A stock market, equity market or share market is the aggregation of buyers and sellers of stocks, which represent ownership claims on businesses. Examples of the latter include shares of private companies which are sold to investors through equity crowdfunding platforms. Stock exchanges list shares of common equity as well as other security types, e.g. corporate bonds and convertible bonds. Stocks are categorized in various ways. One way is by the country. For example, Nestlé and Novartis are domiciled in Switzerland, so they may be considered as part of the Swiss stock market, although their stock may be traded on exchanges in other countries, for example, as American depository receipts on U. S. stock markets. As of 2017, the size of the world stock market was about US$79.225 trillion. By country, the largest market was the United States, followed by the United Kingdom; these numbers increased in 2013. As of 2015, there are a total of 60 stock exchanges in the world with a total market capitalization of $69 trillion.
Of these, there are 16 exchanges with a market capitalization of $1 trillion or more, they account for 87% of global market capitalization. Apart from the Australian Securities Exchange, these 16 exchanges are based in one of three continents: North America and Asia. A stock exchange is an exchange where stock brokers and traders can buy and sell shares of stock and other securities. Many large companies have their stocks listed on a stock exchange; this makes the stock more liquid and thus more attractive to many investors. The exchange may act as a guarantor of settlement. Other stocks may be traded "over the counter", that is, through a dealer; some large companies will have their stock listed on more than one exchange in different countries, so as to attract international investors. Stock exchanges may cover other types of securities, such as fixed interest securities or derivatives which are more to be traded OTC. Trade in stock markets means the transfer of a security from a seller to a buyer.
This requires these two parties to agree on a price. Equities confer an ownership interest in a particular company. Participants in the stock market range from small individual stock investors to larger investors, who can be based anywhere in the world, may include banks, insurance companies, pension funds and hedge funds, their buy or sell orders may be executed on their behalf by a stock exchange trader. Some exchanges are physical locations where transactions are carried out on a trading floor, by a method known as open outcry; this method is used in some stock exchanges and commodity exchanges, involves traders shouting bid and offer prices. The other type of stock exchange has a network of computers. An example of such an exchange is the NASDAQ. A potential buyer bids a specific price for a stock, a potential seller asks a specific price for the same stock. Buying or selling at the market means you will accept any ask price or bid price for the stock; when the bid and ask prices match, a sale takes place, on a first-come, first-served basis if there are multiple bidders at a given price.
The purpose of a stock exchange is to facilitate the exchange of securities between buyers and sellers, thus providing a marketplace. The exchanges provide real-time trading information on the listed securities, facilitating price discovery; the New York Stock Exchange is a physical exchange, with a hybrid market for placing orders electronically from any location as well as on the trading floor. Orders executed on the trading floor enter by way of exchange members and flow down to a floor broker, who submits the order electronically to the floor trading post for the Designated Market Maker for that stock to trade the order; the DMM's job is to maintain a two-sided market, making orders to buy and sell the security when there are no other buyers or sellers. If a spread exists, no trade takes place – in this case the DMM may use their own resources to close the difference. Once a trade has been made, the details are reported on the "tape" and sent back to the brokerage firm, which notifies the investor who placed the order.
Computers play an important role for program trading. The NASDAQ is a virtual exchange; the process is similar to the New York Stock Exchange. One or more NASDAQ market makers will always provide a bid and ask price at which they will always purchase or sell'their' stock; the Paris Bourse, now part of Euronext, is an electronic stock exchange. It was automated in the late 1980s. Prior to the 1980s, it consisted of an open outcry exchange. Stockbrokers met on the trading floor of the Palais Brongniart. In 1986, the CATS trading system was introduced, the order matching process was automated. People trading stock will prefer to trade on the most popular exchange since this gives the largest number of potential counter parties and the best price. However, there have always been alternatives such as brokers trying to bring parties together to trade outside the exchange; some third markets that were popular are Instinet, Island and Archipelago. One advantage is that this avoids the commissions
Fortune is an American multinational business magazine headquartered in New York City, United States. It is published by Fortune Media Group Holdings, owned by Thai businessman Chatchaval Jiaravanon; the publication was founded by Henry Luce in 1929. The magazine competes with Forbes and Bloomberg Businessweek in the national business magazine category and distinguishes itself with long, in-depth feature articles; the magazine publishes ranked lists, including the Fortune 500, a ranking of companies by revenue that it has published annually since 1955. Fortune was founded by Time co-founder Henry Luce in 1929 as "the Ideal Super-Class Magazine", a "distinguished and de luxe" publication "vividly portraying and recording the Industrial Civilization". Briton Hadden, Luce's business partner, was not enthusiastic about the idea – which Luce thought to title Power – but Luce went forward with it after Hadden's sudden death on February 27, 1929. In late October 1929, the Wall Street Crash of 1929 occurred, marking the onset of the Great Depression.
