The Political Economy Of The Us Media System Excavating The Roots Of
By Bilal Baydoun, Shahrzad Shams, and Victor Pickard This is a web-friendly preview of the report. As threats to press freedom intensify—from unprecedented attacks on journalists and the gutting of public media to growing concerns about executive power—a fundamental question emerges: How did we get here? This new Roosevelt Institute report reveals how decades of market-first policymaking has systematically eroded the media’s democratic function, leaving the press structurally vulnerable at precisely the moment when independent journalism matters most. The authors trace a troubling trajectory: consolidation that concentrated power in fewer hands, the abandonment of meaningful public-interest standards, and the rise of platform monopolies with virtually no accountability. The recent controversy surrounding late-night comedians and the proposed Corporation for Public Broadcasting rescissions aren’t isolated incidents—they’re symptoms of a deeper structural crisis.
When commercial imperatives override democratic needs, and when policymakers treat media as just another market rather than essential civic infrastructure, we create a media system susceptible to pressure from all directions. Today’s journalism crisis wasn’t inevitable, but it’s time to free journalism from the straitjacket of turning a democratic obligation into a profit-maximizing business model. The desire to attack and ultimately control the media is a through line of modern authoritarian governance across the globe. President Donald Trump’s reign as the defining political figure of the last decade has demonstrated how quickly that tactic can take hold here. In courtrooms, agencies, and White House briefings, Trump and his allies have sought to punish and delegitimize journalists. In the second Trump term, the bully pulpit has been turned into a battering ram, with open or implied threats to withhold the broadcast licenses or block the media mergers of insufficiently loyal companies.
But a singular focus on state meddling has, ironically, obfuscated how authoritarians come to wield such great power over the media system in the first place, and why a free press must be protected... What we’re experiencing now is a dangerous convergence of the two. The truth is that the administration’s threats have rippled across a media ecosystem buckling under the weight of commercial pressures—pressures that existed long before that fateful golden escalator ride more than a decade ago. It’s these long-standing commercial imperatives that Trump knows how to weaponize to manipulate media institutions. He understands that newsrooms accountable first and foremost to investors will sell out their accountability function to survive. Likewise, media conglomerates pursuing mergers cannot afford to anger the administration holding the regulatory pen.
When journalism is trapped inside a commercial straitjacket, it can’t fight back. In our oligarchic age, where billionaires can decide which fledgling outlets live or die for pennies on the dollar and even themselves command powerful roles in government, the line between state-run media and state-aligned... A press dependent on the whims of the ultra-wealthy cannot claim meaningful independence from the political forces its owners serve. And even though our Constitution protects the press for democratic reasons, our policy regime assumes that news organizations should behave like profit-maximizing firms. B���J>F����>��-���'��z��»Z�)z|�����r�yVr =����u���9Z >O��/У���c��7�*�Ez�~L/����$��V#��z9��3�VI���i�q����u�����7��k���d-��N�ôCr'��_�%�#zCr7m�h3�&m1�[��W���� �w�|�j���Up��^�f|H���>�~@��>�n���l�<@;�i��@� �$F�:c?�7����_�c�7c�]�z����ӻ��H�M�������� �����蘱�����?H�H������{�5�?K�BM�t�x�.I^��`3� :m��/M�'��ϥ�.5���� R�/HM� 5�����R��KM?/5�����R��KM?/5����sR��IM?'5�����R��JM?+5����3R��HM?#5�����R�OKM?-5����SR�OIM?%5�����R�OJM?)5����Ϥ�&5�3��IM?!5����R�OHMo���$5�Ijz���F��R���7JMo��~\j�q����5�ɠ�����G����~Tj�Q��G����~Tj���G����~Dj��釥���~Xj�a��IM?$5����CR�IM?(5����R�JM�Pj��R�?������R�HM? 5�C������~@j��� R���7HMo���_j�~������Oj�>������Oj�R�?����������KM���^/5�^jz���z���R�ߗ�^/5�^jz���z��{���Wj�^��{���Gj�����izܿ4�_��O����4�����o�����k��xi�� endstream endobj 162 0 obj <>stream x�]�˪�0��>E�g���BbR���0=�Vӎ0UI��o?���t`�~��$5G{�ƕ�?�ܟ��.�4xw��w���Ɇ�_#��$ Ƨ�}u��t������g��W�doz���K�~����teo��)��,��M+�I]��]�����9����q�q}����1I,�M?�t���tuɞ��f�6|u��?yV��|�w��EP�<�F��rP*��Y� Ў�� *A�HE/-Qi� NTAVd���;�R ��2�kA!k�@���6j"�^y|� j@-�jY+�Ad�Wrd%� b_��\J�E���x��϶�T�ԨVr"�5H��2 �ό2�M�H�I :�!_"cA� i�S*Z��"�\��r tL��\RS��gBt��q�Z M��d1=��h\sM M�@��Pa4d'D���P="fVR �\D/%̱�BűњH���PQ��T����4�"M�n��?4l��;�����p��1� �]�qr��f���j�� �� endstream endobj 163 0 obj <>stream x��|T՞����;%e�@ dn���2L%�2 ���DI�@h...
