Editor’s note: This week, to mark the 170th anniversary of the appearance of the first issue of The Economist on September 2nd 1843, this blog will answer some of the more frequently asked questions about The Economist itself.

SOME readers, particularly those used to the left-right split in most democratic legislatures, are bamboozled by The Economist’s political stance. We like free enterprise and tend to favour deregulation and privatisation. But we also like gay marriage, want to legalise drugs and disapprove of monarchy. So is the newspaper right-wing or left-wing?

Neither, is the answer. The Economist was founded in 1843 by James Wilson, a British businessman who objected to heavy import duties on foreign corn. Mr Wilson and his friends in the Anti-Corn Law League were classical liberals in the tradition of Adam Smith and, later, the likes of John Stuart Mill and William Ewart Gladstone. This intellectual ancestry has guided the newspaper's instincts ever since: it opposes all undue curtailment of an individual’s economic or personal freedom. But like its founders, it is not dogmatic. Where there is a liberal case for government to do something, The Economist will air it. Early in its life, its writers were keen supporters of the income tax, for example. Since then it has backed causes like universal health care and gun control. But its starting point is that government should only remove power and wealth from individuals when it has an excellent reason to do so.

The concepts of right- and left-wing predate The Economist's foundation by half a century. They first referred to seating arrangements in the National Assembly in Paris during the French Revolution. Monarchists sat on the right, revolutionaries on the left. To this day, the phrases distinguish conservatives from egalitarians. But they do a poor job of explaining The Economist’s liberalism, which reconciles the left’s impatience at an unsatisfactory status quo with the right’s scepticism about grandiose redistributive schemes. So although its credo and its history are as rich as that of any reactionary or revolutionary, The Economist has no permanent address on the left-right scale. In most countries, the political divide is conservative-egalitarian, not liberal-illiberal. So it has no party allegiance, either. When it covers elections, it gives its endorsement to the candidate or party most likely to pursue classically liberal policies. It has thrown its weight behind politicians on the right, like Margaret Thatcher, and on the left, like Barack Obama. It is often drawn to centrist politicians and parties who appear to combine the best of both sides, such as Tony Blair, whose combination of social and economic liberalism persuaded it to endorse him at the 2001 and the 2005 elections (though it criticised his government’s infringements of civil liberties).

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. Last October, for example, it outlined a programme of reforms to combat inequality. Some, like attacking monopolies and targeting public spending on the poor and the young, had a leftish hue. Others, like raising retirement ages and introducing more choice in education, were more rightish. The result, "True Progressivism", was a blend of the two: neither right nor left, but all the better for it, and coming instead from what we like to call the radical centre.