A great summary of the media landscape in a Robert Peston blog/speech

Planning a course on Media Relations it would be hard to find a single source which raises so many issues on role and future of journalism and by implication role and future of media relations as Robert Peston's latest blog entry.  This is a reprint of Robert Peston's speech at the Edinburgh International Television Festival sponsored by the Media Guardian and reprinted as a blog.  The speech being a blog is of course significantly enhanced by readers' comments underneath (114 two days later) - for a recent Royal Bank of Scotland blog he ended up with over 700 - and this is of course an increasingly interesting and important aspect of media relations in terms of monitoring and judging how a story and discourse is being received and in its future development. 

I also thought it was particularly noteworthy how important the blog is in the development and disseminaton of his ideas; "For me, the blog is at the core of everything I do, it is the bedrock of my output. The discipline of doing it shapes my thoughts. It disseminates to a wider world the stories and themes that I think matter.....Most important of all, the blog allows me and the BBC to own a big story and create a community of interested people around it. Sharing information - some of it hugely important, some of it less so - with a big and interested audience delivers that ownership and creates that committed community."

A grand discourse on the future of the City of London

The fall-out from the financial crash continues. Markets and economies may be stabilising but we are now in the midst of a grand discourse and clash of ideas on the role of financial markets. Lord Turner, head of the FSA, the City regulator, has been quoted in a magazine article as saying that some City trading activity is "socially useless" and "efficient market theory" has been found wanting and consideration should be given to a transaction tax called Tobin's tax, after the US economist who first suggested it, to reduce the power of financial markets.

The reaction from the City and also government has been strongly critical but interestingly the reaction from the financial press has been more nuanced and supportive of the debate. This supports my sense that the City has ridden roughshod over the financial media (and society?) for too long and is paying the price. The City has also ignored the requirement in a modern democracy that a major sector needs to participate in the debate of ideas with society, along the lines of Habermas' communicative action with a genuine interest in hearing different perspectives. The City has put forward a very narrow ideology based on jobs and importance to UK plc and the financial crash has led to this being questioned. Somehow one cannot imagine that the industry body, the British Bankers Association, has ever funded research on supporting the rationale of financial markets, but perhaps this now needs to be part of its communications strategy going forward, if it wants to protect the interest of its members.

The French philospher, Michel Foucault, would surely have been interested in this debate. Not only is the accepted "truth" of the primacy of financial markets now being contended but it is the way that the new discourses are being developed. Foucault was interested not only in the "regime of truth" but the processes developing it. The current debate has not come from the left and traditional critics of the City; but this time from the heart of the City establishment - and in Foucauldian terms, this is what gives it such power. In fact the original Prospect article which takes the form of a round table discussion/interview with Lord Turner by leading City analysts and journalists including a recently retired Deputy Governor of the Bank of England, John Grieve. In PR terms it will be interesting to see what discourse strategies are developed by the City establishment in the coming weeks and months to defend its position; certainly it is a particularly interesting challenge for the City's financial PR community to consider.

No doubt the City will "win" the argument in the short and medium term. However, as some media have suggested the most difficult long term blow for the City comes with the comment that it is "socially useless" In a society where corporate social responsibility is part of the framework and language of modern organisations and the way that they sell themselves to future employees - that is indeed a damaging blow.

Discourse analysis now part of the narrative

I am only an occasional reader of the Guardian's print version (Times and FT is my usual read), although look at it regularly online. I was struck by the use of content or discourse analysis in its coverage of Gordon Brown's speech to the US Congress last Wednesday 4th March. It is covered online but you don't get the full impact except in print. Wrapped up in different terminology to make it more accessible - "What the Prime Minister said and what he meant" but essentially making us the readers part of the analysis and able to access the story from a range of perspectives in what one might term a collaborative process.

What is interesting for PR people is how media savvy we have all become and the discourse analysis in the Guardian only develops this further. We increasingly spot the clues and meaning behind "news" stories and can spot the "genuine" or "manufacturered" story. PR has traditionally wanted to hide or at least play down its involvement in developing news agendas and discourse, perhaps this position is no longer sustainable and we should welcome the fact that stakeholders can increasingly understand the source and methods used as we become more open and transparent as a profession. Certainly Kate Moss appearing in the TopShop window in Oxford Street in 2007 - a classic manufactured event - did not stop everyone enjoying and participating in the event and helping make it a genuine "news" event.