�'�S';�!�4�¶���+-8A.���3��]���0l4v�4���8ӑ=#�9ǖߙ��#�k(Y���"���Q�H|Ҷ[^"ף����v��Ϟ��lO��3�;��G�Ù�y#l�2�f��}� r����s�m�#(C��L!��ST�>��2�:���'m��OB�b2�Ѷ[0�y�öZT3�>�v]��k��c�D� ��7�#�t�GۆfN�;l���mC���rmH�d�|ؖmm��E�D =�ko���l������B&V��f���&�JL^S��2S���)�����l5w2G���f��,����]��~�K����Ѫ{FY�,�VN�-~E�8 `�U��^RV�f�J�&m���*Q�F^�ob� V��N�� ��c�=��q�7� �ڥ�J� � ������L�Kܞ��W ���~w��W�~wEu����eH��E��t��Ĺ.}�z��J��꺞�[h=+Jԡe�8 _�o���E�W�oa�|�o��Ί�*.�A�A J�($��u1h�!v]H̆�s�.��lB����bP3]����+j�ل�\K B�A� �8�L�E2+� �6�U4+D��!����4�J�@Sr/�=��l{({q({�Ⱦ��lO({]({�]�MOu��'�ZV�JF���TPQ8.�w��z�y�� ��ػ�"\j��@��P^^��:�e\k�T�H3�����nNxE&L�.�dKGVZ~Z��uֳ:����Ȋ�y`YۑeErg4=N/�^N��)���E�Z���ϼy������p����G��79�>�{eQ��7�h�??��)(��2�|����\���5/@�z���P�%W݅t��[���b�Ҡ��9���u7�Iw�k��)�Kz����?������/�O��=>O����nz���#`�F�z��1��D����*=6ѓ�. ����7���Fz�Dς/ �` =�"����v�Z �J/h��k�N��n����^D�u�7�%�Mj�"U���BMڧ�6�m� �#�.m�>��h�>� n����Ǵ�Z�?���ǴE��>�W�O?�א�9mEx'������nz����>�/�Л�_�-p/����}��ix��һ�tH�0���`��Q�@�N�hx�>O�G��t�>�ޣ���k��F�[� a�� ��O���¦�6}���M�æ��ݦ�n����t��6�w���Ʀ��/��������6�_=�� endstream endobj 164 0 obj <>stream x��zytTU��>��2B½�H��@(�0Ĥ*jA��H�!MT@�"�m;�ZTn�+ ��g�H�U��#4��6B��Ω�'���[�?�[�b� �;g���s��u��=����:2��I#�ƔS�D�J�F�_[��m��S��5�,&� �P4�;�R��(.H��3+k�@���Q�;un��s��u@�6�ƚ�fڿ�ޛ�r7���*kk�#E���w�4c��1�;���3�Uͼ����DJ�M���j��������i(�[h� ~+�=�ͬ��>L � {nj�S+i~�r���Yyk��:�U��*gV',8��ejf�֙�>҆���S]s��#�h���m�g�Gb�0S�'��đf�I�UV�>,l.i5l�.俣\���h�A��Z�V.�,�+!��K�u�|[^�h*tЙ3g8��C���~��9�SH�:� �o�S} �Ӫ��!}Fe�,�/�������ߗ����=�.���M����Μ9{�A�����x�r.�:��*a�12�G��! i�9�WQ��;1b��1�@����~����-��M��Q�=\xF�=��Eˁ��l�-���b!Џ�n�.{S��A��� �r�n�y��Y�v�"mj;�D���Ε�,�"��(!�q:�\�hǩ�Q�r)i�Y���Ԏ�� ��Օ��n �L��"�J��;���ר���##�jPl�R;����-\�N11Rwq8ČQB\�(�sg�F�/�����djb��iݺ��� ]����ӉΈ\��DhrH�>�hx_ls4]�r�3�ҡC�Qy^QW���x����JK���ɵ�D��*z���p���e�4�G��i��SI8�b�]��&��V97�C�I��YT@���h�� T��Z��&�c�f�PX���/b��TG�L������ ���:Z�/�<��� j]�k~:<�&��u���AZ`%�C����̐}�C�M��a"W -F5XKr{ƻ���1|�М���d���73�O�^�i=�=Ru�{J��Ą��]:w��舍���a�Y-���ܷ�Y�Ӎt���;��2K䝕(����g�(*����}�L��� ��Kw��}��9�\���;uco�S��c�H�W�Ѝc2=J�W�t4ҩ� �� ӊt���b�db_�k�Y�,����KM��쀔��Y�ĺ�1��]��7a�E�)#�YTl$:����V\Ye���%��Vd�5X�T���Fl�4�Bٍa-4l�}� -כ��4�:h�/3��YU9�k(����������_�h<��{�ŵ�JCq�t]d�э��ދkSVT� pyZ���]��$����/��l)���HĨB�v��ͺ�,pNk�ه�Ij0h��TR���l��b�a�יj�';+*��5u��q��n=�Қ��M����m�� '��/NT_��)i.R��.�,9�0��:<�:1����R�ԡ0�S��2��"Ӎ�B_�c�(|Ò�p� ?v����KK*�%�4�$�b�\�j�?�623�� �El�XS��'��� �!����2�me������T��˃n����x�7��iJ����3+ �5-�k�\+j���@�9������aO��/�ߩx�p���'�ա��rg�؉^��������B�C/ԅSF�B����)���Zl���E�e�i�g����P�)e�K ���VD�������~)h�,�~���4�g^�qI��������"/�+Ajh(q�% ��ʠ�x�Sw8��F�����w~A�����FɊ b��ʩ��ɖ�mr�e���8��e�~�x�����'��8ݲ�_(9]䨔a���]V%7���ZU��� #Yf?_�hj���� O��M�Fꦦ������O7?uB�op�I I��ӳ�>��t �38�b�lN3�~Ĺ����q����Y��x��b*l2i{ܜk~MW�t^g�Ȗ�Ϡ�~��>Q��h�_���k�U���ľ�:���q������Az�^b��?ɳ{ ��ř�1_6�R�PWYF�@�i��S��ԝzP�4�3Q:U���,|�d-ꕔJ��Rz�%*C��gjgQ�:�в=]�s~ͣz�^gq��r�r¼����N�/V��� f��z5��3?�I�L�a��עNR7Z&��O�����"�d;���e�;͵������@S�.z��N'�;��\DWR9z~��0��c���|!_������m=�!+��v�.��?�����,�]ͦ���;ū�>�qe���Կ`����9�����ޤ���Y�~6+c7���O�I�� ~����ջԟ�s����������%�5��an��m���]||O��� e��Z\E��Q�{�1��?������j�eu�Z�ޢ�U?�����Vik?���������/���wb�~:ne��N�������c�L��?�Mdף�Z��=Ğc�����������l>�?�B���k�����Ţ�P�(�W�*�TZ�/T����S�cԉ���qYFZ�-�,�-�XNXs�U��W�%���o��8�I;�Ok7�ػv����h��V���ѷ�q��*$�T� ~c%���b�c�Y5[��a�G��l{#�� �gr/畼��������m�����<�8�Le�r�2Q����ꔅ�ݘ���3�>���r ��U��֫ �GՍ�Vu���L��Yv[Z,�-g-g�ܚd�f�o�ٺ����jb+��k{�����uc�\����w�;�wV�c(Ha*n�)�P���{�Wڱ.1��u�j'���U|��:���Wi��+���#ަ��Wл8AՍ�,��<�6#��;�V@[y.����e��DG��o���-��6�cl8���E��W��ݔk��*�`W��N�����w腇... ��V�h~@/H�F�H����L���V�p'=�E��>�����l!?�e _���=��说 �*����&�5j6��s;�u�|�v�� � �K/ߢ��}�l�������M{������ |W"z�O�`�?�����ms��9�w�_�{�/%~E�o��t� }`�� �!�(�x�>��>�O�'��$�M��m���S� :E��?H��.85ţ��TӔ"% �0��DŽ�����paąJ�4�U�q�i�]��]��Cq��_�� �[�wtq�R�*6횲V]��]J$V6R�d| "ڵ����0�cZ4��0˳dC��h��Q)V��B�)�()�hJ��]��Z���d ��ֲCyP�������� DǸZ<Jj e%`��|U }��<�Joʆp��"��M߀TV�+Հ�j�S �w�{Qs/l�+ �F�G� k�۪��,={���D%��d(M D���q��YB *ƕ�K��>�E�n�.�5�5{��!��7��,5~l�]J��Ҁ/�d�� !&&E��� y��5b�u�*&�����gG�7�zoX��f o ��m��<��4vDZ��;�\}4�! /���D� �z �v�kZ�P��qt�,����Nhi�D��p".��I��q�����=�_�-��i|7tt �C��� |0�P���;��/�m�mi<��.~�P[�V���S(W�_�ɟ�q���s��$�n ���bw�=���:���k����Q#���:�hd���5�U|�;!ǝ��roP�Ӳ��7(z�����t���DY�������9v� Y����9���$��i1�Q�|��"��B� ���Ki �����E�Ő;I.���r�,���C�!�ԀQF... ����BS��o=��:dK3��Hu�>Iu ���j�ܗ���1����p��Pnc�>stream x�]�Mj�0 ��>����`O� �2��Eh�8���(�"���)T`���'����cO!�~���0�k��!�8R�|p������x�KOSTm ��E]3�pz�q�;�_�#���y����qA�`Tׁ�I&=��b]�s�Ey? ����BS��o=��:dK3��Hu�>Iu ���j�ܗ���1����p��Pnc�>stream x��|w�ŝoU��sγ;;�;�3�9*�����PX%�$@�q ��q��'�w���� ��lc��0�&�$@BB�vjz������=O}������������%�b�IA��Y��ލ"�Iu�]�x����v⿅�ƹ�W�{s]h� �?�xyca�.����e����vP��n��ڼc�Яo��v:�tg�\p���\s���m��?�JB �ix�̭#[R�=��� ��3Q��D�g��y�8s��P��s��y����[B�UbFN��� �&����S�^"�z���?��co��{�+Nt*�^&-S��D�3���/�n�������>k�W�_���cR<�pl�oJ4��!� ���q�n��Y�G�S^o(Q$��KUқ���i`C�����lu�}����Fד�M� q��)�k��&���(�黓�"�|^;,���F�Gu�LE� �"�DLh�"��L�I$��rI��F��\D��HiE}Y��Q���2�= 1�c������o���[u�,-����%4g ���e_gw�ϰϲEk/�F��6`�#���*���'[�'ɥ`�U�r�K�������8y��I��d�j������h��i+m�]t6�����n�;j�@8O��q�y� i�Ow!��hA��Q�r����9�D�-�s;�>�g#Q ]��*$ ��qނD��2��B��~�7!QP��ۑ(h� �G�((z���CH��y���Z���{���]8i�6چs��y66�`� t�[�V�w�TP�Ot����4k��a�m��vm'۶��� M�E4}�͎�����Y9� �}��<�x!J�-�y� /[��Q nK�R�+��{~5^Rk��<�}7��y��H�8�n�5����u����l�,��M���D�5�?�/2F�$���$ͮ�jp�&F��^!�އg�\G垔W��N>&cW��q���A�B���R��@T������-ߔ)��r(u��@�n�繃]�Q�/��k��R�ɮf� ��guBomz�ț���8�T�Wr�����|�ׯ����-�5G��Z���(�k%�k��U(�ծ)�&�|M'��J�ro���A.$�����J������Br.JFH����8�l&+�b��璝��"�cT�{��G����� �L�`��������#��8.H3R� �d+�ɱ� ?����͢mhۍV� ��}�F�@���@ϼŅd�nF�(�,��*����y�n��{@ƴ]ƛ�T"d��WD�����pނ�9�c�"��C��M�����$+>b�s�D��r��NO��i�&9�샒�&R˔�W:2�M9]���r��n��O���L[T�O&u���1�覤]r�·MZ���i�a9=��O�Ќ��mG�3O�Ԕ�CC|Z:�#�� ���Mr����x2��������E���d�&�c֝KK�C���Q[�v��{vj_����=e�8*�9������~g��t����&��S�Q�Q�4#�\�H\ۑ.:z�����̲����kb�qKϓ�)�.G��Q�J��_թ�J���$}ʱ���j��3�n�4���L%������Dg5?N��e����[�!��L�I������h��'���yq�X��\ER�Wӱ�o�w'��۱���R�����3�k���Qbf�z�/�{�F��3WB6W��k����o������!6h��H���(��Dbzeu�IԷ� ː���e�)� �d�N�Kڨ�tҋH;݆�H�~�,�2�#��zr������I��o��!.> ��x���撞K�x�*�Ow�.qs������?�8�����w�e�L~7��#���7ټ��5Ų`�.ԋ3�wjo�ko����#�ě`��U�����I�$v��*��\Ev��dY-v��*v5��]ˮc�f]���o�;ؽ�7�� {�P�`�y��_fwT�,�>þ�Q�+�`WW_d�T�Ȯ���>��[���몿c�W�ew�����z={�z=Q����PwD��==��A�_��>�������ŕWO�++�^�����d�B����:,z9����0�"�v[%8�ޤ:��g�6�Q��Y��{����s�ίL�{Q�o���;Ճգ�S=Z=V�c����M�����������m_G+>�[�c8�s����y�z��ş��ְ�8�F���x>�n�֟�zU�� �'�}g��%9�O�@?�������f<������}{z���q��Z�P...