In a memo to the Time Inc. board in November 1929, Luce wrote: "We will not be over-optimistic. We will recognize that this business slump may last as long as an entire year." The publication made its official debut in February 1930. Its editor was Luce, managing editor Parker Lloyd-Smith, art director Thomas Maitland Cleland. Single copies of the first issue cost US$1. An urban legend says that Cleland mocked up the cover of the first issue with the $1 price because no one had yet decided how much to charge. In fact, there were 30,000 subscribers who had signed up to receive that initial 184-page issue. By 1937, the number of subscribers had grown to 460,000, the magazine had turned half million dollars in annual profit. At a time when business publications were little more than numbers and statistics printed in black and white, Fortune was an oversized 11"×14", using creamy heavy paper, art on a cover printed by a special process. Fortune was noted for its photography, featuring the work of Margaret Bourke-White, Ansel Adams, others.
Walker Evans served as its photography editor from 1945 to 1965. During the Great Depression, the magazine developed a reputation for its social conscience, for Walker Evans and Margaret Bourke-White's color photographs, for a team of writers including James Agee, Archibald MacLeish, John Kenneth Galbraith, Alfred Kazin, hired for their writing abilities; the magazine became an important leg of Luce's media empire. From its launch in 1930 to 1978, Fortune was published monthly. In January 1978, it began publishing biweekly. In October 2009, citing declining advertising revenue and circulation, Fortune began publishing every three weeks. Fortune is published 14 times a year. Marshall Loeb was named managing editor in 1986. During his tenure at Fortune, Loeb was credited with expanding the traditional focus on business and the economy with added graphs and tables, as well as the addition of articles on topics such as executive life and social issues connected to the world of business, including the effectiveness of public schools and on homelessness.
During the years when Time Warner owned Time Inc. Fortune articles were hosted at CNNMoney.com. In June 2014, after Time Inc. spun off from its corporate parent, Fortune launched its own website at Fortune.com. On November 26, 2017, it was announced that Meredith Corporation would acquire Time Inc. in a $2.8 billion deal. The acquisition was completed on January 31, 2018. On November 9, 2018, it was announced that Meredith Corporation was selling Fortune to Thai billionaire Chatchaval Jiaravanon for $150 million. Jiaravanon is affiliated with the Thailand-based conglomerate Charoen Pokphand Group, which has holdings in agriculture, telecommunications, retail and finance. Fortune publishes ranked lists. In the human resources field, for example, it publishes a list of the Best Companies to Work For. Lists include companies ranked in order of gross revenue and business profile, as well as business leaders: There have been 17 top editors since Fortune was conceived in 1929. Following the elimination of the editor-in-chief role at Time Inc. in October 2013, the top editor's title was changed from "managing editor" to "editor" in 2014.
Fortune Battle of the Corporate Bands, an annual music competition for amateur company-sponsored bands List of United States magazines James S. Miller, "White-Collar Excavations: Fortune Magazine and the Invention of the Industrial Folk," American Periodicals, vol. 13, pp. 84–104. In JSTOR Official website Fortune Latinamerica Fortune India Fortune China Fortune Turkey List of 100 Best Companies to Work For "Fortune Data Store". Fortune. Time.. Complete downloadable list of Fortune 500/1000 Companies – 1955–2008
The United States of America known as the United States or America, is a country composed of 50 states, a federal district, five major self-governing territories, various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U. S. is the third most populous country. The capital is Washington, D. C. and the largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico; the State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean; the U. S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The diverse geography and wildlife of the United States make it one of the world's 17 megadiverse countries.
