What is more valuable: PhD degree or journal publication?
You will have to specify which country/system/subject you are talking about.
In the UK a PhD is pretty much a 100% requirement in most subjects. The only exceptions to this are subject where you would be doing vocational training, such as business studies, management, nursing, perhaps even law(?) where an exceptional standing and experience in the field might make up for a lack of PhD. The other big exception is medical school, where you could have an MD rather than a PhD.