�Y~nP�E̶�z�����}Y z���s=��mE��w�1&G�;��[�(��V���.O��d ll�M�>+��'`;�$��a��_ۻ2�? �P�ۨ�Y&��7d�<�<�������M� �� �q{z�{�;��*�UnOܖ^���YY~�F��M��5D����|���2"����U��x���==�_߁�>��x�Nv����(������_��>�>�>�|p 6���ׯC�_�}����ׁ�=X�V)����#��� k�)����MP~>~�z ^�-� �]���x���#��/��5xا���@�4�> /�|��|<� ������������[�ZM��&|�_5�� _%x ��%i��}�<��g�?:��@����A�����@�������s�@��)� �����Q�w �:���1»S�6n�/���C�9 h��_˭���{�jb�8ϣ�/em���!{�A��b�~gJ���v�g�C��Pz 1 [�������] �v��t{�= ��n�B�G�ۣ����ۣ�|1 ��n��s�q��u��0�������0�+��_����]��G��U�z�<\}� �_��v��8EoM��6?Ը�$�9��͇��q��� ���2�3�������ZoC���(7�� ��8���\8����7� �Є�Єw� ��컡6C���p�pD~��$�k�}B��wxlʼ��£� �|��5A�r��A�k2�����5�s ��6��.|���M�} �-�#�� ��1�#��@�Ӡ�9rTD�!P}\�YD�Q*��a���R �~Q�8����oA�v� ���Y��98M���@;*��o<_��GH��Ȩ��/��~�1�qv��k9�X�Bb^<�Ɓ(�x�x��6���w=�O� ��n3��� ��9H���>���qzˠ�M���NJ�MH�}�|�=�%j����'z�%(8�� :s =�... #�k쇰f|z�k@�ը��ӇZ.c�(�,S��{{Q��ʃ����=���K�(ڣ����9��JɋB�\>���C?��N����rR}�.8vG�3�ē���}�'N��$ޝ��ɠf �3˙�'�P}��6��˽�n�uܜ;�n!^�jk��/��?�*Z�-~�$� �-s�{��^��ت�����v�v_�����l��� ���N�~e2��� �X��7^ø����:n�����ƍC78W���y��!x�_ы����|+�2����8�BB��[�*֣��A�۠��� >�%Px �gSXJ� �T�@�APw�c���P���E�$��T��T��u���c�nR��IuTĈ�:�>u�n��Q�,RD�m*e�e��� �^�)�.Z�ѵ[����p��q_�Q���������^Uk�����XP����� <�Ԍup{FƘ!�� ,�:aeG���8�Xɽb��by~���)��)�L�/��/�0�<�9�9��N�gr�}����<��g����3��!?/z:F�� �9�# ���u-2�6�J��xpL]��~t���GT�SL�l�� N�k�11"�Q�{�+g��1U�����g��C~Y��)��_>� �E�'E�׃ N!&'3��덐,b����w����L����L�uՋu��b����^x�NH�JءRs�Gf��F�@; ��*��"�8.x8C��Cgr�Q��*���.Py�)�h��]Ϫ����T,�$��ۃ���3L�wx7I�z�a���*�Ѓ�(~p�?2r��1 ��Z1 �<��8 �8�Y ���i����j�684c!|,> ���"~< �p}T��=N$�0��ց�?@�C�C�C�C�C�C�y�p�m�������.W�<>��=:��X�q�� �~ ��9 �}����ى{��sΊ����j��:t��? �9��K䷈ʕ��)U#��oC�>ᯠ���Y��7r?��]����l0C��o��ɯ"01��b�w�?����s��śzBvY#�D�5�L�9�/'NУӦ$��0��®`�Ǫ ��֜�d�-vY���k�d���V�Ӊ{�%�L�b���N��ߗ9�5j}-���cӧb�r�#e��8��UΌ��H�=��>��s�E���p�m��"���o��h�'�oc8�G����o[/k��f�� Z�e���fىs,%��-͙��d2E�Cg���T=ÝΙM�%Fmq[v{��Yb~vێ� ����S��k���ܔ�� P�0����H��}� ��._�o2���{�j��t�a?e�%�F�ÉL��V��r��f�`O�/���9� lY�h�Y[k/|W��������;�j�e ���֎o�^x��ڕW����k3�wk6�G/]��3�ڝ]�����.���-��P� � Υ��`.�&dO���At�#Y�N/��� {����_��ո��5�'�N�/� \��z���)�B��ߑ�<����#W��ԗ�����]Ck�[��U�b�=�w� � =��ok�G��q��c����_q��Χ�Ѻ�xT��<*��6�I�L���u�2&��~%���Y)���z�8{[��MW>��1Mz����=V� �̰���F���� ��^}]��Z�M��Q�i��dbwӱ_�9§��P�D��B � �&��̅�c\) Z�ɶ���qx-N^����ѫ�o[Y;v�X|��_��k��t��;�j��K}]]^k����|��xh�e��[�^�m��cm|�o�����s��:jtY/sC����Sƿ3�Mf�?��f�������Z:��Q�M�To �zzBϟ�d��o��,��g��{��nzL51Q�G�ߪ�D�I���V͆R�L���*@�����mk��Z��� �d��G`'�L�+�8������ƠS���y�����K��H�"�5,;B��*5Z����z��N�z���oأR¾��f�1��-�3��*�z`p��P����{՟�� /�H:*C���쎞��v$�R�ˌ���S��������F ��I�f�nM������=��I��ߕ:p:�\�W-�R]`?���N��� a�KΚ�m��I����H�g)��i��� �q֞Q����7���L�t.��p櫥$��j����Z���4��K�=a4(�v����]��U��nm�����y�-a{)�3e�Jz�e���� F�����]�Z�:�B���M��m�N� vw�| }�~wi�:��;�a����[1&X�a��b��iNk|�hm���v�C���f��?��[��L�����*qa>�QKԺ���T �?��3fan��4=�iV����l�Z�ʹ�1��bQ|����8�.<��a)�Kʨ��E�Q�e�ά����s>?V[3v�X�9=������s{B���,�]5���-��[���~v�`u۪�����{2���g?��??Z����@ S2Z�]v�|���� ��� )��vt��f��|�٤���Y�����n��;ִ���c����[ٟ:sa=�YQq��M�G;�����8쩭�����fq�9��_=�b~�?ϼ���W|�p��9�q\��%m|�լ���)�t3ND�!��n�kM��\}�kI�~���0�F�]��_��(J� +�(�C"(�z�C ... �q5U�Y���E��lK~�\�'����7��Ց�j0+l��xR{�>�T�����u�.Z�v��]u&��<'�'�o^>%JT��(7�+(+����� Ik��V��P"xP���2��K��+wTX��Q�$�Ora��+�8�� �LipI�y�]U;���8�lW�ץ��5<��ekW�۩(�����Vo$�.س�H��M������Ү�⳨�i�UN��O�UH ��ӟ-��Iq^�Rʓ¬e�S_L� �� ��+0vƌk�v�G\��t�m��,2�<\��9� p�Yh+I�d�5U<��3>g���ιsv��k��Y�U�������K��?�s��+Tu�kK�ͭ�^���>��Ɓe�襖�=�}�:�ZQ��y��l�G^��.C�S��5��swǺ��]�#��P6�1{�rB__)���to_|�V��TfPWצ�̆ވKS�����v�GP��a�n��J@�3��-s����W�9�6�wQc���#�̭�����Ħ?��8����9��\���H߮ţ������Q��~��j�e��o�U��35���\<6&��$���}��[�6R�8�V���5F�&{%O[�MA��eB�V��!�i #e.+����9V����'�4��)&����X�̚q�'��x45��Lz���L(���$[|�( 3���5�KΫoYj�YcwWĭ1�?�7���֤�9�y���j냡�ْ�H7�82'�]��� GVϧ�|5��G1R!ܔ���l�7S[��NV����>��*j�H��QZK���Sl��t_8�#I�V�{abtiQWoK�`u�%ܬ��L* 6s�� *Yc�Pm�r��$̙�-�(�E�:�R�n� Ҙ�X�I~:��3�/���Sxbk�"���#U�Cz����_���|B�NQ�#Q�OJ�b��ڇ�V�iqY��j+�g��4�ߔ�>�������%x����ք�2jy�7� ؝���(�Ia��V��g��j峝��[���b�FB�٫��:��t�`�/���U�q$�z���^oD6�n�Z�3�t<���^gP.��x�������a�wr�K��q����ۦ/�V[,f��b��C��=����H�>�Ҷ �x����Jqלu�Cq���*ft�چ'���Օ����d·�K�ry���N��������D�*{[�)\S�'ղt��c�T�<Ցs��ہ��j��a��%i��l+fG+���q��B�:'���ӡ:��m�R��_^���ui'45e�K\5�2�U?�D�~y��{z2�i�$�5�a���K�-@)utN�_�+7$�jh����%��2���_��}S�%�;�ɷK�p}uYBƇ�6]�D�0�z���o5�n]�TM79R:)z <}��m���U?R�����h��;)� �EaZ�̇���?����V��q0��Nϩz�q�@a�dlzf��s�˯���v?"<�YWQY��/!iY!���N ��M�T\��|5�w��@��~�5��y��S��l���i�[yp�l�=��=��/<��X��aO(f���#��E��O1����U���D����]�����_���w��m����κڮ����X.���w�֡A�{qNe�ޚ���������k֬^ �jl8�G�6u]Iҧf���D��)�Ϣ|A��a��(}vq���c���r���5�ЌZŊ_>��C[�j8WBY,�G��&:�����rc�c��۶��jaw�ٰ 3<��~��ڠ�m��@��¦�����Un�1-��-逽f���9���}C S�@�z��0��9���ԏu���57/���J-��[�v�6g�Nk�[=�L���e��r�����l�O�����)ɜ��ۻv��]���� R6�hpɂ����3B㠿z ��1:�˜��?�]���؍�/^U'�DBO�������-��j���X]Θ$a��[*9��)}4j��O/�l�x���nu�+��b�$�M���&�E/�~L�}�H�(���_�8dٙ�~}J�4sIi��2x1�v�� MM���0�z۬MMV?"��Z�n���u�cY�Ȏ�!(MӢ�pOU���K�C�k�/m���� 6��V`�u��� %����x�Ky�* }���Ԫ �ўu��KRNكڶ����l����T��&gυ �^���&ԝ6J�H�2���7\�������%Xa�����%��䤻zpi����T��:�H_u�9�x��r�迲���lL]�h��g[D�@�3������E�OT������X��&�Yi��ߌ ܯ�ux����U�$__�'8/:�A]_),�q� �\���N�A3|5��o�[4P]7�Zԛ�]�lY�M�$ҋ��t̝N���uu ����2�k��!