Market ‘Realities’: Decoding Economic Ideology in the Press – Paschal Preston & Henry Silke DCU

[T]he superstructure depends on its economic foundations.  But it is necessary to emphasise the fact that the superstructure operates retroactively on its base.  The retroactive superstructual influence in no less important than the influence of the base itself.  The historical process can only be explained by observing the interaction of the two.  They do not affect each other mechanically or as externally independent factors; they are inseparable moments of a unity.

(Franz Jakubowski 1976 p. 57)

Introduction

In the current economic and political crises the mass media continue to play an important role in both political and economic discourse. Therefore how the news media treats the economic crises and its political aftermath is of some importance. The authors maintain that current neo-liberal ideological assumptions have an influential effect on contemporary news and financial journalism and that the latter, in turn, serve to shape the course of economic and financial processes. They maintain this is important as neo-liberal ideologies are not separate from the material world but can have real effects in terms of state policies and business strategies. Moreover, neo-liberal assumptions may have blinded journalism to potential crises related to market contradictions and bubbles.

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