Paleo-Indians migrated from Siberia to the North American mainland at least 12,000 years ago. European colonization began in the 16th century; the United States emerged from the thirteen British colonies established along the East Coast. Numerous disputes between Great Britain and the colonies following the French and Indian War led to the American Revolution, which began in 1775, the subsequent Declaration of Independence in 1776; the war ended in 1783 with the United States becoming the first country to gain independence from a European power. The current constitution was adopted in 1788, with the first ten amendments, collectively named the Bill of Rights, being ratified in 1791 to guarantee many fundamental civil liberties; the United States embarked on a vigorous expansion across North America throughout the 19th century, acquiring new territories, displacing Native American tribes, admitting new states until it spanned the continent by 1848. During the second half of the 19th century, the Civil War led to the abolition of slavery.
By the end of the century, the United States had extended into the Pacific Ocean, its economy, driven in large part by the Industrial Revolution, began to soar. The Spanish–American War and World War I confirmed the country's status as a global military power; the United States emerged from World War II as a global superpower, the first country to develop nuclear weapons, the only country to use them in warfare, a permanent member of the United Nations Security Council. Sweeping civil rights legislation, notably the Civil Rights Act of 1964, the Voting Rights Act of 1965 and the Fair Housing Act of 1968, outlawed discrimination based on race or color. During the Cold War, the United States and the Soviet Union competed in the Space Race, culminating with the 1969 U. S. Moon landing; the end of the Cold War and the collapse of the Soviet Union in 1991 left the United States as the world's sole superpower. The United States is the world's oldest surviving federation, it is a representative democracy.
The United States is a founding member of the United Nations, World Bank, International Monetary Fund, Organization of American States, other international organizations. The United States is a developed country, with the world's largest economy by nominal GDP and second-largest economy by PPP, accounting for a quarter of global GDP; the U. S. economy is post-industrial, characterized by the dominance of services and knowledge-based activities, although the manufacturing sector remains the second-largest in the world. The United States is the world's largest importer and the second largest exporter of goods, by value. Although its population is only 4.3% of the world total, the U. S. holds 31% of the total wealth in the world, the largest share of global wealth concentrated in a single country. Despite wide income and wealth disparities, the United States continues to rank high in measures of socioeconomic performance, including average wage, human development, per capita GDP, worker productivity.
The United States is the foremost military power in the world, making up a third of global military spending, is a leading political and scientific force internationally. In 1507, the German cartographer Martin Waldseemüller produced a world map on which he named the lands of the Western Hemisphere America in honor of the Italian explorer and cartographer Amerigo Vespucci; the first documentary evidence of the phrase "United States of America" is from a letter dated January 2, 1776, written by Stephen Moylan, Esq. to George Washington's aide-de-camp and Muster-Master General of the Continental Army, Lt. Col. Joseph Reed. Moylan expressed his wish to go "with full and ample powers from the United States of America to Spain" to seek assistance in the revolutionary war effort; the first known publication of the phrase "United States of America" was in an anonymous essay in The Virginia Gazette newspaper in Williamsburg, Virginia, on April 6, 1776. The second draft of the Articles of Confederation, prepared by John Dickinson and completed by June 17, 1776, at the latest, declared "The name of this Confederation shall be the'United States of America'".