���]���a�Ι�ךl�{����-KV���� ��s�K����0��l(� �k^}��f���4�J"W�P��$�A�^RB�... 6���� W�sbCc�1nl�����%X���#�)ao�Mõ<����$�%���2C�=�����'� �?����G*�2f��l� 5M>�8�� �9�/wR�PM>��2�Z Ĩ����ʿ��[�oe�����$,�Y�� �?IML<�?AKMb�~��=��'ӄ���x�v|�/4P=�+��'̦<6�r�P=��*Լ5\/.�z��b���ZK9l �x��Y �<��C��~�x�SV34C3t�$� �&�8�k.�$ ��a�7u���� �� �� ��7�5�W����f�?��� �2*ę�3�3g�x�)�B��|5)��[��H$���2��䉒'�z�!���������,�+.}�qֻ�o孀ra?I�5�����4����G55�%���.�"b?4Zh� ����{Q{V�-|��T �4f�e�Y��uĢ���3�]˜��xe�v��_��S����5�ϟ_>//��˟??R�q�$]�]�����M��/h����X��ۯ^�s�w|�g���?I_>�0.>h欨���8�$I�G�%�A��"R��+��|�����v{'8�O1Ƈ�-��7_����b����<{l[U[���e��v�}7�𭥱�算 9�;�� �ͭ�.�i�P?�O�M���P͒����z֧� ���ܬז�L�5Z�4���@Q���}}�.�҅Y�11"����܋�t���~m�a�{����8��J�����%S���&r���I)%�]��e��.>^�]rݣ�|�������矷q~�op���O_��5���ˆ�.�(�\å��}⟄�FM��c"�є#)b�z�r �'�7���C�n>�ܡ ���_u�77�?8�����hS��2'������Zf�ZbL�V.O�<9z�j��6ɣ�=6��l�.�%��|���6O�Y�̨��2r�jU���Vd��F�d�٤|_��|�T���}1�ʕ�*�� �<\r��~��;���{+�?0���.[����5�>�w~^䲡�{��C��>3Շ}�t�Q���i�� �I� X{�p�����)xǿ�s'[���ǟ�����p����~�'��.HUԨfo�ɕ*��=�Z�ߋ�a�'3B�;Y2?>!�w��D��}�)�9�G4�k�ּ�yW������kXcLMb������]�ejc�A��w9|���a>p˹r�|����F� :���5Rqx+�������y��Nt��'���Ż��"{u��O����;�w�2U��s��(;���X����f����i�� +�i�$F�:�II����$H�?F�����p�D��Q����3ԧXb�Ƈ�7����Y�N��xX��~V�>�I�V +��E�%�a]��B�<�}���<�)~��9����k��?�.>u�"~��Q��N Dm���+Lʡ*?��ʊ1M�k��LY, *w`���7�E�e7 �w�Y��-�_UZZ�� ?Њ��䡂���O_ �V놡Mx�I�� �iaw8�)N���z�N�?sU��_U�{�-a��u�N5��=�&S�\՟z�rH�{Ŕ�SՓX������¼͛�{��~�^U����%g�ƌܯ���.�o/�/��V;3�v��e]s�Ĵޘ��J����D���mm�4�@B�Rx�Χ��������:u�`S��uh^udEu��3�CO���Ϯ���mlZU�\T��e����C��Z�J...
-X�]'�$����Z5~�n�fңc��v��%nlL��W��;w}nnaN��UgjG�_�|l���>��r2��E�9J3Gۦ��M�{��t�٩[s�̴:f��4����N50�� �K,Mm.wᲖ��3v�ǫ���P[�in���l'�J���N�Ę-eA�.�N/���%Kz���ÎF,w>��a���P�R{�)\2$楏ߋ���o��J!j�R:��̦��t���p�V&��n��&E ��^�kt�w@'��ܓ�-�fOn���\�{��_:YipMaiIU�U�ݧ-��i�]T:o�U[L�m����� G`t����i�P���mkXNep�@،>E�f��]3Hz�du:�Gͤ�����Yu��e'�ӟ/����z�ִ�)��y�^x���҂���*a��:{VᏚ�ƪ�j`������s'�h9���g*\�XzO���8wa�̒ϰU�?�Kc����w��-�*Ag�]⠸C������e��YԤ1�w�A�/�Ň�z��?�u ;U%��/����A_4m ;����*hݨ�K�w�"v�Fm�/�d�K�vH��#]�K[�n�ft����7�^��? �na��S���H����E���R}T/ z�^0i�z��? �yђ!K��jv�ARJy��T$�,I�������{�������P�z}Q{���G��0�+f� q%f�<� �=�V6O��ff�j|��~8^,����x�ʔ��)�M��wS�WMɟ�>���1�v ����}2�3-}��t��<�M:D��s��&i{R���<�,��,,��iT�Z��D��^_����Ţ����Q�a Nl��ϯ�M��輢��"�==� #P",�כ�o����̂pj`Fz����р1�����[�?��4l@��!B��ԍ��<�٠�|6D̰Z�&� �����n8�U�_fQ0��r����us�id s��J�痬�]��v��bэ�,�"�H��>b�5�R��2�.��wvV�BkqfWQcg�7���W$;P�`���%h)Gy� ���Y��b�YGbv�ML>��eD�HL����>�*sսCŴ��G=�d�ZN�W8�1�x}����ɮ��_�ߴ�,�`��yK��"��J�������,��3W'�܁'6�g����4&�HL�5���%pqF��L����� ��uV����V\�c�ڵk��F�կ�;���ԘN��4�e4汉>�Ct�Gb�����.㓛�i�U�ȷ����6�i��.l�+.�-ϩd�Gr*+��W�4Z>� 3�����ӳ����`��R6���a���H�d�bp$�98�i�������Tf�)� ���\�iUC$'�ln��2\�l��`$[(��-8oq���[�*��#&Wx����Y�w����`4h��~C|���ot�� 3 I�^�C��L�$-��'�$�H�� �D�4t�d �����@O0��!Q�iz�d�R,ju��_����N'��F � ��T)I#�ht:n�^�F��� 5�:n��4=C'/��6��4=l6Mڨ^���_ f Y��Q�Q6��ķ°Q=lT'�3�ka�P���{2�a�0�#�n�N2���Q�YG�_��dNǯ3�Q��(�7�|q�*��U�k���!���k���J'`���d��z2��3�>�Is�qi�Q��Y�6����j�)��l4�6j2��]�F1��,�ڨ����>6j1Xd��,6'3���g���ބ�r:~-F�aL�Fe��l@D��ب��!Yc��F ��#��j��d���ï3t�In�S� M��v����9���ĵXP�`�XMd�a l4J�Ѩ%���k�ɒ�`�H��k6�|��>��e����G���^ {s(���d�>������y�?���DxN����F��t� ,���C!�����&S��^���O7�Ϙ�����<�to�#�0� ����)���d�>������y�orp�.��Fɏ�;�23���_K6e�df��PzQN^���fZf�՚�a�tSQFff��g�H��H<���"1��ұ^֟>stream x��Zyp[�y������ �x �� �$@�OQ�(QIQ�uP�.��eIqmG�㤩WI��I�ړ�i�I�̴�=SW�8G�i�v�S9q�L<9�֭ȶl�~�x �vG�_z;{�}�����>#�,P�ݱ`h��Q�Kq^��+��~������BH��1:>����!x�S��}�hS�.�������<:�?����i��4�l�3��Z��|r'��c���t7�-�Ҏ�m?��a7B!�].��6yW��+������{��>�>�s��cK{�������0�o��Ǿ��Z�� ��L����:�O��N���pd�?��`>���w�r ��}}����;�O<... ��R�M��Z8Z5b�� ���!@����]�r:8����P-�p��}�T��_]iu�#��Ar7�,ė�Y�uz�c�'� �:C�� ���UL�|���$������ �_� r�,���j#�FGJ�&N����`2y=&�: �t$���M�#ϼع,��?��:X ��xl�t�"X��a�fU3E�lg�"�"��t�<�1�c�1��������ӡ1���#�k����W .ڐ�X)�Uu�E������G7�wGmT��(.�.ޛj�8�1O�9.��X�J]Gw��ۓ��`m��sI߂��ڬy�ƅL����]�����G��@�E�����2J�n��LL�=\~Fk@{� �L<Օ��V�x�N�ٛ[�r�T�{ؒmv�:�^$����\ҧ��L؎ i[�;)K�eow�3s��¢�)c�h�н �V�r��OO�MT���A�~���9�3�q�wdEl�r�wP�+P����BD`�,_�@²2�;�Q�� �^o�H�F_�#l�E�m���k`Ib�.o�z� !ك�z�]�ue�Ǔ ���Rs]�P`����S�Ł�i�X��� ��[z9A�+4�CC�d-�I��(��f�|�'6��F^��A�L�[�im&Ѩ�luI�����$r��~m���$�K�.՛���D��� �.�6�D+��ѾOEm�Y1荭�jZt�?��$��E�b �硴���G�o� 36`�[���K������%|�E9��[�ݴ��ugS�3�6�D�"�� ]�zM�X�]H�Z�Nv�ȇ{��h{<7����E�q�ꂝ���l���T�E_�]� ��bP�� ,�%E��&c�*���Q�Q�q<'����xR����5�굄�5��}jy{ܢ�� �O��q��}�?ub[��%������C_��) .�^|x!�� �~h�C @[��$ʼw�g���:3��(p��U��ykKsd��#���QI �ud��� �;�- ��Z�N#��Iy ��3F������(�B�&���4��Ʈ���[��ɒ_S�gC��}�i�|��K��ߓ����Tv�y- �M �p� �9 ,�H�3o�!��(S��Q��|���_o... ��B�6��z�'�&�M�ۦ�m��dV�qU�e�?��4�h!��/�Z�6 �dS?�Dv�L��dD9�nr=�zq�q� �� ��1֑c�! ����,X@!`!���qI�B`���HQ?��E8�&�)��T���48������èXF���4Y}��a�J*VQ��߰� �T�Vk�*�]����T� �Vߡ�i���M3Կ�� ��Y�éF}{�l`��1��G��z:�@s��T�� �g �L�-T����j���8�!�5\@����\D��밞6`;�.���W��`'-v�"�5X�b�RjAK���WaW�e� \N]�+��p%-��#pn�n`/%�}� ���#�������J�E�cV�Sp�z��O}������h g�/�����i�hZ��'��74Ğ�JG��c_?
