The Importance of Globalization

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Using 1997 financial crisis and other examples, discuss how globalization is important to the modern business journalism. Introduction
As we know, the Internet has a great contribution to globalisation. At the same time, globalisation shows its impact on economy and culture. Held and McGrew rightly defined globalsation is “[…] a widening, deepening and speeding up of worldwide interconnectedness in all aspects of contemporary social life, from the cultural to the criminal, the financial to the spiritual (Held and McGrew 1999 P.2)”. On the other hand, business journalism is facing opportunities and threats which globalisation brings them.

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Unfortunately, journalists used the fake press release in this case and finally caused a drop of the stocks of that company (Roush 2006). Some journalists claimed that they want to keep in touch with public relations of big companies and avoid asking critical questions. Some journalists even do not really understand what is happening in the market, so they easily believe in what the big companies told them (Robinson 2008).

Some scholars argued that these mistakes occurred when journalists are urge to be the first one producing the news on the sites and seldom analyze and stand back (Murphy 2013). Especially when they work under a great pressure environment with a great amount of competitors. However, it shows that journalists are incapable to give consideration to investigation, deliberation and multiplicity of information under a pressure of being speedy in news production (Redden and Witschge 2010). Also, readers expect journalists to take their responsibilities and avoid violating social orders. This is because their working attitude is affecting the benefits of the whole society (McQuail 1992).

Industrial competitions
Under a popularisation of the Internet, it seems that business journalism are facing a great competition in the news industry as the market entries become easier. Especially when blog become a common way for people to publish

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