Mediation of Financial Crises: Watchdogs, Lapdogs or Canaries in the Coal Mine?

The Global Financial Crisis of 2007-8 was a significant event that had a long-term impact on the world economy and political landscape. This book assesses the degree to which financial and economics journalists have played a watchdog role for society, looking at three global and pivotal financial crises and speaking to journalists in three countries to gauge the reality of the situation from the perspective of the newsroom.

Format: Paperback / softback
Length: 186 pages
Publication date: 27 October 2020
Publisher: Peter Lang Publishing Inc

The world economy embarked on a turbulent journey towards recession in 2007-8, leaving many perplexed by the sudden onset of this economic downturn. Even the Queen herself questioned why such a crisis was not foreseen, yet the question remains unanswered. A decade later, the exact responsibility for this global crisis remains unclear, with various theories and narratives circulating. The long-term impact of austerity policies on the welfare system and the political landscape has been profound, shaping the world in significant ways.

This analysis of the media's coverage of the crisis and its origins is long overdue. The media, like bankers and regulators, had a crucial responsibility to warn the public about the impending dangers, yet they failed in this duty. This book aims to provide evidence that journalists, like other professionals, should be held accountable for their actions.

The Global Financial Crisis serves as a starting point for this examination, but it warrants a broader context and explanation. This book offers a comprehensive analysis of three global and pivotal financial crises, assessing the degree to which financial and economics journalists have served as watchdogs for society. It takes a retrospective look at the content we have been consuming in mainstream publications and engages with journalists in three different countries to gain insights into the realities of the newsroom from their perspective.

The media's role in shaping public opinion and holding institutions accountable is crucial, particularly during times of economic and financial uncertainty. However, the Global Financial Crisis has highlighted the limitations and challenges faced by journalists in their pursuit of truth and transparency. The pressure to meet deadlines, attract readers, and maintain commercial viability often compromises the depth and accuracy of reporting.

Furthermore, the complexity of financial markets and economic theories can make it challenging for journalists to grasp the nuances and implications of economic events. This lack of understanding can lead to misinformation and misinterpretation, further exacerbating the crisis.

Despite these challenges, there are examples of journalists who have risen to the occasion and played a vital role in shedding light on the crisis. They have conducted thorough research, interviewed experts, and challenged the narratives propagated by governments and financial institutions. These journalists have been instrumental in holding those responsible accountable and promoting a more informed and responsible approach to economic governance.

In conclusion, the Global Financial Crisis has highlighted the critical importance of a robust and independent media in shaping public opinion and holding institutions accountable. While the media faced numerous challenges during this crisis, there are examples of journalists who have risen to the occasion and played a vital role in promoting transparency and accountability. It is essential to support and promote these journalists and their work to ensure that the media continues to serve as a watchdog for society.

Weight: 293g
Dimension: 152 x 228 x 15 (mm)
ISBN-13: 9781433152313
Edition number: New ed