���8ڤ>������h���E}��I�~���D[��>���m�S�X�v:N��J�O��ߡէ�t�&� ��L: x}[}�v������ �I:��wҩ�]tv�s�;���t��t�t&b�t�{�x!��>N�A���4�O:x1�T���.�n:x ��>J����������W���W҅���?�?���?�����x ]�SƏ��������%����x-]��.�����q=] �]��;J��Ct5�F���[����L?�B��9�X}�n���е���:D����;�z�����.��t��MC�}�+�x��5ݬ���[�����[�{�~�|@C��-ݮ��~Gw�;��]�=�{���K�#t7�Q���+z��>N�>A��w�5|�~|��SIO���?��g�A��[����<=�3=���/�{� ����;�%z�2= |��J��L�=�+��:=��No�S�7�i���O�m�=|���]�w�9u�K���� |����J�� ��E�����s��^��^~L�?���[�~J��^� �3z8LoU��v& ��F��_p]���m�bs���f��P'#\#�b��)���{t�n��_�c\�����;�K���z��Z\�d��RD���H-��z���k��������/��e���8ֲ|Y�;��ٱ�}� ���Z[�������^;gvͬ�3�O�RUYQ>���xbdB�(�q���b6 �^' �ʕ�mJ�Ŋ��/��k�(W���M��ޔҧ��ЕDZ[��H_J�UR%x�e��bh�.�e,�26ڒ�J-��!"J��ƈ��-[ҍ���HRI���ji]���!��&�ViJ570�� ِ��i�7W�Ӑق��ԤȖ!6i.�¤��Cm|X̴�om�}IwSc(NV����F��4�)�!e�X*��t�2T~���=2��-�����[ѝ��wPl<+�,KM�4�&�fޟ*�46��8�x��8�C���X�(��y���%}��X��x2%4�XGw�S��l�(̓��}{���#��Z�4A��� {��� ��w&Sr����L��#�r/Yޝ����>��_]$<+v��i��j�Z�h8�j8gO�V#�ھ�;�Whu�F�U�%SB/��{�ƛ�5�GjF��F���������mm� ?�/�}5��H�09e�(� ��JMURk�@������JB����eP�2��ҏ�C���Rj"`��4E�z3����E��� ��;kD"֗Y���)U���Ш-f�*�%�ԏ�.�iCg��%�-�iHQ�L�TU��WJ� �����۱���L��0�%ݷ����iJ�(^y�����Y�4ؽv]��7�>�N��S�$X$#��In����B�!%5���wF�K�u������t�M9l"ݡ4k�XlT����DCJ3��Z`�Pl�-cq�Rn���J7 �Hk����4�7f����znz �#�$����P8NSE��j%30z���T!���[nhՊ��\�Jw�?�� (�X{7�W��"eh�Y1�,eAMF�H�+3�\�Vn�Eˏf[s��F��Ac$�9șG2 �����{l�3�� n1�iE��h38�qk�ơ F��F:�k�ֈ=�}���8�w�W�# �E؎%C1��sY�m2�����F� ��ɡ���M!�i�/�<�� �ԁ�Qk�-F�]��iZ~�FZ�q��њ=B�LNT� #5�tMl��e�t�v�L�!�*���1c�� 6!4�xэ(����de6B��x�>d���-��E,-��ޡ˺o��i���9�\XllAM�Zn('%{���ȇ��?�b��X��\"YS�H}����u��.].�rL���o�ڷ�����a����`hP~��ThP~��}J�F?��... |%+(�Ѱ�'xh%r�{�e�-�7,7]=���O�U�:�&Df�ڄ����W�^hP����P�k���-�Y1�W��ꇺ�z��_Аw�r���mu���cv���CV��ޔ$���ی���v�����cv���i�����H�+dSē��^Q �9eX{ +b&�d����bҫ\h�,O��(ӆjgn�D�3�{W����)�PQb4�U�/�&�"��"���F�G7�gO����WCU��}��O�oݩo˦�+u!D��'�ɩu�kNU�D���\���>Y�X���\➿�C�|���|g&_��o�6,�eLrV-s�Z�d�(��(ݳ`Ӷ�D��(�ۇj[�_�G��-����z� u��>����|���O9��������A䞨#�Xn������MUЉ�� ��~���/ƀ�� ��V��B)D�g@��E�0#~�������l첡��]_e�l���n�A�u�lS6��� ޕm�e�T�Sugv�VN^k�{�j����.�LEL���(v6���dژD�����?�� �5C��@� ��D5]���S�Y�8�"��[+t� �D�������͘ ��#oʎM9���}��O;$լ;�>w�j"�B��Gr�0�i�:t�����?���C���/�4N�.��8����W�3��MN%¼�&� �tu�M�A.��H~����WiE�,ܳG�\�c���mEԼ��6N}�H=�}}����ϚnS6q�u������ =מNC�<Ӕ`:Rga$#E{P$P�@��8�v$��HzB���s�ao�h̅�J�L,��ʭ� ��bGB�g�ƶ�w]۔� �A(N�����G�h�]�#���-���};�sT+n�����q�Km@P7k��������i#u��>�z����C��JYP?��;kʞB4'7�oݾ�j{*6OuA\dӵ#9 �\�c�i�N �������}Eo�w����R��JI?w��a�0����8u��nu��\+S|J��Iү�R|�\��(����U�q��{Fn�ġx��R~.~�q���m���KH� 2�o�p=�l5�=��|�nv�g}���_fw�J+m9���q�,����11P���jW�����؟��;�6���<���6U�����;����"7\�`��n��WDW�`B�;�^x����,.������\4��f���_�%�*��������8-�r1��l� {8�c�/c��ӵ��;�>W�aA1�u2.f�8�dz���ejJHE�; ����q�!�<�NI����� �J0�N��偑R�^F �Y����>�i endstream endobj 190 0 obj <>stream h��Zm����+ !�@$���q1�A����/��vG�F$�'{���TIcx��mBrwvU#u��멧��ZJZ/�P�� ]�Г���M%�VR���GN '����#+�I$8�"� ��FK�"I�g?E[�-$R�ʓ�>P;�T�_�R�$Y���Wx'��Գ�� ������[�R�L$�#HH<������... ^�f�N�����o�R��Rz-��_��)�OuՔ�;:Sq��C��YV�M���#�"<6�1?ݞ~��_�b���������;�~8�XNCߍ� �����sj������>���m=@:��+��z�,R���}�+��x�����r�NP�D}9*�kDM�<���/^S�ƩFNFN��𐫠�"/���x���B�txv�?�O�W�Y�#�]�Pb���� endstream endobj 194 0 obj <>stream h��Z[�۸�+zZ��x���A��E����,���ؒ!��{�}����ڑ%��������|s��\)���+ek��%\��p'Ah���� }@�DK�e�= �*1*։��X�Ki��� Ol`����L�x& ��{�D��6�h~�@i��`��4��2��qx��V5X���ؿp�(�7�;�"����0qf�aY�ՠhC C���&������a=(K��%��A�]�K�(8�Qj)�H��8�H�L"���X�[��s�b�v�<(G�ⵔ0� �)I�Q^$Jqڳ��,��+�����5 v�YP�v�]�Q>т���%�cΉ"�i�C���k�m� J���@�^��c�E@i,d�&(����FZ � �L�b7��6(�s��@�$���1��X�2Ekp�to�X�iW�Cq�XC�j!