Transcription of WHO OWNS THE MEDIA? - Harvard University
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WHO OWNS THE MEDIA? - Harvard University
341[Journal of Law and Economics,vol. XLVI (October 2003)] 2003 by The University of Chicago. All rights reserved. 0022-2186/2003/4602-0014$ OWNS THE media ?*SIMEON DJANKOV,World BankCARALEE MCLIESH,World BankTATIANA NENOVA,World BankandANDREI SHLEIFERH arvard UniversityAbstractWe examine the patterns of media ownership in 97 countries around the find that almost universally the largest media firms are owned by the governmentor by private families. Government ownership is more pervasive in broadcasting thanin the printed media . We then examine two theories of government ownership of themedia: the public interest (Pigouvian) theory, according to which government own-ership cures market failures, and the public choice theory, according to which gov-ernment ownership undermines political and economic freedom. The data supportthe second economies and societies, the availability of information is centralto better decision making by voters, consumers, and of thatinformation is provided by the media , including newspapers, television, andradio, which collect information and make it available to the public.
civil war (Democratic Republic of Congo, Sierra Leone), (2) the entity cannot be classified as a country (Hong Kong), or (3) no daily newspapers exist (Belize, Tajikistan). We also exclude 31 countries that lack sufficient data on media ownership. The final sample of 97 countries includes 21 in Africa,
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