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https://www.economicsreview.org/post/how-murdoch-shapes-the-economy-the-influence-of-media-and-media-moguls-on-economic-policy

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Updated: Dec 28, 2020

"I'm not an economist ... economists were created to make weather forecasters look good." For the latter half of the twentieth century and the start of the 21st, Rupert Murdoch, the family patriarch of Murdoch Media, has dominated the of some of the most influential democracies in the world. With his and unwillingness to conform to the reasonable, Murdoch has demonstrated the unparalleled ability to alter political and economic narratives as he sees fit.

Although there has been skepticism over his influence, Murdoch has helped elect and oust multiple Prime Ministers - from to Margaret Thatcher - and played a large part in Donald Trump's shock 2016 victory. By using his political leverage, Murdoch cleared the to mogul status, but also maintained sway in government policies. But all this is not a secret. In fact, Murdoch's influence in politics is so apparent that he has been condemned not only in the few papers he does not own but in the memoirs of the last three Australian Prime Ministers (excluding Abbott, a

What is less readily apparent to us is the insidious influence that Murdoch, and indeed media moguls, exert upon the economic policies of Australia, the U.S, and the U.K.. In considering this, a few questions jump out at us. How, why, the implications, and most importantly: is there anything to be done?

Perhaps the best place to start is to understand Murdoch's historical shadow over government economic policy. As a - the abolition of old economic practices, however premature, for progress - to maximize profits (see the ), Murdoch has been unafraid to bluntly direct his publications to forward his personal and thus . Compared with being simply conservative or progressive, this allows Murdoch to adapt to evolving economic landscapes and position his media accordingly. The most prominent example of Murdoch's influence can be seen in the media's response over stimulus packages during times of crisis. During the 2008 GFC, the Australian Rudd government implemented a number of stimulus packages to restart the economy that the Murdoch Media criticized: reporting in the Herald-Sun (2009) that it was . Whilst at the time not being particularly impactful in changing the policy nor the government, Murdoch was able to build on this momentum by , a fiscal policy targeted at taxing 30% of profits from big mining businesses to change the economic landscape of the mining industry. Ultimately, he played a role in electing a new conservative government under Tony Abbott, who successfully repealed the tax in 2014. However, in the economic response to today's pandemic the Morrison government stimulus packages that dwarf that of Rudd's, aiding Morrison's to reach the highest level of any Prime Minister in the last 10 years.

Other areas where Murdoch has influenced economic policy include and, in the U.S., and protectionist economic outlook (which he supported). Murdoch's presence is similarly felt in the U.K., where he played a in ensuring Brexit, stating Brexit and Trumpian economics have been the two big economic disruptors of the last decade; it is undeniable that Murdoch oozes economic influence.

But why does Murdoch and indeed the media have so much economic power? And why is this problematic? The most logical argument would simply be that the media influences public opinion, which the government panders to, thus altering economic policy and increasing economic speculation and uncertainty. This is especially true for Murdoch; Bennett and Lyengar (2008) argue that an increasingly fragmented media market , leading to the conclusion that, in the case of Murdoch, monopolizing the media industry allows for consistent messaging and thus a greater ability to influence public and corporate economic perception. Which is why Murdoch's power in the . is far greater than America and it's comparatively diverse media landscape. Moreover, in many cases political influence mirrors economic influence, because the driving force behind fiscal and monetary policies is of course the government.

But even so, surely the actual state of the economy would be the greatest determinant of public economic perception? This may be true, evidenced in the public support for an despite heavy resistance from News Corp. But in times of crisis such as today, when economic policy truly matters, mass media gains power. As Lishan Su (2008) states It's hard to measure how much impact the Murdoch Media has on consumer perception and the corporate landscape; although Murdoch's power is first and foremost of a political nature it is clear that this influence seeps into the world of government economic policy.

It doesn't take an expert to figure out why the media's disproportionate influence on economic policy is so worrying. When determinations of economic policy are left to obscenely rich, conservative old white males, you can be sure that the majority of us will be all the worse off for it. So, what can we do to mitigate media economic influence? There is no easy answer. Until we can elect (and keep elected) a government that doesn't cower under Murdoch and other moguls, we cannot prevent their influence in the politics of economics. But while it isn't feasible to censor the media from discussing economics, that would be a gross violation of free speech, we can explore enacting policies that safeguard media diversity and prevent monopolization. Policies like , restricting market share, or establishing regulatory bodies must all be considered.

