News as a Public Good: Cooperative Ownership, Price Commitments, and the Success of the Associated Press

Stephen Shmanske

Business History Review, 1986, vol. 60, issue 1, 55-80

Abstract: In this article Professor Shmanske examines the history of the wire service industry with special attention to two economic peculiarities: the “public good” nature of news dissemination and the different ownership structures of the competing firms. By focusing on the interplay of the nonprofit, cooperative organizational structure of the Associated Press and the public good characteristics of news, the author provides a new and economically sound explanation for the AP's relative success. In addition, he demonstrates that many unusual institutions in the news-providing industry, particularly pricing structures, can be understood by analyzing the economic and marketing problems associated with private-sector production of a public good.

Date: 1986
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