Statist: a magazine worth quoting

Statist magazine from February 1967

Statist magazine from February 1967

The editors at small-circulation magazines are always happy when big papers pick up their stories, so economics weekly  Statist magazine would be chuffed to be referred in the Financial Times (several of these articles also ran in MoneyWeek):

Here’s a quote from the (generally rightwing, and prone to long sentences) Statist magazine from 1962 which sums things up the feeling then, and rather my feeling now: “In an era when the government appears to find itself obliged to tax an individual’s current earnings so highly that it is difficult if not impossible for the industrious able and thrifty person to save a substantial amount of money for himself, it is very wrong that another person who may well be idle, stupid and spendthrift should be in a position to receive a fortune by gifts or inheritance virtually without paying tax at all. (‘Cameron should scrap IHT threshold,’ 5 April 2014)

A long sentence indeed : 76 words. And also this year:

The great swings in the relationships between the likes of profit shares and labour shares take decades to play out. Look back to press reports from the 1960s and you will see many of the same kinds of articles you see in the papers today – in 1963 the (generally rightwing) Statist magazine insisted that a new minimum wage policy was a must and that government was “irrevocably committed to doing something for the low paid”. (‘Workers of the world will unite,’ 8 February)

While last autumn,

In the mid-1960s an article in the Statist magazine explained to London readers that the tax would “reverse the trend of soaring land values and reduce housing costs”. The writer was sure that support for [a site value tax] was such that “a concerted effort at this stage should carry the day”. It did not. But the idea has remained. (‘The perfect tax?,’ 28 September)

That same month:

In 1967, Paul Bareau, an eminent journalist of the era, wrote in the Statist magazine about the “pangs of modest deflation” hitting the UK. He called for “re-expansion” via all the usual methods – low base rates, a “lenient attitude” towards the commercial banks and a new round of government support to various industries. That worked out, as it likely will this time, all too well. By 1970, a mere three years later and well before the oil price shocks, inflation in the UK was running at about 8 per cent. Whoops. (‘A bad day at the office for Mark Carney,’ 7 September 2013)

You’ll notice the pattern by now:

A row raged in the pages of the Statist magazine in the early 1960s after “distinguished chartist” AG Ellinger declared that in the idea that the stock market would keep their money safe, “the public has been sold a pup”. (‘Ross Goobey’s speech resonates 50 years on,’ 10 November 2012)

Yes, it’s back in the sixties again:

‘Back in 1962 most European bankers were mad for monetary union. They were planning for it and seeing it, as Statist magazine said at the time, as “part of the writing on the wall”’ (‘In spite of debt crises, Germany is in the zone, 4 December 2010)

And again:

‘This outperformance isn’t a new thing … Statist magazine noted that in the decade to 1967 the average trust made 175% even as global markets returned a mere 75%.’ (‘Cheers for the product, boos for the charges,’ 2 October 2010)

And, for my last example:

‘You will not have heard of Mr F.M. Osborn. However, I feel I know him rather well. Why? Because I have a copy of an article he wrote in … The Statist.’ (‘Liars’ self-cert charter could have a bitter result,’ 25 September 2010)

In fact, FT Money writer and MoneyWeek editor Merryn Somerset Webb has sought inspiration or evidence from Statist no less than eight times in four years in her FT articles. It’s just a shame that the Statist, which looked like the Economist, closed several decades ago. But, then, what goes around comes around in the world of finance and a good article is always worth quoting, even if it is 50 years old.

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One Response to “Statist: a magazine worth quoting”

  1. Statist from 1967: worth quoting after Brexit vote | Magforum Says:

    […] mentioned the predilection of Financial Times columnist and editor-in-chief of MoneyWeek Merryn Somerset Webb for quoting a long-defunct weekly magazine, the Statist, a while back. On April 18, she came […]

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