Production fell 1.1% month-on-month in September, against analysts expectations of a 0.5% rise. The news media’s support for free market ideals creates a pro-market bias, which is an example of an inefficient outcome of the news media’s lack of competition. In fact, it is a divisive issue in politics as political decisions have economic consequences. During Britain’s colonial rule, Britain did not impose the same socialist economic system on Hong Kong as it did in its own country. As Friedman (1999) put it, The difference in the economic policies followed by Hong Kong and Britain was a pure accident,” (p. 316). For example, each mainstream news channel airs the same snippets of a president’s speech.
As a part of laissez-faire, Cowperthwaite refused to impose any restrictions on imports, and insisted to keep taxes low (Friedman, 1999).Friedman (video file, December 26, 2005) called this unrestricted market complete economic freedom” during an interview with Charlie Rose. The Index of Economic Freedom, created by the Heritage Foundation and the Wall Street Journal, has ranked Hong Kong the freest economy in the world for 15 consecutive years (Heritage Foundation, 2008, 2009).
As Galbraith (1993) wrote, It capitalism described an economic system of high efficiency—that is to say, one in which all incentives encouraged the employment of men, capital and natural resources in producing most efficiently what people most wanted” (p.12). Structurally, the news media is part of the market, making it unlikely for the news media to be antagonistic toward the market.
He has also claimed that the news media, specifically the televised news media, does not find it profitable to provide enough information for individuals to be good consumers of news. By 1987, that number decreased to 29 corporations and now it is down to five: Time Warner, Disney, News Corp, Bertelsmann, and Viacom, with GE as a close sixth (Bagdikian, 2004). Bowles’ (2006) ideas about industrial capitalism have also resonated with the news media.
Although different news stations may adhere to a different set of ideological values, MSBC may be more liberal while FOX may be more conservative, individuals are exposed to the same news content on the Big 5 news media networks. The mainstream news media operate as a corporation, and they inherently have the same market goals as any other corporation: profits. They claimed that these profit pressures have encouraged news content to attract large audiences and to be cost effective.