The media has had and continues to have an immense impact on the economy across the world. Over time, the media has been the link that connects people to information that in return influences their actions which in most cases have a direct impact on the economy. Different views are held as relating to the influence of the media on the economy; with some pointing out that the media has a negative influence on the economy while others arguing that the same media has a positive influence on the economy.
The part of the population which is skeptical about the influence of the media on the economy has it that the media has neglected its mandate of treating information fairly hence end up presenting their opinions or being biased rather than reporting what people ought known. Almost everyone in the world depends on the media to carry out their day-to-day activities ranging from collective to personal actions. Thus, it is paramount to determine the influence of this media on the economy as the economy is the center stage of every nation. Media involves all the print information materials and electronic pathways for relaying information thus meaning that its correct use or misuse can have a positive or negative impact respectively on the economy as the economy is developed at the rate information is obtained. Being an instrumental feature in the modern world, the media is credited for the technological advances, improved living standards, and high incomes across populations of the world (Jay 1).
The media have on a number of occasions been blamed for deterring economic growth. This comes following the way journalists sometimes treat information thus presenting biased views that always mislead the general public as regards the economic welfare. In the recent past, the media has lost touch in bids of analyzing issues that affect the economic status of a country and is rather busy focusing on political affiliations. The political stand also has an influence on the economy depending on the ideologies represented by a political structure. This implies that when the media is biased, then ideologies that ought to be critically analyzed go unopposed as reporters serve their interest of not offending their allies or certain political figures. The media neglects the thoughtfulness, objectivity, and analysis that they ought to treat information with to spur a balanced growth. This has been identified by Sense Frank as having reduced public confidence and trust in the media and thus destroying public information. This has constantly presented the otherwise potential threats to the economic development as appropriate moves due to the weight and attention given to issues that address personal interests and thus deterring progress. Reporters have been noted to practice favoritism when reporting to the general public; for example, some mainstream media houses in the U.S are known to be aligned towards some political parties, personalities, or the government and thus have constantly presented misleading and biased views regarding the work of such parties. This has an immense negative impact on the economic progress of the country. Media houses such as Fox, MSNB, and the Wall Street Journal have been victims of this bias (Gauntlett 7). Research by the Pew Research Centre in the U.S recently concerning the media and people perceptions, found out that mainstream media centers such s the New York Times and the CBS are believed to have a liberal bias towards issues.
Despite the increased information sources, people still are lacking reliable information they ought to have to inspire economic development. From new entrant reporters, to fully established media houses, to the citizens themselves, preference for news and information sources is common and this has in return influenced the way information meant to spur economic growth gets to people. This means little effort is focused on economic development information such as advances in technology and markets in the highly politically polarized nations as the media is focused on addressing propaganda. The media is no longer reliable as an informer on economic development due to a lack of public confidence who are really after information.
In today’s world, the media has proved to be an effective means of spurring economic development. First, information sources such as newspapers, radios the internet, and many others have been so instrumental in delivering information that has helped so much in spurring economic growth agenda across the world. In the U.S alone there are about 85 million people who have access to information through the media and this illustrates the media’s potential to stimulate economic development especially with today’s technological advancement in the media. A study conducted in 2007 estimated that $ 936.75 for every individual would be spent on media in the U.S and five months would be spent on media by teens and adults in that year alone (Gauntlett 23). Innovations are inspired through the media as people are challenged by situations that present themselves through the same media. The media is specifically important in relaying information concerning economic development from one part of the globe to another. The media is the vehicle through which all information gets to the regions of the earth thus it is paramount in economic development. Investors are able to access information regarding potential resources or untapped markets through the media; for example the information about the market for specific goods or services in a certain part of the world. This inspires development which later raises the economic well-being of a nation and its people. Trade is effectively carried out through the media. Over the years trading has always improved due to technological advancements such as the internet which has of late become an effective means through which people trade. Activities such as online trading are affected through the internet and this has greatly promoted economic development among nations due to increased revenues brought in by such effective and cheap ways of trading.
Globalization is greatly the result of advances in the media industry. With globalization came free markets, social, economic and cultural interactions. These developments could not have been so successful without the media. According to recent studies on globalization, the media has indeed been identified as the main tool through which the interactions of cultures and economies are occurring. It is through the media that countries and investors are able to learn of the available opportunities in other areas and also gives information necessary to seize these opportunities. Interaction of cultures happening through the media has also helped promote trade in those people from across the world can learn and easily access what others have through the media (Jay 1). Economically, countries interact through trade and this has had a positive influence on the economy of the world.
It is indisputable that the media is an integral tool in today’s world economies. The media can either spur or deter economic development. Its positive influence on economic development is however more founded than the claims that it has a negative impact. Globalization owes a lot to the modern state of affairs, one of them being the media. From education to governance to markets, the media is as necessary and integral as the people since the media is the voice that speaks too many. Little or no development can be achieved without information relayed by the media. Critics of the media fail to consider that the negative influence that sometimes may be associated with the media on the economy can always be avoided if at all media is used appropriately.
Gauntlett, David. Moving Experiences – Second Edition: Media Effects and Beyond. London: John Libbey publishers. 2005 pp. 2-25.
Jay, Deragon. What is the Influence of Your Media? 2008. Web.