This document compares the Wall Street Journal and Financial Times business newspapers. [1] The Wall Street Journal is based in New York and mainly covers US and international business and economics. [2] It has a liberal economic viewpoint and supports free markets and supply-side economics. [3] The Financial Times is based in London and provides global market news. It also has generally liberal economic views and advocates free markets and globalization.

1. Lesson Module 3: Business Journals
 Learning objectives:
 What differentiates “The Wall Street Journal” and
“Financial Times”.

2. • The Wall Street Journal
is an international daily
newspaper published in
New York City.
• The largest newspaper
in the United States with
2.1 million copies in
circulation.
• Mainly covers
American International
Business, economics,
and financial news.
• Has won the Pulitzer
Prize, a prestigious
award for newspapers,
33 times. The Wall Street Journal

3. The Wall Street Journal Economic Views
 A recent study done by Tim Groseclose and Jeff
Milyo compared 20 Journals, and showed that the
Wall Street Journal had liberal economic and
political views.
 The Journal emphasizes free markets and blames the
United States budget deficit on a lack of foreign
growth.
 The journal is a huge supporter of supply-side
economics and believes in a fixed exchange rate over
a floating exchange rate.

4. Wall Street  1) Lowering the income tax so
Journal more goods can be produced.
Glossary
 2) When a Government sets an
1) Supply-side
Economics. official exchange rate that will be
maintained between different
2) Fixed Exchange Rate
currencies. For example, if a Euro
is set as worth $2, central banks
3) Floating Exchange
will have to have enough money
Rate in reserve to account for that.
 3) A constantly changing
exchange rate based on how
valued a currency is.

5. • Published in London
and has million Daily
readers.
•Huge Rival of Wall
Street Journal.
•Provides full daily news
on World Markets.
Financial Times

6. The “Financial Times” Economic Views
 Advocates free markets, just like its “The Wall Street
Journal” rivals. It is also a big supporter of
globalization.
 Supports the idea of the government controlling the
amount of money in circulation.
 Pro-European Union.
 Tends to be liberal with its economic views.
 Accused by the Wall Street Journal of
overemphasizing its Keynesian views.

7. Financial 1) Competitive market where prices
Times are determined at the equilibrium
Glossary value of supply and demand.
• 1) Free Markets
2) The distribution of goods
nationally through decreasing
•2) Globalization
import taxes and tariffs, which
increases international trade.
•3) Keynesian Views
3) The government should increase
spending and/or decrease taxes to
boost demand during a recession.

8. Similarities between “The Wall Street Journal”
and the “financial Times
 Extremely similar in their economic views.
 Both advocate for free markets and have mainly
liberal views.
 Both believe best way to fight a recession in the very
least is to lower taxes.

9. Differences between “The Wall Street Journal”
and the “financial Times
 Not to many differences, but some noticeable slight
differences.
 Wall Street Journal believes producing goods more
domestically is the best way to maintain a good
economy.
 Financial Times believes best way to maintain a good
economy is increased globalization.