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    Plastic Vision An Analysis of Reuters Fi

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    Plastic Vision an Analysis of Reuters Fi

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    ne Rutherford ipact and how it changed the way uotidian environment. But even just the soaps and not just the cop romenis of incredible experience, 1d I would say T have no illusion 1a as the major herizon of experi- know what the figures are for than the United States, but cinema form in the way it was notin the ‘also think that yeu cannot under- ¥y unless you watch television and \ere the non-existent public sphere hisis where you see how disparate ‘uch ofthe political getsarticulated, ‘erupt. That is why would defond nnpson tral in its very corrupt and ings really clashed and got spoken arenas of traditional poities and ‘mas and Naney Fraser understand Distinguished Service Professor inthe PLASTIC VISION: AN ANALYSIS OF REUTERS FINANCIAL TELEVISION Geoffrey Craig Introduction perocpipaerainaraiameratatncn ee eens global electronic market place which was manifested in the computer oo ‘These changes tothe intemational financial system and financial jovmal- ism, which continue, to develop apace today, represent a revolution ‘comparable to the development of the telegraph and the transatlantic cables of last century. This electronic age is chiefly characterised by the ‘decline of the printed word and the rise of information communicated through computer screens. While the printed word, of course, remains an integral component of financial information communication, the elec- tronic age is marked by the rise in prominence of audio-visual and ‘multi-media communication. Televisual footage, the display of grapbs 12 Geoffrey Craig ‘and tables and flow charts more pervasively assume the function of representing the economy. These changes in the modes of signifying the ‘economy represent a fundamental shift ‘in the visualisations of the econ- ‘my. they representa new way of seeing economic life whichis bound ‘pin changing ullistions of space and ime. As will be discussed inthe following analysis, the integration ofthe economy through single vision cor logic is now nigh impossibl 1 fragmentation of the economy into Smulttude of markets and sectors necessitates a more heterengendus, piswte vision. Similarly, the velocity of ezonomic ie requires commit ricative forms which fa Helen Grace states: tate faster translation and interpretation. As Reading is a slower, more contemplative, more classical way of acquiring knowledge .. [Now] [decisions have to be made on the fan, we are told: the businessman must think on his feet and with his ‘yes. Knowledge must be acquired at a glance, it must be pictorially presented Reuters Financial Television (RFTV) RFTV is a specialised financial news service for Reuters clients in the international forcign exchange and debt markets. Tt is a discontinuous, realtime television service delivered via satellite and most often dis- played through a window on the user's ‘computer screca where itis used Jp conjunction with other news and information. When RFT started in {1004 ithad only a handful of clients but four years later it has become a sccepted part of Reuters “product offering” with 2,000 dealer positions TRFTV operates 24 hours por day with news centres in London, Tokyo and New York, drawing on correspondents from Renters bureaux around the world, RFTY has ¢ close selationship with Reuters Tetevision (the ‘world’s largesttelevision news agency formerly knownas Visncws which Mes acquired in fll by Reuters in 1992) but isnot under thei editors control. “The formulation of RFTV arose once Reuters discovered that it could in fact detiver a range of information and events on a regular basis with ‘sufficient speed to warrant the establishment of a tclevi service Complementing the text-based service. Reuters discovered the mariet trades did not want a continuous broadcaster such as CNN but an sinter lent service tailored more tothe specific demands ofthe financial narkets, The result was atelevision service which wasastrange amalgam of traditional broadcast-style television with more, narroweast features oct as te live coverage of the rlease of financial data, To ensure the Service was of nteresttoa broad range of market-based personnel, RETY. focused primarily on macro-economic issues. A moming briefins Pro- frame was developed which provided an overview of avemight masket PLastic Vision 113 pervasively assurne the function of changes and forecasts of market movements for that day's trading, The banges inthe modes of signifying the form of such prograinmes did not differ significantly from mainstream shift in the visualisations ofthe econ- broadcast business television but the advantage the television service had seeing economic life which is bound over text-based information delivery was that it was possible to bring and time. As will be discussed in the together in a more interactive way commentary from a market analyst *fthe eccmomy through single vision with the real-time graphics which were constantly monitored by dealers ie fragmentation ofthe economy into ‘and traders. Together with the briefing programmes and the live release 5 necessitates a more hetereogenous, of financial information, RFTV also began live coverage of the speeches ty of economic life requires commu- and press conferences of prominent financial figures, such asthe chair of ter translation and interpretation. As the U.S, Federal Reserve Alan Greenspan, as wells exclusive interviews with such figures, antemplative, mote classical way of nalysis is based on interviews with RFTV London staff. also spent 1 [dlecisions have to be made on the several days observing the production of RFTV programmes. The inter- fan must think on his feet and with his, views have generated qualitative rather than quantitative data. The inter- ired ata glance, itrmust be pictorally views covered ceriain core topics but they were not strictly organised as in a more empirical study. This is not to deny, however, all of the wellknown problems associated with empirically-basod research. I fol- (FTV) Jow fen Ang’s‘ critique of empirical research which is that objective, scientific knowledge is not generated by such work, but rather interpre eer tative frameworks are constructed; frameworks which are political inter- | debt markets. Itis @ discontinuous, veliwit tall and cet cicada ‘ventions that place the material into @ network of power relations. ‘t’s computer sereen whore its used. | information. When RFTV started in ‘The space and speed of the financial markets + but four yeas later it has become an RFTY was the star attraction at the Reuters annual press conference in fering’ with 22,000 dealer positions. 