Weekend Economists Stop the Presses! November 14-16, 2014 [View all]

[Demeter]

The newspaper industry was known as the 4th Estate, because

The Fourth Estate (or fourth power) is a societal or political force or institution whose influence is not consistently or officially recognized. "Fourth Estate" most commonly refers to the news media; especially print journalism or "the press". Thomas Carlyle attributed the origin of the term to Edmund Burke, who used it in a parliamentary debate in 1787 on the opening up of press reporting of the House of Commons of Great Britain. Earlier writers have applied the term to lawyers, to the British queens consort (acting as a free agent, independent of the king), and to the proletariat. The term makes implicit reference to the earlier division of the three Estates of the Realm...

In current use the term is applied to the press, with the earliest use in this sense described by Thomas Carlyle in his book On Heroes and Hero Worship: "Burke said there were Three Estates in Parliament; but, in the Reporters' Gallery yonder, there sat a Fourth Estate more important far than they all."

In Burke's 1787 coining he would have been making reference to the traditional three estates of Parliament: The Lords Spiritual, the Lords Temporal and the Commons. If, indeed, Burke did make the statement Carlyle attributes to him, the remark may have been in the back of Carlyle's mind when he wrote in his French Revolution (1837) that "A Fourth Estate, of Able Editors, springs up; increases and multiplies, irrepressible, incalculable." In this context, the other three estates are those of the French States-General: the church, the nobility and the townsmen. Carlyle, however, may have mistaken his attribution: Thomas Macknight, writing in 1858, observes that Burke was merely a teller at the "illustrious nativity of the Fourth Estate". If Burke is excluded, other candidates for coining the term are Henry Brougham speaking in Parliament in 1823 or 1824 and Thomas Macaulay in an essay of 1828 reviewing Hallam's Constitutional History: "The gallery in which the reporters sit has become a fourth estate of the realm." By 1835, when William Hazlitt (another editor of Michel de Montaigne—see below) applied the term to an individual journalist, William Cobbett, the phrase was well established...In United States English, the phrase "fourth estate" is contrasted with the "fourth branch of government", a term that originated because no direct equivalents to the estates of the realm exist in the United States. The "fourth estate" is used to emphasize the independence of the press, while the "fourth branch" suggests that the press is not independent of the government.

The networked Fourth Estate

Yochai Benkler, author of the 2006 book The Wealth of Networks, described the "Networked Fourth Estate" in a May 2011 paper published in the Harvard Civil Liberties Review. He explains the growth of non-traditional journalistic media on the Internet and how it affects the traditional press using Wikileaks as an example. When Benkler was asked to testify in the United States vs. PFC Bradley E. Manning trial, in his statement to the morning July 10, 2013 session of the trial he described the Networked Fourth Estate as the set of practices, organizing models, and technologies that are associated with the free press and provide a public check on the branches of government. It differs from the traditional press and the traditional fourth estate in that it has a diverse set of actors instead of a small number of major presses. These actors include small for-profit media organizations, non-profit media organizations, academic centers, and distributed networks of individuals participating in the media process with the larger traditional organizations...wikipedia: Fourth Estate

The news industry has had more than its share of colorful, powerful figures, and today I'd like to review the career of William Randolph Hearst, a 1%er if there ever was one, whose influence dominated a century of US policy, domestic and foreign, in his own right and that of his descendant: Patty Hearst.

William Randolph Hearst ( April 29, 1863 – August 14, 1951) was an American newspaper publisher who built the nation's largest newspaper chain and whose methods profoundly influenced American journalism. Hearst entered the publishing business in 1887 after taking control of The San Francisco Examiner from his father. Moving to New York City, he acquired The New York Journal and engaged in a bitter circulation war with Joseph Pulitzer's New York World that led to the creation of yellow journalism—sensationalized stories of dubious veracity. Acquiring more newspapers, Hearst created a chain that numbered nearly 30 papers in major American cities at its peak. He later expanded to magazines, creating the largest newspaper and magazine business in the world.

He was twice elected as a Democrat to the U.S. House of Representatives, and ran unsuccessfully for Mayor of New York City in 1905 and 1909, for Governor of New York in 1906, and for Lieutenant Governor of New York in 1910. Nonetheless, through his newspapers and magazines, he exercised enormous political influence, and was famously blamed for pushing public opinion with his yellow journalism type of reporting leading the United States into a war with Spain in 1898.

His life story was the main inspiration for the development of the lead character in Orson Welles's film Citizen Kane. His mansion, Hearst Castle, on a hill overlooking the Pacific Ocean near San Simeon, California, halfway between Los Angeles and San Francisco, was donated by the Hearst Corporation to the state of California in 1957, and is now a State Historical Monument and a National Historic Landmark, open for public tours. Hearst formally named the estate La Cuesta Encantada ("The Enchanted Slope&quot , but he usually just called it "the ranch."

William Randolph Hearst

Castle Photo Slideshow

http://hearstcastle.org/