-person plural.
But having started off as a way for one person to give the impression of being many, anonymity has since come to serve the opposite function at The Economist: it allows many writers to speak with a collective voice. Leaders are discussed and debated each week in meetings that are open to all members of the editorial staff. Journalists often co-operate on articles. And some articles are heavily edited. Accordingly, articles are often the work of The Economist’s hive mind, rather than of a single author. The main reason for anonymity, however, is a belief that what is written is more important than who writes it. In the words of Geoffrey Crowther, our editor from 1938 to 1956, anonymity keeps the editor “not the master but the servant of something far greater than himself…it gives to the paper an astonishing momentum of thought and principle.” The notable exception to The Economist’s no-byline rule, at least in the weekly issue, is special reports, the collections of articles on a single topic that appear in the newspaper every month or so. These are almost always written by a single author whose name appears once, in the rubric of the opening article. By tradition, retiring editors write a valedictory editorial which is also signed. But print articles are otherwise anonymous.
Different rules apply on our website, however. A few years ago we decided to start using initials as bylines on our blog posts, to avoid confusion on our multi-author blogs (such as Democracy in America, which covers American politics). Our journalists can and do disagree with each other on our blogs, so we use initials to enable readers to distinguish between different writers. This approach is not without its faults (we have four staff members with the initials “J.P.”, for example) but is the best compromise between total anonymity and full bylines, in our view. We also identify our journalists when they appear in our audio and video output. And many of them tweet under their own names. The internet has caused our no-byline policy to fray a little around the edges, then, but the lack of bylines remains central to our identity and a distinctive part of our brand.
Audience engagement
The Economist has been published since September 1843 to take part “in a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress”. We have used this mission statement to guide our coverage since 1843. Digital technologies and the ease of mass online communication enable us to engage in this severe contest in ways that our founding editor could not have imagined.
We post our content across online and social channels, and encourage our audiences to engage with it, for example by commenting and sharing. We have a team of community editors and social-media writers who use our content to provoke the severe contest among our online audiences. The channels we use include Facebook, Twitter, LinkedIn, YouTube, Medium and LINE. Which channels we use, and how we use them, changes as the nature of online media consumption changes.
We also use various digital opportunities to engage audiences more specifically around certain topics, stories or journalists. For example, we host online Q&As during which audiences can interact with our journalists. We also sometimes involve audiences in the process of producing our journalism, such as calling for input on Twitter or Medium. And we publish blog posts on our Medium publication about how we work, engaging in discussion about the process of journalism itself.
Unnamed sources
- We make use of unnamed sources and conversations on background because they can be more informative.
- We may withhold the name of a source who talks to us on the record, if that individual might be put in danger or legal jeopardy if their name is revealed or if we deem it otherwise unnecessary to name them.
- We strive to describe unnamed sources with as much detail as we think readers need to assess their credibility.
Fact-checking standards
- We aim to ensure that any fact, figure or quotation is checked for accuracy and credibility by our fact-checkers. (This applies to all articles published in the newspaper, Snapchat editions, our Espresso app, video scripts and online, but not to all blog posts, some of which are self-published by their authors.) We have a dedicated Research Department to support this task.
- Authors are expected to write with fact-checking in mind, and should be ready to provide source material and to discuss and respond to questions.
- We work on edited copy as close to the final version as deadlines allow.
- We check against original sources that we believe to be reliable; for items that cannot be verified directly we form a view based on other credible information.
- We also consider whether the context and presentation of the facts are fair.
- There is no standard process and the methods adopted will depend on the nature of the material and the need for timely reporting of (often breaking) news.
- We discuss queries with the author or editor.
- All queries must be resolved before a story is published. The final say on any matter rests with the relevant editor.
Corrections
We aim to acknowledge serious factual errors and correct such mistakes quickly, clearly and appropriately. Online, published corrections should note what was wrong, what was put right and when. In print, we will publish a correction in the same section in a future issue of the newspaper. Readers who wish to bring errors to our attention may e-mail letters@economist.com.