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.

In order to see how globalisaiotn is important to business journalism, we will focus on how Internet affects industrial norms of business journalism. In the following, we will first discuss how the new media contributes to the business journalism, and then we will discuss how globalisation changes the business journalism in aspects of professionalism, industrial competition and variety of news.

New media changes journalism

Asian financial crisis in 1997 is a good example to demonstrate the globalisation as a single issue in one country will motivate a domino effect on other countries. Since the crisis stared in Thailand because of the fail in banking system, a political upheaval was triggered in South Korea and Indonesia. At the same time, financial centres in New York, London, Hong Kong and Tokyo were also affected in this crisis. During the crisis, global news agencies utilised the Internet and telegraph updating news to their home countries. Such as the Economist, Reuters and the Financial Times which ar...

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