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4349 The World without Bankruptcy Laws

Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]

4348 The Wirecard and Infosys Scandals are a Lesson on How NOT to Treat Whistleblowers

What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]

4347 Why the Digital Age Demands Decision Makers to be Like Elite Marines and Zen Monks

How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]

4346 Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies

Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]

4345 Why Government Should Not Invest Public Money in Sports Stadiums Used by Professional Franchises

In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]

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The Fourth Estate

Mass media perform a vital and a crucial role in society. They are called the Fourth Estate, as they are one of the pillars of democracy along with the executive, legislature, and the other socioeconomic forces that bind a society together. In this context, it is important to note that they are both the watchdogs of public behavior of elected officials and custodians of popular goodwill as they seek to report on the goings-on in society.

Hence, mass media are especially relevant to society because without the media, we would never know what is happening in the world around us and be without the moral compass and ethical conscience needed to hold society together.

The point here is that like all opinion makers, the mass media has both a duty and a responsibility towards society and this is the reason it is considered a vital part of modern democracies.

Recent Trends

Given the important role that mass media plays in society, recent trends that indicate that the mass media is reneging on its social responsibility and instead becoming hostage to special interests and vested agendas. The phenomenon of paid news, manipulated content, and bargaining with corporates in order to portray them in favorable light or outright demands for bribes in order to not air content are all pointers to the degeneration that has taken place within the context of the contemporary times. Further, the mass media themselves have become susceptible to corrupt practices and given the fact that they are the gatekeepers for democracy, these tendencies must be avoided. As the scandals over many prominent media houses in the UK and the US reveal, the mass media are no longer independent purveyors of truth but instead have become the tools of special interests.

Transition from Newspapers to Digital Media

According to many observers, the transition from print media to digital media (TV, Internet and Social Media) have made mass media more powerful as it gives them access to Billions of viewers and lack of geographical constraints as is the case with newspapers. Hence, they are now bestowed with superior powers over society. This raises the prospect of falling prey to manipulation and pushing agendas easier. However, it needs to be mentioned that this is precisely the reason they should not succumb to the temptations of taking the easy way out, as they now are responsible for events on a global scale as opposed to happenings on a local or regional level.

Final Thoughts

It is indeed the case that mass media are critically relevant to society because of the various reasons discussed above. Further, it is also the fact that the mass media are now in a position wherein they can make or mar the chances of celebrities, politicians, businesspersons, and sportspersons. Hence, the responsibility, which has been vested with them by society, has to be exercised judiciously and not carelessly or with a hidden agenda. In conclusion, the mass media have surely come a long way since the time they used to report on city and council events. Now, they have a global platform and global responsibilities, which means that they should have a conscience as well.

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