Twenty years on from MoneyWeek's first issue, how much have things changed?

Spanning one disputed American election to another, MoneyWeek is 20 years old this week. Editor-in-chief Merryn Somerset Webb looks at what's changed, and what may be in store for the next 20 years.

MoneyWeek was launched 20 years ago this week. It’s been quite a ride. Our first month was dominated by the disputed election in the US. Everyone expected Al Gore to beat George Bush. He didn’t – but that was only clear after a nasty row over vote counts in Florida and a month of legal battles (Gore sued). Since then we’ve covered the second part of the dotcom crash (at one point in 2000 the Nasdaq looked like it was stabilising – it wasn’t); the entry of China into the World Trade Organisation and the wave of globalisation and disinflation that followed; the ongoing collapse in bond yields; the arrival of negative interest rates; the new green revolution; the stunning rise of Silicon Valley; and everything remotely money-related along the way. This issue of the magazine (written during the week of another tight and likely-to-be-disputed US election) has a go at thinking about what we might be covering over the next 20. 

Some of our writers have clear long-term thematic worries. Jonathan Compton quite rightly notes that demographics, water shortages and the obesity epidemic will provide unpleasant headwinds and that with so many tensions in Central and East Asia, it is impossible to imagine “20 years of peaceful coexistence”). The roll back of globalisation is also a major worry. The number to watch? The ratio of new tariff barriers imposed to those removed. Over the last five years it has been 3:1. If you believe that free trade makes us all richer, that should worry you. Bill is worried too. The West, and the US in particular, he says, are following a familiar (and awful) formula. “Wreck the economy with wars, controls, excess spending and pernicious incentives, and then try and shore up what is left with printing money.” It always works – to ruin those who use it.

However, read this week’s issue (subscribe here if you don't already) and it is not misery that will leap out at you from the work of MoneyWeek staff – who have covered a long list of crises in the last 20 years. It is optimism. We have plenty of investment ideas. There are family-owned firms for those looking for long-term resilience (and listen to our podcast for more). There is bitcoin and gold for those worried about inflation; commodities for those who think a new commodity supercycle is on the way (those of us who were around for the last one think just that); a few good suggestions around longevity and agrarian revolution from Jim Mellon; and a comprehensive list of investment trusts for those who want to leave the details to a professional. 

But beyond the fact that whatever the environment there is always something to invest in, our optimism is based on our conviction in the long-term success of democratic capitalism and the triumphs of human ingenuity it encourages. With that in mind, we think there is an excellent chance that most of you reading this today will live to at least 100 in decent health and in a pollution-free environment, will soon be taking your first holiday in space, will have nipped to Tokyo for lunch at least once (with no quarantine!) and, most excitingly of all, from my point of view at least, will have been able to buy the kind of car that parallel parks for you. We also have your own forecasts for 2040. Here’s to the next 20 years.

Recommended

Share tips of the week - 27 January 2023
Investments

Share tips of the week - 27 January 2023

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages
27 Jan 2023
Rents across the UK rise to record highs
Personal finance

Rents across the UK rise to record highs

Rightmove’s latest rental trends tracker shows tenants are facing record price increases
27 Jan 2023
The best offers for switching banks – get up to £200 free cash
Personal finance

The best offers for switching banks – get up to £200 free cash

Looking to move bank accounts? You can now bag as much as £200 for switching current accounts.
27 Jan 2023
Almost 1.5 million more people will be dragged into higher tax bands by 2027
Personal finance

Almost 1.5 million more people will be dragged into higher tax bands by 2027

Frozen income tax allowances mean considerably more people will have to start paying higher-rate and additional-rate tax. We explain what you can do t…
26 Jan 2023

Most Popular

House prices could fall 30%. Should investors be worried about a repeat of 2008?
Investments

House prices could fall 30%. Should investors be worried about a repeat of 2008?

Some analysts are predicting that house prices could fall as much as 30%, which, when compared to the fact that prices have jumped 28% since April 201…
24 Jan 2023
State pension age could rise to 68 as early as 2035 – what it means for you
State pensions

State pension age could rise to 68 as early as 2035 – what it means for you

State pension age increases could be accelerated, with the change to 68 coming in as early as 2035, affecting those who are 54 and under today.
25 Jan 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

New interest rates will be announced on 2 February – we look at what to expect.
26 Jan 2023