Role of Market Forces
Open Letter to Fraser Smith, News Director of WYPR National Public Radio
Fraser, (Open Letter)
During today's 1:00 - 2:00 Marc Steiner show (w/ Jon Lieberman from Sinclair), you made several references that seemed to praise forces of "the market," which appeared to influence Sinclair's proposal to broadcast "Stolen Honor." Perhaps you didn't intend to be interpreted in this way, but that's how it sounded.
It is true that market forces can have such influences, and probably played a role in the Sinclair case; however, we should be very careful not to confuse market forces with the democratic process (collective decision making) or with ethical processes (personal decision making).
Remember, market forces are not weighted one-person one-vote. Rather, they are weighted by who has the bigger wallet. The market forces are often "plutocratic" forces, rather than "democratic" forces.
Would we want the market forces to determine public policy choices about flu shots for the elderly? (we've allowed this to happen recently). Should a parent turn to market forces in deciding whether or not they attend their child's play? Should a child let the market decide whether they attend a parent's funeral? Should our educations system be based on market forces (Oh, we really don't need anymore workers, so the market would indicate education is not a priority)?
Yes, markets play an important role in the economic segment of our society, but all is not economics. Unfortunately, this role of the market has gradually intruded into social realms over the last couple decades. This is dangerous. As a media figure, your praise of the market, without thinking of these other implications, perpetuates this troubling trend.
In the book "The Crisis of Global Capitalism" investor George Soros discusses this troubling trend of market forces intruding into sacred areas, such as journalistic integrity. I'd be happy to drop my copy off at the WYPR station if you're curious. It is very sobering.
Thanks for reading this.
Jim