��q�@�Y 0��,ٺa�8."�'X���H�5��������**E�4�3�����@�ئgIK OP�}��X�v� yfb�O<����"=��/�^ v��,PoO�R�⮰�7�?���͚%� ��o��ؠ?��9t��vdr�������| ���=������5M�h0��]�LJSQ�`�k� �������/��1��)�������?u��/�������b���姶�5��`B������}x۴�؆��W��oyx�N��?�~���i���a?�S�6Q�{L��� n�ö�U�����d�yF�k3�U�i���� uȤ`���M?T��q�u��,>Fo;@/5`�54��X� ��X�&��IDp/���% �j��9Te�l��K��l��K�K=��l�D&`�p�d�;���,��sH��RW��~��B�G���k�Æ�;�� �f� ��l���R��d�} ӝ���K�C���1/��&���l�CZl�6<���t_�i�Ӿ�L��C���)��JӮx��]ۜO���iCYt�]~���- q"s�P��<��)����... E ���x�͜tb��96[����)Ќ�!���1�f� %*�^$rp�U\z��:��u�S��a8�F���M��sy���6�Cs���>��S��]Z�.��Z�������M��3��z�%!��L[�)�tWKIl�� b����PbB��h�2�҉�G��s�3-�m�3[u�S�MO�l6%xr�,���v��_T��Y��Wq��5/_�@���s��o�E402���LZr��iq؆:k�_��RSE6�E�'"�i�戜��L�N�9�!=��vwٙVf<�I�3C��Z��G66S�Hx,z2� �CjRХ/IhpNZH�~�wm�u�$g�L���1����Ѫ�r���XV��rW,�1��P_�6lc^��M��?�ez)j��4Pu�=S�O�P�ǪO7mSl�"�U�vU]���/�h���\��I���o��b�)3a�CFb�_��e7��ipx/[��v����m�����+ s���4SZ�y�],����m�fA���t撣�-�S�G.���a��o���s�o�hp��)+��.����c����xVp#]��tv��ʨ�Ka��?��d��=7�7��~��ׇ�B^a�ڕ�[�e#�n�=e����"�]�4�C"/��(�GH����&:Ւ��wg>�L�6��9�+K["��z�aq45��tzS��9��ḥ�2�U\2�v7��`#��� endstream endobj 195 0 obj <>stream h��ZK�ܸ�+<&Q|?�����E `�ޜ �j͌��RCR{0����T�&��tKl��I�U�J��8&���3��`��Lkj��騈��`8�L�Dh��5�{K�eA�.�B�Dxu��@�� P��tX[9�u�I�h+��K��^��a}P�� ;wx��:l>���{ahG.2%qx��֞(ɔQ4�+P�f�B�jZ�Pi�8� 2�:P����y���"R�� �%!6MA1m ͇I�Kg�d��$�`���f���fX#�Df�K������g �1h �bL:yԠ�0C���8�8(���/iWlb�%2+h��s8����.(��Y �e�5t6(�*��1K:�3K�(� �%�I��lNJ�"��� �ҹ�0gr��S�c�*ZMz��Da� ����Ai� $ -��i>(ԟ$�5 6�3��?C����, l-D���B�Y"(O���$�tF�4�EH;, !�a�&�����?��z�K���)o��;����i:�)�m_�����]��<7��.�i���}�Mc�o �7�F����ϯ^���a� ܆�T��L������s�'i�0Gر���@�{͡��~*?Lñ��UV`RC�ḙh��l���f���^�� ��19%��g�D��nn�"A*�1... endstream endobj 198 0 obj <>stream h��Zk����+�-Z���$.6�Ӻm�N?A����)�������s��ct�Պ�uk���!���ιOJxm3� �]&E �gJ(B���`x�� Ad�df�'Ae�Zt���:7 �q�%I�*B� ih=���u,���I�"V��`U&��Y���ik�WM�`m�:a�9b}&�����4���g�iZ͉LzIX'!�4�5�$���ϩ�H��LiNk8)=����xZ2�f���/2��{�� h^eZ�J��Pgҁ7�u���j��2�9��{H6aC����K�pt $����FHz�J Ok�a� k!��p8����!Y�s��x|8ό!m.2�qH8���U�f����,�HD��mfi7pi��gVʄ���:k�!�@Le}Z����6���q���0�9�f>s*�$t&a� g�`�;��ў%��$�"5$��b �k�Q�� ���B.ׂ ��Ħ�8$�xP"�i/ +�JO���O�)�As a �����|43�}�����E� �SEWq3��,1"`����X#�9h�A�����5��)���e���>��P� }��f��WE�W�v[v��myd��bqu(�u]���j�!6��?��PW���� �6]�0|�T���Ϟ߶�*v?q��s�}��ױ~ ����p |"�:Ŭ�3����x3t�jxUvX >�K%�7�����������i���3<�_JΊg�GgE��ӧ��3 [z�u��x��C2I|S�'����q�L* �c�y�/�ϡ�"�[��@M��H�y>��u=�۪��ڦO���;���~��۲:l��_>���b=s���c��D{A��E����'����U$$t���ۛ�+2J3n l���V��Z�����s�*3 ���G�Dhc.#�X��������xd���pv�M�ƞ�b�žϻ��e�&�}����a�|W�k�z��۷y��]]�M���m��|ݶ�m�7e�m����#pDz�>�Fb�����]�8�ic�2# ^��... K��K�<����c{{� �+�>�FɯPRb��Z���� ��P���<�rKE8�u[�u5������s���\�;��O8-C���W�O�;������R�&����Zxf�"^R��ӯ�$�p�b��U�S�oV�� ��M��.ݏ�ȍ0��i�[�̱�,�|g ݝv��LZ�'g-�/�\i[�]_-���w ��j圾��46idc7%���� n�U6�y8�X<�q�{�m0p=$B�Ɲ���9��zMDA �}ų>t?��ظ��-�;ʊ�$pX���ܱC��>���Z�ϱ�p�*�� ԭ�7f �k�~�,w�,K�%B��(���{z�d ��O@�jA~ȶ��� ��?�=m�UӤv��I>+x#]�\��fm��9��@ŝ �yA"�<�7�2(��o�˷*�"w��@�? ӟ�� endstream endobj 200 0 obj <>stream h��Z]�۸�+|lD�~�[���} �غ���� I����=CI�"q,[H�� ���Cq��q��Q� %��AgX��(����)a-�rZ��X0�1@9acEL�'�%�H�� �GGH)OBk���Jhkx�א�g���I�#KV�d�5)Y���p��G�<k� �x�B �a?7`�p�� �ߕo��^W�4�tL�����{s�mR�ph�W������\��/c.c>9]p* �ߕ�9p�[��Q����^��O�˾~' �s����X���j Ȭi�&-o���"�������6;�v�e�k����j۳C�R�RSy*��P?��K��]��~_ � �Ӧ.�R����e��礂x��Q$3�L���D�R�%Lj���r5���c���0�...