The final version of the Articles sent to the states for ratification in late 1777 contains the sentence "The Stile of this Confederacy shall be'The United States of America'". In June 1776, Thomas Jefferson wrote the phrase "UNITED STATES OF AMERICA" in all capitalized letters in the headline of his "original Rough draught" of the Declaration of Independence; this draft of the document did not surface unti
Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, grocery stores. Headquartered in Bentonville, the company was founded by Sam Walton in 1962 and incorporated on October 31, 1969, it owns and operates Sam's Club retail warehouses. As of January 31, 2019, Walmart has 11,348 stores and clubs in 27 countries, operating under 55 different names; the company operates under the name Walmart in the United States and Canada, as Walmart de México y Centroamérica in Mexico and Central America, as Asda in the United Kingdom, as the Seiyu Group in Japan, as Best Price in India. It has wholly owned operations in Argentina, Chile and South Africa. Since August 2018, Walmart only holds a minority stake in Walmart Brasil, with 20% of the company's shares, private equity firm Advent International holding 80% ownership of the company. Walmart is the world's largest company by revenue—over US$500 billion, according to Fortune Global 500 list in 2018—as well as the largest private employer in the world with 2.2 million employees.
It is a publicly traded family-owned business. Sam Walton's heirs own over 50 percent of Walmart through their holding company, Walton Enterprises, through their individual holdings. Walmart was the largest U. S. grocery retailer in 2019, 65 percent of Walmart's US$510.329 billion sales came from U. S. operations. The company was listed on the New York Stock Exchange in 1972. By 1988, Walmart was the most profitable retailer in the U. S. and by October 1989, it had become the largest in terms of revenue. Geographically limited to the South and lower Midwest, by the early 1990s, the company had stores from coast to coast: Sam's Club opened in New Jersey in November 1989 and the first California outlet opened in Lancaster in July 1990. A Walmart in York, Pennsylvania opened in October 1990: the first main store in the Northeast. Walmart's investments outside North America have seen mixed results: its operations and subsidiaries in the United Kingdom, South America, China are successful, whereas its ventures in Germany and South Korea failed.
In 1945, businessman and former J. C. Penney employee Sam Walton bought a branch of the Ben Franklin stores from the Butler Brothers, his primary focus was selling products at low prices to get higher-volume sales at a lower profit margin, portraying it as a crusade for the consumer. He experienced setbacks because the lease price and branch purchase were unusually high, but he was able to find lower-cost suppliers than those used by other stores and was able to undercut his competitors on pricing. Sales increased 45% in his first year of ownership to US$105,000 in revenue, which increased to $140,000 the next year and $175,000 the year after that. Within the fifth year, the store was generating $250,000 in revenue; when the lease for the location expired, Walton was unable to reach an agreement for renewal, so he opened up a new store at 105 N. Main Street in Bentonville, naming it "Walton's Five and Dime"; that store is now the Walmart Museum. On July 2, 1962, Walton opened the first Walmart Discount City store at 719 W. Walnut Street in Rogers, Arkansas.
The building is now occupied by a hardware store and an antique mall, while the company's "Store #1" has since relocated to a larger discount store and now expanded to a Supercenter several blocks west at 2110 W. Walnut Street. Within its first five years, the company expanded to 24 stores across Arkansas and reached US$12.6 million in sales. In 1968, it opened its first stores outside Arkansas, in Sikeston and Claremore, Oklahoma; the company was incorporated as Wal-Mart, Inc. on October 31, 1969, changed its name to Wal-Mart Stores, Inc. in 1970. The same year, the company opened a home office and first distribution center in Bentonville, Arkansas, it had 38 stores operating with 1,500 sales of $44.2 million. It began trading stock as a publicly held company on October 1, 1970, was soon listed on the New York Stock Exchange; the first stock split occurred in May 1971 at a price of $47 per share. By this time, Walmart was operating in five states: Arkansas, Louisiana and Oklahoma; as the company moved into Texas in 1975, there were 125 stores with 7,500 employees and total sales of $340.3 million.
In the 1980s, Walmart continued to grow and by the company's 25th anniversary in 1987, there were 1,198 stores with sales of $15.9 billion and 200,000 associates. This year marked the completion of the company's satellite network, a $24 million investment linking all operating units with the Bentonville office via two-way voice and data transmission and one-way video communication. At the time, the company was the largest private satellite network, allowing the corporate office to track inventory and sales and to communicate to stores. In 1988, Walton was replaced by David Glass. Walton remained as Chairman of the Board. With the contribution of its superstores, the company surpassed Toys "R" Us in toy sales in 1998. While it was the third-largest retailer in the United States, Walmart was more profitable than rivals Kmart and Sears by the late 1980s. By 1990, it became the largest U. S. retailer by revenue. Prior to the summer of 1990, Walmart had no presence on the West Coast or in the Northeast, but in July and October that year, it opened its first stores in California and Pennsylvania, respectively.
