newspapers as ENDOWED INSTITUTIONS

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A lot can be said about the importance of newspapers. But I shall limit myself to a quotation from what Thomas Jefferson wrote in 1787. "The basis of our governments being the opinion of the people, the very first object should be to keep that right.And were it left to me to decide whether we should have a government without newspapers or newspapers without a government, I should not hesitate to prefer the latter." This invaluable opinion has been quoted by David Swensen and Michael Schmidt, who work at the Yale University, in an article in a newspaper here. After discussing the financial crisis the newspaper industry in the US is facing, as a result of which many of those papers are on the verge of closure, these two learned gentlemen have suggested that the newspapers should be turned into non-profit endowed institutions---like colleges and universities.Endowments would enhance newspapers' autonomy while shielding them from the economic forces that are tearing them down, they say. In the standard business model, newspapers rely on revenue from circulation and advertising to pay for news coverage and generate healthy profits.In the past decade, as Americans embraced the internet, newspaper circulation has declined every year.Advertising revenues, which are tied to circulation levels, fell even faster. Classified ads, in particular, suffered as the Web offered cheaper , easier and more effective alternatives, they pointed out. I would like to add to this; The newspapers owned or controlled by big money serve the interst of the moneyed people only. The news and views, most often than not,cater to the interest of the ruling Parties in the US just as in India or any other country.There are few newspapers, not owned by big money, which can stand in competition to these.Any number of instances can be given.In short, one can say that these big strong newspapers decide what you should read, know and believe. By repeating the same falsehood they make us believe it to be true.Newspapers, too, are a commodity like shoes, clothes, medicines are any other thing that is produced for consumption and for making profit. I, therefore, wholeheartedly endorse this suggestion made by the two honourable gentlemen mentioned above.This economic crisis has given us this golden opportunity.USA have an excellent system of running eminent educational institutions with the help of endowements.Several countries are trying to learn from the US experience.Let the US start this venture too and set up an example for the world. While expressing my gratitude to Messrs David Swensen and Michael Schmidt for this wonderful proposal, I seek the views of mylotters on this plan.