Global Capitalism and the Critique of Real Time

Hope, Wayne

doi:10.1177/0961463x06066943

Cited by 24 publications

(22 citation statements)

References 11 publications

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“…The configuration of relations between state, industry and finance underwent an important shift from the late 1970s onwards as the principal mode of post-war capital accumulation changed (Bellamy Foster, 2008;Henwood, 1998;Hope, 2006). Returns on investment in industrial production were under threat as the spatial and temporal inertia of commodity production/consumption in inflationary environments led to diminishing returns.…”

Section: Background: Propaganda Model Debatesmentioning

confidence: 99%

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Market Manipulation? Applying the Propaganda Model to Financial Media Reporting

Thompson

2009

WPCC

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Herman and Chomsky's Propaganda Model (PM) has emphasized how the various 'filters' can lead to news reports misrepresenting the vested political and economic interests that underpin US foreign policy. However, there has been relatively little attention paid to the implications of the PM for media operations in another key dimension of capitalism: financial markets. Traders require timely and accurate information about changing market conditions. However, financial news announcements influence investor perceptions and sometimes trigger trading activity that reflexively changes the market conditions being reported. The interdependency of financial reporters, traders and analysts means that financial news production cannot be adequately understood in terms of how the PM filters distort media representations of markets. This article aims to critically analyse how financial news/information does not merely represent financial reality but reflexively constitutes it. The analysis will also highlight which aspects of financial news production are consistent with the PM as well as those that contradict it. Background: Propaganda Model DebatesThere can be little doubt that the Propaganda Model (hereafter PM) developed by Edward Herman and Noam Chomsky (1988) has been one of the most influential and controversial media theories to come out of North America. The PM's basic proposition is that news media coverage is systematically shaped in favour of elite state and corporate interests by the operation of five structural 'filters'. These include ownership arrangements, reliance on advertising revenue, dependency on elite sources, concern to avoid 'flak' (in the form of complaints, lawsuits, career penalization and so forth) and ideological conformity (originally anti-communism, but subsequent revisions include pro-neoliberalism and anti-terrorism).

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Section: Background: Propaganda Model Debatesmentioning

confidence: 99%

“…McChesney, 1999;Schiller, 1989). In this regard, the media and communication industries help to provide both the infrastructure and the ideological formations essential for the spatial extension and temporal compression of capitalist accumulation regimes (Hope, 2006;Thompson, 2003).…”

Section: Financial Markets Media Systems and Elite Interestsmentioning

confidence: 99%

Market Manipulation? Applying the Propaganda Model to Financial Media Reporting

Thompson

2009

WPCC

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“…However, as I will show, this financialized acceleration of profit making conflicts with longer processes of capital accumulation. Capitalism as a system cannot be sustained unless money capital is realized through production, productive capital is realized in commodities and commodities are realized as money (Hope, 2006). The temporal contradictions of global capitalism are not simply reducible to the formula of finance versus production.…”

Section: The Temporal Contradictions Of Global Capitalismmentioning

confidence: 99%

Conflicting Temporalities

Hope

2009

Time & Society

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The information and communication technology (ICT) driven, real-time tendencies of global capitalism are predominant, but they are not universal. Fast, short-term profits undermine long-term strategies of capital accumulation. In this respect, the structures and activities of global capitalism are riven by temporal contradictions. Such is evident between and within different fractions of capital. Fast and long-term imperatives also conflict within transnational corporations and business administration. On a global scale, the clash between different cultural traditions of corporate capitalism reflects opposing temporal logics of profit maximization. How then do these temporal contradictions play out empirically? My response to this question explores the general idea that spatio-temporal fixes enable the cohesion and reproduction of capitalist systems. To this end, I will point out that under global capitalism spatio-temporal fixes cannot be guaranteed. There are no built-in congruities interlinking state, nation, economy and society. Global networks of finance, production and corporate governance may weaken the conjunctures between nation, state, economy and society and exacerbate temporal disjunctures within them. From these observations, I will argue that state-centred constructions of time and temporality are weakening against the general, real-time tendencies of global capitalism. This sharpens temporal conflicts within the nationally constituted economy and the nationally circumscribed state. As upper reaches of the nation state conform to the temporal urgency of institutionalized supranational decision making, the marginalized national polity is answerable to the slower temporal rhythms of representative assembly, the election cycle, public policy formation and civil society. Against this background, worldwide coalitions opposed to ruling global interests are also riven by conflicting temporalities. Such conflicts reflect the temporal contradictions of global capitalism and the associated temporal conflicts within states, nations and economies.

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“…In the digital edge, financial institutions including banks, stock broking firms, insurance, mutual fund management operated in an increasingly complex world with global interactions and exposed toward instantaneous information (Hope, 2006). Thus, it may be difficult for the financial institutions, including media, to interpret and verify every single message in the critical perspective (Bryan and Rafferty, 2009).…”

Section: Introductionmentioning

confidence: 99%

The Reporting On The 1malaysia Development Berhad (1mdb) Crisis And Implication On Efficacy Of Economic And Financial News Reporting In Malaysia

Nazmi¹,

Rahim²

2016

ASSRJ

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The accusations made in regard of wrongdoings related to the Malaysian governmentlinked investment company, 1Malaysia Development Berhad (1MDB) have raised concern on efficacy of economic and financial journalism in Malaysia. The local news agencies' reporting and the level of knowledge of journalists regarding economic and finance, as regard to the 1MDB issue, is said to be not convincing and has no clear direction, as against the foreign news agencies like Bloomberg, CNBC, or Financial Times. This research aims at trying to understand the views of Malaysian journalists; as to their own level of knowledge, the news content, and of their social and organizational responsibilities. This research attempts to identify, from where or the sources, reporters get their stories, their idea approach to the stories, and, how the news are written. The research also deals on how the economic and financial journalists responded to issues of crisis, their editorial news planning, decision making strategies among them, and what actions are taken in gathering information for this kind of controversial issue. In-depth interviews have been conducted to the economic and financial journalists from several prominent news agencies in Malaysia. The findings indicate that the journalists put priority on journalism ethics that specify journalism's role to the development of the nation, and, the lack of decision making when dealing with corporate matters and influence. The legal control and ownership of the media organization by the government or the ruling party also determine the pattern of economic and financial news in this country.

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Global Capitalism and the Critique of Real Time

Cited by 24 publications

References 11 publications

Market Manipulation? Applying the Propaganda Model to Financial Media Reporting

Market Manipulation? Applying the Propaganda Model to Financial Media Reporting

Conflicting Temporalities

The Reporting On The 1malaysia Development Berhad (1mdb) Crisis And Implication On Efficacy Of Economic And Financial News Reporting In Malaysia

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