By the mid-1990s, it was far and away the most powerful retailer in the U. S. and expanded into Mexico in 1991 and Canada in 1994
Exxon Mobil Corporation, doing business as ExxonMobil, is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller's Standard Oil Company, was formed on November 30, 1999 by the merger of Exxon and Mobil. ExxonMobil's primary brands are Exxon, Mobil and ExxonMobil Chemical; the world's second largest company by revenue, ExxonMobil from 1996 to 2017 varied from the first to sixth largest publicly traded company by market capitalization. The company was ranked ninth globally in the Forbes Global 2000 list in 2016. ExxonMobil was the tenth most profitable company in the Fortune 500 in 2017; as of 2018, the company ranked second in the Fortune 500 rankings of the largest United States corporations by total revenue. ExxonMobil is one of the largest of the world's Big Oil companies; as of 2007, it had daily production of 3.921 million BOE. In 2008, this was 3% of world production, less than several of the largest state-owned petroleum companies.
When ranked by oil and gas reserves, it is 14th in the world—with less than 1% of the total. ExxonMobil's reserves were 20 billion BOE at the end of 2016 and the 2007 rates of production were expected to last more than 14 years. With 37 oil refineries in 21 countries constituting a combined daily refining capacity of 6.3 million barrels, ExxonMobil is the largest refiner in the world, a title, associated with Standard Oil since its incorporation in 1870. ExxonMobil has been criticized for its slow response to cleanup efforts after the 1989 Exxon Valdez oil spill in Alaska considered to be one of the world's worst oil spills in terms of damage to the environment. ExxonMobil has a history of lobbying for climate change denial and against the scientific consensus that global warming is caused by the burning of fossil fuels; the company has been the target of accusations of improperly dealing with human rights issues, influence on American foreign policy, its impact on the future of nations. ExxonMobil was formed in 1999 by the merger of two major oil companies and Mobil.
Both Exxon and Mobil were descendants of Standard Oil, established by John D. Rockefeller and partners in 1870 as the Standard Oil Company of Ohio. In 1882, it together with its affiliated companies was incorporated as the Standard Oil Trust with Standard Oil Company of New Jersey and Standard Oil Company of New York as its largest companies; the Anglo-American Oil Company was established in the United Kingdom in 1888. In 1890, Standard Oil, together with local ship merchants in Bremen established Deutsch-Amerikanische Petroleum Gesellschaft. In 1891, a sale branch for the Netherlands and Belgium, American Petroleum Company, was established in Rotterdam. At the same year, a sale branch for Italy, Società Italo Americana pel Petrolio, was established in Venice; the Standard Oil Trust was dissolved under the Sherman Antitrust Act in 1892. In 1893, the Chinese and the whole Asian kerosene market was assigned to Standard Oil Company of New York in order to improve trade with the Asian counterparts.
In 1898, Standard Oil of New Jersey acquired controlling stake in Imperial Oil of Canada. In 1899, Standard Oil Company of New Jersey became the holding company for the Standard Oil Interests; the anti-monopoly proceedings against the Standard Oil were launched in 1898. The reputation of Standard Oil in the public eye suffered badly after publication of Ida M. Tarbell's classic exposé The History of the Standard Oil Co. in 1904, leading to a growing outcry for the government to take action against the company. By 1911, with public outcry at a climax, the Supreme Court of the United States ruled that Standard Oil must be dissolved and split into 34 companies. Two of these companies were Jersey Standard, which became Exxon, Socony, which became Mobil. Over the next few decades, Jersey Standard and Socony grew significantly. John Duston Archbold was the first president of Jersey Standard. Archbold was followed by Walter C. Teagle in 1917, who made it the largest oil company in the world. In 1919, Jersey Standard acquired a 50 % share in Humble Refining Co. a Texas oil producer.