Rupert Murdoch's reign over Australian, U.K., and American media is , and while presumptive heir Lachlan Murdoch has raised concern over his intensely , only time will tell how invested he is in shaping the next period of Western economic policy.

"I'm not an economist ... economists were created to make weather forecasters look good." For the latter half of the twentieth century and the start of the 21st, Rupert Murdoch, the family patriarch of Murdoch Media, has dominated the of some of the most influential democracies in the world. With his and unwillingness to conform to the reasonable, Murdoch has demonstrated the unparalleled ability to alter political and economic narratives as he sees fit.

Although there has been skepticism over his influence, Murdoch has helped elect and oust multiple Prime Ministers - from to Margaret Thatcher - and played a large part in Donald Trump's shock 2016 victory. By using his political leverage, Murdoch cleared the to mogul status, but also maintained sway in government policies. But all this is not a secret. In fact, Murdoch's influence in politics is so apparent that he has been condemned not only in the few papers he does not own but in the memoirs of the last three Australian Prime Ministers (excluding Abbott, a

What is less readily apparent to us is the insidious influence that Murdoch, and indeed media moguls, exert upon the economic policies of Australia, the U.S, and the U.K.. In considering this, a few questions jump out at us. How, why, the implications, and most importantly: is there anything to be done?

Perhaps the best place to start is to understand Murdoch's historical shadow over government economic policy. As a - the abolition of old economic practices, however premature, for progress - to maximize profits (see the ), Murdoch has been unafraid to bluntly direct his publications to forward his personal and thus . Compared with being simply conservative or progressive, this allows Murdoch to adapt to evolving economic landscapes and position his media accordingly. The most prominent example of Murdoch's influence can be seen in the media's response over stimulus packages during times of crisis. During the 2008 GFC, the Australian Rudd government implemented a number of stimulus packages to restart the economy that the Murdoch Media criticized: reporting in the Herald-Sun (2009) that it was . Whilst at the time not being particularly impactful in changing the policy nor the government, Murdoch was able to build on this momentum by , a fiscal policy targeted at taxing 30% of profits from big mining businesses to change the economic landscape of the mining industry. Ultimately, he played a role in electing a new conservative government under Tony Abbott, who successfully repealed the tax in 2014. However, in the economic response to today's pandemic the Morrison government stimulus packages that dwarf that of Rudd's, aiding Morrison's to reach the highest level of any Prime Minister in the last 10 years.

Other areas where Murdoch has influenced economic policy include and, in the U.S., and protectionist economic outlook (which he supported). Murdoch's presence is similarly felt in the U.K., where he played a in ensuring Brexit, stating Brexit and Trumpian economics have been the two big economic disruptors of the last decade; it is undeniable that Murdoch oozes economic influence.

But why does Murdoch and indeed the media have so much economic power? And why is this problematic? The most logical argument would simply be that the media influences public opinion, which the government panders to, thus altering economic policy and increasing economic speculation and uncertainty. This is especially true for Murdoch; Bennett and Lyengar (2008) argue that an increasingly fragmented media market , leading to the conclusion that, in the case of Murdoch, monopolizing the media industry allows for consistent messaging and thus a greater ability to influence public and corporate economic perception. Which is why Murdoch's power in the . is far greater than America and it's comparatively diverse media landscape. Moreover, in many cases political influence mirrors economic influence, because the driving force behind fiscal and monetary policies is of course the government.

But even so, surely the actual state of the economy would be the greatest determinant of public economic perception? This may be true, evidenced in the public support for an despite heavy resistance from News Corp. But in times of crisis such as today, when economic policy truly matters, mass media gains power. As Lishan Su (2008) states It's hard to measure how much impact the Murdoch Media has on consumer perception and the corporate landscape; although Murdoch's power is first and foremost of a political nature it is clear that this influence seeps into the world of government economic policy.