alߔ]z�� ��DÌ���S�҈� "���e� ��r�J0A��PQ�N��@�#�G���&z1��)�)�i�N��~m��S� �+x� ��gL��7g@���m�Q��ܳ��N���h@~:��t�_Ƴވ�v#�F�F���8�*�0�5L*ځx9ϲlۊ��m&8�B� E�@T��C`�a�@@��,u���1.<�%,gFQCz`�� �ӯ\֯��9�}�����H�)��d`s8�� �1vx��(��I�a�k��&���F �״л�=���j�Pe�E�/��|`%ʒ���_��e�+�NTgL�|C=��#P���9{]Ꞩ�M���U�W���m��t�PRx�Oc���.����oV���D6w��0 ��+ �kb� �Ygq�#����$狞��,� ����y~@��q Lb"�D����Ӏ>�}�\�<' FMv"��= L��L�Ĵ����&��a�40�l�F������2Ɩ�^�Rb�^�cW�<~ ��Sk���5؉5@�5@�5&$��5�'נ'W��b����[۶�n ΔI�m^�uF�}d�e�����u�$�f��P�e�Ȥ���*;�8��l ƭ�������\ve���{a�5�xڽ��i�u!����./Γ��.�U���'T�A��p��֫��������6ǣ&k���m^����H��X��>Es������:��!�v�NP,1Cwg���1��]��:!b� Ȧkۻ���o�����`-��"��ʦ�^ԝ�\�yü�\��+2��������E;��M����g�e�����C�4~��{Z@b'a g�������?�h���@Xlg��,��@� ��m�@��1~�sLu]�LWgzNr�C'�(�ش�AW�t������K��9���Q�����������p�C� H9�Z�#�z������3!����x ����y|�*�r��%����L��.8q���uj>^(&����\z�RG?o��Q��[��Nh���G����#�m����/����+\#%��ѣ�{:��~��^��^��il�s_AO}=��y�5� ]��֡�N=嘫u� ����Z�x����y��f�0f9� R6H�c {u";�=���nY��N-���t�}�)6��.�sgK�WX�o ��g endstream endobj 202 0... ��/,��P(�X�����c�YP�v�]� ,PA����yl�TB�"�4���gֆ%L-=/�d��橜�x.� ��� ^љB��,��Xr�2������4�p1�a ox T��|k��Z� %5= �)`D��� �o�ޕ�.�x]�ޥ�P4h��@|��ϓƤQ��$�� ���B-�",9HI�� 2&����Lc&N�eAA�^6��|QFE�=�2:Y���ma��N�j�^��d"�ʄ��p`���qҳ�5;I�x5�Pش{��B������X��,{�XX�y%!�af��,iHl0ؤ��O���| ��F�S � �|�0���,�p�w�b�(�^��� �x�e��օ�|Z�m�`�d ���Mº�K���� ��OaAخOqA$ Ldz�-|����i]�wid e���G���xf�8�ؽq��/����aҠ���nHNHp���C"H�g����f,$8�wߕE���!�����RI�)oU[���P�7c?��W�&P�i�R9 ����^��������LO��cӵ����x�T�����W��i�=�2Q �_�1Nx����(�P[���*�қV�vIm��jo�J�f<�����5�뾖�}�8�%>VOe���&nTy���?|����=w�(Y2 ��pJ'O�0 ׄ(��{w�l�*�z��qaT?�%�o���v�S�y�+Ĺ�s@���ߎY?���G�Wc������p���}w[훟����������+��zY�"�q���BQz c��r��ہ�ok�L�����,��}W��uz���M������3��o�m���aS�����v�l77u���֛���a�㛟��n��ڕ���׆�nv����ݴ�`}���S 'S�\Km)�O1�f5�D�¡�q����E^D,�G��'�Fq�j��"�?��u�#m�Tjs�L���d3�)Ao�vWj�ha;�Q+�R1r���/�E�E90�Y{�U^� �ƅc�2`�y�ͯ�e`��8sw���':��"B��P�d`l�g`B&��^26�����b��jx|*�w]SV�C�� ��*�}Z�����s�o2H8� EsDG���R�E��:��~�&n�/]vU�V�m�4C��?W��X~n����V��wo�����������~�:��]��F耄�7��F���?A�N�Ot��-P����[ ��M�˷�Sl�e` v� �E���r��_���2���+�:j)ؿe ���o��E� ��22�s@�29 ��1��1��2y�d$��1�... �+Ez�0�l���O�t�7N�.Ms���0Ci��éJz����4r3r��0�sFZ�.�@�S��J�u�W�ں��j] 0_'�T�<r���k�MUl���{�>NN.l������f�:<��a����`%X� endstream endobj 206 0 obj <>stream h��Zێ����,��}�k/�N� ;y2� qZ3\S�BR����T��wg����<�a4�fW_�OU�.JZmg�jnj�������Ù�� zC�̄@�b6i�7$� a,��1�y��= Xp4��Lp�H� `%Ҧ�� %ht��q �01��Z&�(9H�洞��iR�� NM��Ur�pT�U:L����EY����E�@gmiU�֝fs���!��s�x�&W�&�^2,�V�$��i�01I o�eJ'czǔ ��gj��H�i�.�:`�i}sxC������a&-\�0Lcs$YH^� �J�~��5:h�m9������tڙ$I�=w$a����9.��8(H�.���m����F�$�:�hA�X:#�C6�%I1�ez�!�Q8 j����06$�,W���#B � E�R��pVjM�d�vj#ЪԦN�F����h6i�d�Fq �UIϜ";;���!)ΜU4�8:dH�� �S�<�驆�0$���7$��)8�Lv�x��-x�i�3�|������@+#��:l0�dIm ��_�c��q����x�𐤏��æ)��p��ǡ;��_��:o����燿�OߔC�6���w�p��\����}��7��j�~h���l�ś�����짷o �e?�ǘ�ض_2��7�?�~]��v7��ı������C,�OR���i��Tp�L`�@�g���z�o�� ��[S|B��� -��qjZ���[�/�T��l�Lۂ+ E#�a�`�*9��s[�y��y�My�Wܜ�ܔ�̩뜃ܔ��sSO2q�ҳ�\5Ot� O+t� �BǮС7�KA��=�M��Yv}������ (���<�Bz\���<... 2��y�ocL���X�i���������8���m��G�?��wo���s�-�%�FɯQ +��x��& �_ endstream endobj 207 0 obj <>stream h��ZM����+<&�&��#0p�0���d���z$�P�@R��}^5�ف��3�|�]���Uկ�)��Ϥ�.3���LpKBȄ I�Ȥ5$�L O�ʔ$�LKM�ɴ#uc3'���e�&u��^�7sEj�gBzҳ"J�"�b\ƪLX� ��D��@2� ��O�)�����a1�I.��Ơ�A� ��9��K��Ӑ\�g�dڤ��g�jz�@O1�� �� Zh�i4�hx�>��H�$�fE㢳Q>i��h�Yy�!ћ=�1���23 )H���:3���c �v��"�����c�4Bf�9u��S��U�̬V4:['R? ɦ~&s���c�� �V��hx�KR��䰹4{l-,��I )�^���4{@��$a�@V�%�d�&��q��D�㱍�-��8$Gc`Yx'��$$���T�v��3od�g2�����= �e��$�=x�=L*(A��R ��St��h�Ze���y�w�dk�Sp��w���Q��x!�>w萤���c���c�y�N���u<|�0*�5J~�RX���%�Fi zڬQ�P���f������?�~�~������ñ�KQ��&��|����M ��pd���JVY��ľg�}5D�oO}dB�GS�`�j[ ���"�i�۰���>m�m�~�"���G��Oq3�,���7�v�Ӝ�غ�I�-t.8�L �Xv�`�C�O-�_U�4-�i�aF�'t�=�9����i<�KSpY_$l�X� ;��'f9;T�i�=;vU��T�6~��á����9!Gʐk����"�ј$�#D��`�0�K`�{�1���TvX��7����݅�Q�c|(�y�f_6;�2��a�+�]�U�������s���,��Ƕn�C`gtЍ�P��*��!K�sA��`z 0�����0�nt�s������mvlS�աg��S�b�[خ�dU]ӯ� .ʾ2 �'�X_^��A�uq6+r��kԄj�fnæ�`C��?��p�s�� BDb�̭ՉÙ܀��k��%�dB���s��f7�ͱ�ޱ�+��~ _�P�w��~�6m7�2Cy %l�)������m`�0)���T|0�r߶ :튾�T%�Nܜ�`H�sdx �J� �8)�:�"8���X�/�~H��\�{�+�0,��O�Xn�aR�?H�U�HJ�8pu�������R�'F{���v�u�Hv����͡�L�X2���ز��aC˶���2�t ��r� ��+l@�sJ�A~n�c����*���Rs�tJ���^cT��V�:j�N����.�!�^>>���ۍ�F�$�}���=uMYW��!����RVM�P�[�r0����&�2 "W&%�N�N���bJ/o�Ld�HW��yL�SC�fb3� �t'A��L�^�,�Y0S97�303����\{2F�4�~����o�O-؟ 0��i,�ߩ��(�5Jn��_�V(�5��n��[���t� �1Nȷ��-N�iQ,��>�oA�(�.���%2�jS��b�����M��[���\��C#��tɢeν�.�H��u^-�����m���]F#�we]��s�.l0�J�)�H�5e�C�x������!ir'572���� �H,��6 8#�櫉�R�E��5����c�v�d8�`�����ܞ�g�T�v��B]p�L���-c��9S5k{��������v�2=n�cW���f���F�m����P�m`VR��x���T��#d�'�Sݯj�� �s�*o���&?=���ya���׳ɹHzn��$�uޗ�����J᭬��\�B}��*Z�oC�T�ILӱ�G�]{��36�R�P�p����b���r��2.%\� �cO ����t�yc�K�x�!&;�����5sde��{�M��o�Y?�Cd��+��I�o��IE��U�wyH�)�� ��Z�_.���j"�o�� ��a� endstream endobj... � ����0X�(��3z�t� ���a�0ڱX��t��Aw7��K�S�㪹��Y��ص��8�g�:��P��3���� �3�އAg��տ������q��p��۵��8�K��C� �a�p���<���y�_:�vЕ����z:��������;��E�J��}�������S endstream endobj 211 0 obj <>stream hޔXMo7 �+�+Q�D�/I A��-�!-� @ZAr��#�ݦ�kx�.���㗤���=�T ��jߒT�[��ji9�&�D���Ʉ�jsN��QK�?=��&�Ԛ �z�G������kzIcj(���$S�I��%���Jv�}@�J�TJv a{\e n���bP*��� I,��H��� M8�ԁ�M8�ԁ��yp �'�b��q��8D�� /Z]���"=Q��F%���)$5/�ͺ+@j)%�fmӊ�x����3� 5o�Fmځ�yc�A�;����Z���<$p���p3 H��.�Qz���]�lN����y���iE���X�ؿj ���8`�(p�S�X >��R���� L:�g��b��՞���!l� 0QׁCټ�U5/�1�ս`)��O��O!������j�$.Q�Z��CT� &�C�< �f��܆c��-H9�a� \� !A�bap�%M���C�L�<$��/NoR?ݡr���t�...