In 1920, it was listed on the New York Stock Exchange. In the following years it acquired or established Tropical Oil Company of Colombia, Standard Oil Company of Venezuela, Creole Petroleum Company of Venezuela. Henry Clay Folger was head of Socony until 1923; the growing automotive market inspired the product trademark Mobiloil, registered by Socony in 1920. After dissolution of Standard Oil, Socony had refining and marketing assets but no production activities. For this reason, Socony purchased a 45% interest in Magnolia Petroleum Co. a major refiner and pipeline transporter, in 1918. In 1925, Magnolia became wholly owned by Socony. In 1926, Socony purchased General Petroleum Corporation of California. In 1928, Socony joined the Turkish Petroleum Company. In 1931, Socony merged with Vacuum Oil Company, an industry pioneer dating back to 1866, to form Socony-Vacuum. In the Asia-Pacific region, Jersey Standard has established through its Dutch subsidiary an exploration and production company Nederlandsche Koloniale Petroleum Maatschappij in 1912.
In 1922, it found oil in Indonesia and in 1927, it built a refinery in Sumatra. It had oil production and refineries but no marketing network. Socony-V
A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a corporation whose ownership is dispersed among the general public in many shares of stock which are traded on a stock exchange or in over the counter markets. In some jurisdictions, public companies over a certain size must be listed on an exchange. A public company can be unlisted. Public companies are formed within the legal systems of particular nations, therefore have national associations and formal designations which are distinct and separate. For example one of the main public company forms in the United States is called a limited liability company, in France is called a "society of limited responsibility", in Britain a public limited company, in Germany a company with limited liability. While the general idea of a public company may be similar, differences are meaningful, are at the core of international law disputes with regard to industry and trade. In the early modern period, the Dutch developed several financial instruments and helped lay the foundations of modern financial system.
The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, the VOC was the first publicly traded company, because it was the first company to be actually listed on an official stock exchange. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fledged capital market: corporate shareholders; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed." The securities of a publicly traded company are owned by many investors while the shares of a held company are owned by few shareholders. A company with many shareholders is not a publicly traded company. In the United States, in some instances, companies with over 500 shareholders may be required to report under the Securities Exchange Act of 1934. Public companies possess some advantages over held businesses.
Publicly traded companies are able to raise funds and capital through the sale of shares of stock. This is the reason publicly traded corporations are important; the profit on stock is gained in form of capital gain to the holders. The financial media and the public are able to access additional information about the business, since the business is legally bound, motivated, to publicly disseminate information regarding the financial status and future of the company to its many shareholders and the government; because many people have a vested interest in the company's success, the company may be more popular or recognizable than a private company. The initial shareholders of the company are able to share risk by selling shares to the public. If one were to hold a 100% share of the company, he or she would have to pay all of the business's debt; this increases asset liquidity and the company does not need to depend on funding from a bank. For example, in 2013 Facebook founder Mark Zuckerberg owned 29.3% of the company's class A shares, which gave him enough voting power to control the business, while allowing Facebook to raise capital from, distribute risk to, the remaining shareholders.
Facebook was a held company prior to its initial public offering in 2012. If some shares are given to managers or other employees, potential conflicts of interest between employees and shareholders will be remitted; as an example, in many tech companies, entry-level software engineers are given stock in the company upon being hired. Therefore, the engineers have a vested interest in the company succeeding financially, are incentivized to work harder and more diligently to ensure that success. Many stock exchanges require that publicly traded companies have their accounts audited by outside auditors, publish the accounts to their shareholders. Besides the cost, this may make useful information available to competitors. Various other annual and quarterly reports are required by law. In the United States, the Sarbanes–Oxley Act imposes additional requirements; the requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and the original founders or owners may lose benefits and control.
