Tuesday, February 21, 2017

What Facebook Owes to Journalism; New York Times, February 21, 2017

Steven Waldman, New York Times; 

What Facebook Owes to Journalism

"The 19th century robber baron Andrew Carnegie gave away most of his wealth later in life. “Surplus wealth is a sacred trust which its possessor is bound to administer in his lifetime for the good of the community,” he said. Carnegie built almost 3,000 libraries. All Mark Zuckerberg, Larry Page, Sergei Brin and Laurene Powell (widow of Steve Jobs) have to do is fund 3,000 journalists.

If the leaders of these companies put the equivalent of just 1 percent of their profits, for five years, to the cause, local American journalism would be transformed for the next century.

That would be $4.4 billion — enough to establish a permanent endowment to fund local journalism."

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