�[�$�؈Cf"K� c�^c�a8��d�i���쐎����1�h4仡��=Ng�����sS���ox��^{����뚔5)� ����&�^��B��_?���{��� ��?8W�o�#�=���`��8���$m��AT�D�JT�DQ��+Q�E�JT�D�J�+Q��+QT�D�JT�DQ��+Q�E�JT�D�J�+Q��+QT�D�JT�DQ��+�gh��y��w����� endstream endobj startxref 116 %%EOF By Bilal Baydoun, Shahrzad Shams, and Victor Pickard By Hannah Garden-Monheit and Tresa Joseph Your use of JSTOR indicates your acceptance of the Terms & Conditions of Use and the Privacy Policy. Use your account to permanently save your acceptance. In the complex ecosystem of Media and Communications, the study of Political Economy Theory serves as a crucial framework for comprehending the intricate relationships between politics, economics, and likewise the media.
This comprehensive exploration delves further deeper into Political Economy Theory, examining its fundamental concepts, historical roots, and its critical relevance in today’s ever-evolving media landscape. Political Economy Theory specifically scrutinises the symbiotic relationship between politics, economics, and the media. It critically analyses how power structures, economic systems, and political ideologies interconnect and influence media institutions, practices, and content. Scholars often use this framework to further investigate the mechanisms behind media production, distribution, and consumption in societal contexts. The roots of Political Economy Theory can be traced back to influential scholars such as Karl Marx, Adam Smith, and Antonio Gramsci. Marx’s groundbreaking critique of capitalism, Smith’s theories on market forces, and Gramsci’s insights into Cultural Hegemony form the bedrock of this theory.
Marx highlighted the exploitation inherent in capitalist systems, while Smith focused on the market’s invisible hand shaping economic forces. Gramsci introduced the concept of Cultural Hegemony, illustrating how dominant groups establish and maintain societal norms and values. Central to Political Economy Theory is the critical examination of media ownership concentration among a few conglomerates. This consolidation significantly influences the information disseminated to the public, potentially reflecting the interests of the owners or powerful elites. It questions whether diverse perspectives and marginalised voices find representation in media content. Governments and political entities exert control through regulatory policies, funding mechanisms, and legislative frameworks.
Thus, impact media content, ownership structures, and freedom of expression. This scrutiny highlights the potential for Media Bias or manipulation in media narratives due to political intervention. This section explores various ideas connected to the notion of political economies of media. Political economy (PE) is an approach to studying media whose focus is attenuated towards the ways in which media is produced, distributed and consumed, rather than on analysing the interpretations of the signs and... The combination of the terms ‘political’ and ‘economy’ which make up PE is an explicit reference to the fact that media texts are produced within specific and historically contingent systems which are not merely... In other words, PE focuses upon the ways in which politics and economics are not separate entities, as they are often treated, but that economics and politics are fields which are best understood as...
The history of modern political economy traces back to the works of Adam Smith and Dave Ricardo, who writing in the 18th and 19th Century outlined a model which was broadly supportive of the... Smith and Ricardo’s work was taken up in the mid 19th century by Karl Marx who in 1867 published Capital: Critique of Political Economy, which functioned as a critique of the emergent political economy... Marx’s major contentions are worth exploring here, as his work remains a foundation for studies of PE, and the basic concepts and categories he proposed are still commonly employed within media studies today, almost... Marx begins Capital by identifying the commodity – a material entity which can be bought or sold – as the basic unit on which capitalist economies are built, and then proceeds to distinguish between... Whereas use-value relates to the value inherent in the way that a good is used, be it to feed someone, provide primary resources for manufacturing or provide information or entertainment to someone, exchange value... Indeed, during the time of the industrial revolution when Marx was writing, the spatial distribution of goods and markets meant that financial speculators were able to amass vast sums (by the standards of the...
This holds true in the modern case, as well. Consider the example of smart phones which rely on supply chains that rely on cheap goods and labor in other countries to produce products with high markup costs in markets like the various North... Whilst the use-value of these goods remained constant – they would be used in the same way in both areas – their exchange-value varied considerably, allowing a particular privileged class of people (those with... This is a crucial point, as it reveals that Marx’s approach to political economy reveals ways that capitalism is dependent upon a system whereby the productive labour of one social group is exploited by... Pivotal to Marx’s work then, were the social relations between different classes within the emergent capitalist society of which he was a part, and the ways in which privileged classes, which he terms the... Marx builds upon the notion of a labor-theory of value, contending that all exchange value is effectively derived from the amount of time someone had to spend working to create a commodity.
This quantifiable temporal unit, however, is itself approached as something which is dynamic and changes depending on social development and structuring. Marx uses examples drawn from the changes to the textile industry within the industrial revolution, in which the introduction of a range of new technologies such as the power-loom – which effectively halved the... Whilst there were still artisans hand weaving after the invention of the power-loom, they only received half the wage they had done previously. Another important distinction which Marx makes with respect to value, is the introduction of the concept of surplus-value. Whereas the use-value of a commodity relates to the work of the labourer in producing it, under capitalism, Marx posits that the exchange value cannot merely be a direct representation of use-value, as in... These added costs to the exchange value of commodities are what Marx terms surplus value.
This again is used by Marx to suggest that capitalism is an inherently exploitative socio-economic system, as this means that it is predicated upon the capitalist classes from extracting value which is removed from...
People Also Search
- The Political Economy of the US Media System: Excavating the Roots of ...
- A New Roosevelt Institute Report Confronts the Roots of Our Media ...
- PDF Political Economy of US Media_PDF - rooseveltinstitute.org
- Publications Archive - Roosevelt Institute
- PDF Foundations of the Critique of the Political Economy of the Media
- Political Economy of Media - methods.sagepub.com
- Political Economy of the Media - Oxford Research Encyclopedias
- Political Economy Theory | The Interplay of Politics & Media
- 3.1 Political Economy - Media & Society: Critical Approaches
By Bilal Baydoun, Shahrzad Shams, And Victor Pickard This Is
By Bilal Baydoun, Shahrzad Shams, and Victor Pickard This is a web-friendly preview of the report. As threats to press freedom intensify—from unprecedented attacks on journalists and the gutting of public media to growing concerns about executive power—a fundamental question emerges: How did we get here? This new Roosevelt Institute report reveals how decades of market-first policymaking has syste...
When Commercial Imperatives Override Democratic Needs, And When Policymakers Treat
When commercial imperatives override democratic needs, and when policymakers treat media as just another market rather than essential civic infrastructure, we create a media system susceptible to pressure from all directions. Today’s journalism crisis wasn’t inevitable, but it’s time to free journalism from the straitjacket of turning a democratic obligation into a profit-maximizing business model...
But A Singular Focus On State Meddling Has, Ironically, Obfuscated
But a singular focus on state meddling has, ironically, obfuscated how authoritarians come to wield such great power over the media system in the first place, and why a free press must be protected... What we’re experiencing now is a dangerous convergence of the two. The truth is that the administration’s threats have rippled across a media ecosystem buckling under the weight of commercial pressur...
When Journalism Is Trapped Inside A Commercial Straitjacket, It Can’t
When journalism is trapped inside a commercial straitjacket, it can’t fight back. In our oligarchic age, where billionaires can decide which fledgling outlets live or die for pennies on the dollar and even themselves command powerful roles in government, the line between state-run media and state-aligned... A press dependent on the whims of the ultra-wealthy cannot claim meaningful independence fr...
�'�S';�!�4�¶���+-8A.���3��]���0l4v�4���8ӑ=#�9ǖߙ��#�k(Y���"���Q�H|Ҷ[^"ף����v��Ϟ��lO��3�;��G�Ù�y#l�2�f��}� R����s�m�#(C��L!��ST�>��2�:���'m��OB�b2�Ѷ[0�y�öZT3�>�v]��k��c�D� ��7�#�t�GۆfN�;l���mC���rmH�d�|ؖmm��E�D =�ko���l������B&V��f���&�JL^S��2S���)�����l5w2G���f��,����]��~�K����Ѫ{FY�,�VN�-~E�8 `�U��^RV�f�J�&m���*Q�F^�ob� V��N�� ��c�=��q�7� �ڥ�J� � ������L�Kܞ��W
�'�S';�!�4�¶���+-8A.���3��]���0l4v�4���8ӑ=#�9ǖߙ��#�k(Y���"���Q�H|Ҷ[^"ף����v��Ϟ��lO��3�;��G�Ù�y#l�2�f��}� r����s�m�#(C��L!��ST�>��2�:���'m��OB�b2�Ѷ[0�y�öZT3�>�v]��k��c�D� ��7�#�t�GۆfN�;l���mC���rmH�d�|ؖmm��E�D =�ko���l������B&V��f���&�JL^S��2S���)�����l5w2G���f��,����]��~�K����Ѫ{FY�,�VN�-~E�8 `�U��^RV�f�J�&m���*Q�F^�ob� V��N�� ��c�=��q�7� �ڥ�J� � ������L�Kܞ��...