1994. Againstabackdrop of RFTV coverage ofthe Japanese Diet, Reuters with news centres in London, Tokyo ondents from Reuters bureaux around ionship with Reuters Television (the \cy formerly known as Visnews which. 1992) but is not under their editorial The speed of information delivery is the most important attribute of RFTV. It was the ability of video to communicate the live release of ‘numbers faster than the text service which prompted initial Reuters interest in the idea of a narroweast television service: CEO Peter Job highlighted one particular word: infospeed. Referring to the Diet coverage Job noted that ‘people who were watching this had a ‘90-second lead on the market’* ce Reuters discovered that it could in 1 and events on a regular basis with ‘tablishment of a television service We id some caleulations nd we figured thet our clients could get ‘ioe, Reuters discovered the market that news anywhere between ten soconds and half. a minute faster 4 broadeaster such as CNN but an than our text service even [with] the best text reporter at the back ‘he specific demands ofthe financial of anews conference with a mobile phone where the range of alens ‘evize which wacustrnge amalgam are pretty well known in advance and an editor in another office in ision with more namrowesst features the city is just poised over his keybonrd ready to say OK is it up or case of financial data. To enaure the down? Is t3.3 ot it 2:97 No matter how good you are you're sill ‘ge of market-based personnel, RFTV _going to be faster if you deliver it over video. mic issues. A moming briefing pro- Ff course, the timeliness of news has always been considered a vital ‘ded an overview of overnight market ingredient in the newsworthiness of stories; the merit of joumalistic 4 Geoffrey Craig producthas always been at least partly determined by the speed of delivery ofthat information, Nowhere has that been more so than with wire agency joumalism. Unlike the newspaper reporter, and even unlike the broadcast joumalist, stories are not held fora time-specific edition or bulletin but ‘must be distributed as quickly as possible, ‘The efficacy ofthe city joumalist’sgazc has always been bound up in the speed of the transmission of the reporter's guze over the spaces s/he surveyed. The archeiypal city reporter in the earliot part of the century, garbed in crurapled felt hat and tenchcoat, was characterised asa mobile ‘observer ofthe city, making vsiblcall the machinations ofthe metropolis and then urgently conveying the information over the telephone to the editor minutes before the evening deadline. Although no longera mobile observer in the same sense; this joumalistc vision has now given way to the speed of the RFTV journalist who directly conveys to the financial ‘markets the latest financial data the moment itis publily released. But the acceleration of this information conveyance has carried with it the dissolution of physical space, ¢ dissolution captured in-Paul Virilio's distinction between boundaries and interfaces. For Virilio, » boundary ‘marks alimitaton of spaces which in tun necessitate frsnsportaton from ‘one space to another. With an interface however, there i no separation of domains: with the sereen interface of computers television and telecontfer- ‘ences, the surface of inscription, hitherto devoid of depth, becomes «kind of ‘distance,’ a depth of field of a new kind of representation, visibility without any face-to-face encounter in which the vis-a-vis of the ancient sirets disappearsand is erased ... From hereon, usban architecture has to work with the opening of a new ‘technological space-time,’ .. Instead of operating in the space of a constructed fabri, the intersecting and connecting grid of highway and service systems now occurs in the sequences of an imperceptible organization of time in which the man/machine interface replaces the facades of buildings the surface of property allotments.” For the city reporter, the emphasis has shifted from the mastery of the physical space of the city to the mastery of the ‘new “technological space-time” ofthis new city ‘The RFTY journalist needs to be located in a journalistic history which commences with the journalistic aneur who traversed, observed, and learnt the meanings ofthe city its sirets and populations. Although the ‘laneur is a broadly-based historical type, the journalist in many ways 'ypified the character of the flaneur. Indeed, Walter Benjamin went s0 faras to state that ‘the social foundation of flanere is joumalism’.