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The abundance of low-quality news today can be understood as a consequence of the cantillon effect in an inflationary environment. American-style crony capitali
by centimeter 6y ago
The abundance of low-quality news today can be understood as a consequence of the cantillon effect in an inflationary environment. American-style crony capitalism might incentivize low-quality media, but without the presence of massive subsidies propping up News Corp, AT&T, and the other few firms owning the vast majority of American media, I would expect more legitimate and reputable news firms like Bloomberg or Reuters.
- srtjstjsj 6y agoThe low quality media we are drowning in is memes and conspiracy theories from random individuals. Even in the mainstream, the worst news is Rupert Murdoch's, and he made his money selling low quality media, not made his low quality media from crony capitalism.
- Covzire 6y agoCapitalism is the least of journalism's problems. Journalists making political endorsements has all the same dangers under communism (where they always endorse the state party without exception) or capitalism (where in the last 50 years they've overwhelmingly endorsed global interests and Democrats over American ones).