It doesn't take an expert to figure out why the media's disproportionate influence on economic policy is so worrying. When determinations of economic policy are left to obscenely rich, conservative old white males, you can be sure that the majority of us will be all the worse off for it. So, what can we do to mitigate media economic influence? There is no easy answer. Until we can elect (and keep elected) a government that doesn't cower under Murdoch and other moguls, we cannot prevent their influence in the politics of economics. But while it isn't feasible to censor the media from discussing economics, that would be a gross violation of free speech, we can explore enacting policies that safeguard media diversity and prevent monopolization. Policies like , restricting market share, or establishing regulatory bodies must all be considered.

Rupert Murdoch's reign over Australian, U.K., and American media is , and while presumptive heir Lachlan Murdoch has raised concern over his intensely , only time will tell how invested he is in shaping the next period of Western economic policy.

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How Murdoch Shapes the Economy: The Influence of Media, and Media Moguls, on Economic Policy

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Murdoch has demonstrated the unparalleled ability to alter political and economic narratives as he sees fit.

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(An interesting example related to Disney, but note that there is a lot of controversy around Disney when talking about this topic - perhaps some of these issues will come across in our discussions.

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Disney, Built on Fairy Tales and Fantasy, Confronts the Real World (Published 2022)

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The entertainment behemoth spent decades avoiding even the whiff of controversy. But it has increasingly been drawn into the partisan political fray.

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country political news, trend, events, social with other countries online

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country political news, trend, events, social with other countries online

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econimic monopoly

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Political implications toward concentration of media power become apparent in the setting and shaping of narratives to fit the political ideologies of the certain parties / groups that Western conglomerates partner with or are owned by. This has the ability to influence opinion, manipulate pop culture and control other factors which alter and define the shape of the human environments we occupy.

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Public opinion is judged and many things are covered up.

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The actions of transnational companies can also impact national sovereignty, as they may prioritize their own interests over the interests of individual countries.

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The actions of transnational companies can also impact national sovereignty, as they may prioritize their own interests over the interests of individual countries.

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significantly shape public opinion and discourse, potentially influencing public perception of political events.This influence can impact the democratic process and public decision-making.

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the media has a huge influence on the public opinion leading to some people changing their political opinion based on what media tell them

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 Media conglomerates can wield substantial influence over public opinion due to their ability to shape narratives and control the information flow. This can be exploited for political purposes, potentially leading to the spread of biased or inaccurate information.

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 Media conglomerates can wield substantial influence over public opinion due to their ability to shape narratives and control the information flow. This can be exploited for political purposes, potentially leading to the spread of biased or inaccurate information.

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Political and Economic Implications of the Trend Toward Concentration of Media Power Among a Few Largely Western Conglomerates

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By controlling the narratives across most major news and media outlets around the globe, the economic implications of media power can go as far as to influence consumer confidence in globally listed products and services creating a constant fluctuation and shift in product value depending on the nature of the media discussions and how these discussions are received by their intended audiences.

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Media consolidation often leads to the downsizing or closure of local media outlets in favor of larger, more profitable national or international platforms. This can reduce the availability of local news and information, diminishing civic engagement and awareness at the community level.

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Large media conglomerates can achieve economies of scale, leading to cost efficiencies in content production and distribution. This can be economically advantageous but may also result in the homogenization of content to maximize profitability.

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Large media conglomerates can achieve economies of scale, leading to cost efficiencies in content production and distribution. This can be economically advantageous but may also result in the homogenization of content to maximize profitability.

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Concentrated media power can lead to significant revenue generation for these conglomerates, which can be reinvested in content creation and innovation. However, this can also create financial pressures to prioritize profit over quality journalism.

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As the larger media corporations have more control of posted contents, the aesthetic ideas can also be manipulated by content creators and corporations. It limits people’s thoughts on expressing audience’s aesthetic ideas on casting or views of media productions.

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Having an impact on politics inevitably leads to also having an impact on economics. Mass media have huge power in economics and this can often cause monopolization

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The diversity of voices is limited, and media concentration restricts different viewpoints and makes news and content homogenous. The second is that media conglomerates can control political outcomes, shaping public opinion and promoting particular ideologies.

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Media conglomerates can monopolize and limit competition from smaller media outlets.