Using 1997 financial crisis and other examples, discuss how globalization is important to the modern business journalism. Introduction
As we know, the Internet has a great contribution to globalisation. At the same time, globalisation shows its impact on economy and culture. Held and McGrew rightly defined globalsation is “[…] a widening, deepening and speeding up of worldwide interconnectedness in all aspects of contemporary social life, from the cultural to the criminal, the financial to the spiritual (Held and McGrew 1999 P.2)”. On the other hand, business journalism is facing opportunities and threats which globalisation brings them.
In order to see how globalisaiotn is important to business journalism, we will focus on how Internet affects industrial norms of business journalism. In the following, we will first discuss how the new media contributes to the business journalism, and then we will discuss how globalisation changes the business journalism in aspects of professionalism, industrial competition and variety of news.
New media changes journalism
Asian financial crisis in 1997 is a good example to demonstrate the globalisation as a single issue in one country will motivate a domino effect on other countries. Since the crisis stared in Thailand because of the fail in banking system, a political upheaval was triggered in South Korea and Indonesia. At the same time, financial centres in New York, London, Hong Kong and Tokyo were also affected in this crisis. During the crisis, global news agencies utilised the Internet and telegraph updating news to their home countries. Such as the Economist, Reuters and the Financial Times which are U.K. based global news agencies locating in different financial centres. (Lambert 2001). Through the Internet, their global branches delivered the messages to headquarters and readers could receive the lastest financial information from global immediately.
The Internet facilitates space and speed in reporting news as news articles are not restricted in hard copy form in traditional medium, also journalists are able to do their research without leaving their newsroom. As Fenton said, all the information can be collected and broadcast at the same place, which can “improve relevance and timeliness of news and journalism” (Fenton 2010 P.7).
As Roush said, both readers and journalists have changed their reading and reporting habits because of the Internet.
“The internet, however, sped up the flow of information even more and quickly became the primary source of information for many interested in business news. With the creation of Web sites devoted solely to business news, investors more and more turned to their computer to obtain the latest important news about stocks, bonds, and other investments.” (Roush 2006 P.185)
For the readers, they are able to reach the news content anywhere and whenever they like. Unlike...