The principal-agent problem, or the agency problem is a key weakness of public companies. The separation of a company's ownership and control is prevalent in such countries as U. K and U. S. In the United States, the Securities and Exchange Commission requires that firms whose stock is traded publicly report their major shareholders each year; the reports identify all institutional shareholders, all company officials who own shares in their firm, any individual or institution owning more than 5% of the firm's stock. For many years, newly created companies were held but held initial
A magazine is a publication a periodical publication, printed or electronically published. Magazines are published on a regular schedule and contain a variety of content, they are financed by advertising, by a purchase price, by prepaid subscriptions, or a combination of the three. At its root, the word "magazine" refers to a storage location. In the case of written publication, it is a collection of written articles; this explains why magazine publications share the word root with gunpowder magazines, artillery magazines, firearms magazines, and, in French, retail stores such as department stores. By definition, a magazine paginates with each issue starting at page three, with the standard sizing being 8 3⁄8 in × 10 7⁄8 in. However, in the technical sense a journal has continuous pagination throughout a volume, thus Business Week, which starts each issue anew with page one, is a magazine, but the Journal of Business Communication, which starts each volume with the winter issue and continues the same sequence of pagination throughout the coterminous year, is a journal.
Some professional or trade publications are peer-reviewed, an example being the Journal of Accountancy. Academic or professional publications that are not peer-reviewed are professional magazines; that a publication calls itself a journal does not make it a journal in the technical sense. Magazines can be distributed through the mail, through sales by newsstands, bookstores, or other vendors, or through free distribution at selected pick-up locations; the subscription business models for distribution fall into three main categories. In this model, the magazine is sold to readers for a price, either on a per-issue basis or by subscription, where an annual fee or monthly price is paid and issues are sent by post to readers. Paid circulation allows for defined readership statistics; this means that there is no cover price and issues are given away, for example in street dispensers, airline, or included with other products or publications. Because this model involves giving issues away to unspecific populations, the statistics only entail the number of issues distributed, not who reads them.
This is the model used by many trade magazines distributed only to qualifying readers for free and determined by some form of survey. Because of costs associated with the medium of print, publishers may not distribute free copies to everyone who requests one; this allows a high level of certainty that advertisements will be received by the advertiser's target audience, it avoids wasted printing and distribution expenses. This latter model was used before the rise of the World Wide Web and is still employed by some titles. For example, in the United Kingdom, a number of computer-industry magazines use this model, including Computer Weekly and Computing, in finance, Waters Magazine. For the global media industry, an example would be VideoAge International; the earliest example of magazines was Erbauliche Monaths Unterredungen, a literary and philosophy magazine, launched in 1663 in Germany. The Gentleman's Magazine, first published in 1731, in London was the first general-interest magazine. Edward Cave, who edited The Gentleman's Magazine under the pen name "Sylvanus Urban", was the first to use the term "magazine," on the analogy of a military storehouse.
Founded by Herbert Ingram in 1842, The Illustrated London News was the first illustrated magazine. The oldest consumer magazine still in print is The Scots Magazine, first published in 1739, though multiple changes in ownership and gaps in publication totalling over 90 years weaken that claim. Lloyd's List was founded in Edward Lloyd's England coffee shop in 1734. Under the ancient regime, the most prominent magazines were Mercure de France, Journal des sçavans, founded in 1665 for scientists, Gazette de France, founded in 1631. Jean Loret was one of France's first journalists, he disseminated the weekly news of music and Parisian society from 1650 until 1665 in verse, in what he called a gazette burlesque, assembled in three volumes of La Muse historique. The French press lagged a generation behind the British, for they catered to the needs the aristocracy, while the newer British counterparts were oriented toward the middle and working classes. Periodicals were censored by the central government in Paris.
They were not quiescent politically—often they criticized Church abuses and bureaucratic ineptitude. They supported the monarchy and they played at most a small role in stimulating the revolution. During the Revolution, new periodicals played central roles as propaganda organs for various factions. Jean-Paul Marat was the most prominent editor, his L'Ami du peuple advocated vigorously for the rights of the lower classes against the enemies of the people Marat hated. After 1800 Napoleon reimposed strict censorship. Magazines flourished after Napoleon left in 1815. Most were based in Paris and most emphasized literature and stories, they served religious and political communities. In times of political crisis they expressed and helped shape the views of their readership and thereby were major