"Clearly as important providers of information, the media are more likely to promote better economic performance when they are more likely to satisfy three conditions: the media are independent, provide good-quality information, and have a broad reach. That is, when they reduce the natural asymmetry
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of information, as Joseph Stiglitz puts it in chapter 2, between those who govern and those whom they are supposed to serve, and when they reduce information asymmetries between private agents. Such a media industry can increase the accountability of both businesses and government through monitoring and reputational penalties while also allowing consumers to make more informed decisions.
This book cites many examples that demonstrate the value of information provided by the media. Alexander Dyck and Luigi Zingales (chapter 7) discuss how the media can pressure corporate managers and directors to behave in ways that are socially acceptable, thereby avoiding actions that will result in censure and consumer boycotts. They also report that in Malaysia, a recent survey of institutional investors and equity analysts asked which factors were most important to them in considering corporate governance and the decision to invest in publicly listed corporations. Those surveyed gave more importance to the frequency and nature of public and press comments about companies than to a host of other factors considered key in the academic debate. However, the dissemination of credible information in a timely manner depends critically on how the media business is managed and regulated. The chapters in this book document evidence on media performance and regulations in countries around the world and highlight what type of public policies and economic conditions might hinder the media in supporting economic development in poor countries." (Pages 1-2)
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"We begin with an outline of areas of law that must be considered. Over time, across societies, it is possible to suggest specific areas of legal development that are essential for media law reform. In the first part of this study, we examine a substantial list of such areas, from defamation rules t
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o freedom of information (FOI). As to each media-specific area and areas of general application, we will provide an indication of how law can contribute or detract from establishing an enabling environment. To the extent possible, we will draw upon experiences in a wide variety of societies and transition states. In Section 4 we move to a discussion of the rule of law: conditions that make law effective, useful, and just in achieving a media structure that serves to bolster democratic institutions. This discussion addresses considerations such as the separation of powers, independence of the judiciary, and establishment of reliable regulatory bodies that are loyal to enunciated legal principles. We then turn to a somewhat broader set of enabling factors for the media - larger societal issues such as the state of the economy, the extent of demand for information, and the extent of ethnic and political pluralism before concluding with certain practical considerations on resources and techniques for enhancing an enabling environment." (Introduction)
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"This book looks at the political economy of communication and information, media in development and social change, media theory and practice, international communication technology and communication values and ethics." (Publisher description)
"The first version of this Source Book (now translated into over 20 languages) argued the case for a “National Integrity System”, an holistic approach to transparency and accountability and embracing a range of accountability “pillars”, democratic, judicial, media and civil society. The expr
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ession has since passed into common usage in development circles, and the argument for an holistic approach to anti-corruption efforts has similarly achieved a widespread consensus. But anti-corruption success stories remain largely elusive. In part the answers will lie with civil society. If activists remain active, inventive, determined and decisive, the issue can be kept at the forefront of national and international attention even after the battle may appear to have been won. For the potentially corrupt will always be with us, and even those whose National Integrity Systems seem to be in reasonably good shape can find themselves grappling with the unexpected as the determined exploit whatever gaps they can find. The fight against corruption is not wholly a moral one, in the sense that it is a struggle against the intrinsic “evil” of corruption. Certainly there is a moral element – one which cuts across all major religions and societies throughout the world – but the compelling reason for the struggle is the suffering and deprivation corruption brings to whole societies, and to the world’s most poor. It is concern for the latter, rather than a distaste for the corrupt and their deeds, that rightly drives the global movement against corruption." (Page 2)
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