* But now the journalist no longer employs her/his gaze to actively read the termined by the spredof delivery nmore so than with wire agency cr, and even unlike the broadeast e-specitic edition or bulletin but le, has always been bound up inthe ter’s gaze over the spaces she 1 the earlier part of the century, at, was characterised asa mobile ‘machinations ofthe metropolis tation over the telephone to the ne. Although no longer a mobile stc vision has now given way to liectly conveys tothe financial nent its publicly released, But ‘veyance has eared with it the ution captured in Paul Virlio’s srfaces, For Virilio, « boundary ‘necessitate transportation from however, there is no separation luters, television and teleconfer- harto devoid of depth, becomies of a new kind of representation, ‘encounter in which the vis-a-vis iserased... From hereon, urban pening of a new “technological 8 in the space of a constructed onnecting grid of highway and sequences of an imperceptible hnanmachine interface replaces ve of property allotments.” shifted from the mastery of the ry of the ‘new “technological | ina journalistic history which who traversed, observed, and and populations. Although the the journalist in many ways ‘eed, Walter Benjamin went so of flanerie is journalism’ * But his gaze to actively read the PLASTIC Vision 115 images of the physical city. Now, the city that is read is the combined views and speculations ofthe virtual collection of traders and economists ‘who have syneedochically assumed the city. ‘The RFTV journalist employs his/her gaze on the fragmented, virtual spaces which constitute the economy. The market economy which the RETY joumalist surveys is a plethora of informational and statistical vectors which overwhelm any single journalistic vision. The financial sector comprises a multitude of markets: the commodity markets, the futures markets, the stock exchanges, the currency markets, the bond markets, etc. Within each of those markets is a bewildering array of information, facts and rumours specific to those markets circulating at @ ferocious velocity. In addition, these markets feed on extraneous infor- ‘mation about political devetopments and macro-economic changes in different nations thoughout the world. Consequently, the information environment has incteased exponentially: the mainstream business and financial media and the intemational news agencies have been joined by «variety of corporate newsletters and investment publications RFTV has, to some extent, overcome the multifarious nature of the international financial sector by selecting a macro-economie focus for their programmes but this does not diminish the fact thatthe scenario of the intemational financial seotor necessitates a fundamental shift in Joumalistic visualisation. Previously, no matter how complex an issue or ‘component of social life, it was maintained that a singular journalistic vision could encompass and ascribe a particular meaning to the subject. Now, the RFTV joumalist deals with such a kinematic subject that a different kind of journalistic vision is necessary: one which is more heterogeneous and plastic and which acknowledges its incompleteness. [As one RETV journalist put it: ‘There's too much information in a way ... what we're trying to do is to bring people a sort of snapshot ofthe day and actually you have to be honest and say that sometimes that snapshot is a bit blurry. 1 wouldn't say the snapshot is wrong, in as much as the information we're conveying is definitely right. But it’s not the whole picture. ‘You know its not got every detail in it, there’s no doubt about it. So it’s sort ofan impression of a day.? With RFTV the modem journalistic vision has disintegrated. The vision ‘ofthe RFTV journalist isnot a gaze which arrests the flux of phenomena but rather it is characterised more by mobility and exchangeability. As Jonathan Crary noted ofthe rise of photography inthe nineteenth century, 2 reconfiguring of discursive, technological and institutional relations have brought about a new way of seeing, a new kind of observing subject. ‘The vision of the RFTV journalist is best understood as ‘a crucial 116 Geoffrey Craig componentof cultural economy of value and exchange’.!°The value of the RFTV journalists “impression of@ day’, forall its factual validity, lies not so much in its truth value asin its lyformational value and its very circulation throughout the trading world, And yet, the tuth value of information has not been distegarded entirely. In a world dominated by speculation, hedging and rumour, the grounding of fact stil carries some ‘currency. Reuters has put itself into the oxymoronie situation where it, arguably more so than anyone else, has created the turbulent, chaotic ‘world of international finance inthe electronic age while atthe same time the company has cultivated a eputation for trustworthiness and accuracy, 1 valuable attribute in such a global order. ‘Visual representations of the financial markets, ‘The vigual has an ambiguous status in RFTV. On the one hand, RETV, as an audio-visual text ofthe electronie age, is marked by its televisual footage and use of graphics. As one walks along the rows of computer screens accessing RFTV and other Reuters information products, one is struck by the relative dectine of the printed word and the dominance of ‘more visually-oriented forms of representation. On the other hand, RFTV is characterised as a very unvisual form of television service, relying io 4 a large extent on talking heads and graphics. One ofthe striking characteristics of RFTV isthe range ofthe visual field. Inthe one programme there willbe frequent andrapid alternation betwee macroscopic visualisation of national economies and microscopic alisations of variations in a particular market: Mark Gibson argues, following Jean Bauctrillard, thatthe visual field is increasingly oriented to the microscopic: “4 the interest for contemporary business is not in complete bodies; ‘even nations are now generally considered as requiring too large a focus let alone entities as gross athe ‘Orient’. Attention has passed entirely to the level of the microscopic, to tbe minutestfunctionings of the market economy.—the market niche, the operational infrastruc~ ture of organisations, barely perceptible variations in share prices) and foreign exchenge rates." ‘While the veracity of thi shift inthe visual field is acknowledged, and it is acknowledged that increasingly the fluctuating fortunes of the econo mies of nation-states arc mapped in microscopic variations in citrency ‘and share markets, the macroscopic range ofthe visual field has not been rendered redundant, On the contrary, for the RFTV journalists and producers a lot oftheir joumalistic work actually involves making. con- rections between macro economic and politcal changes and variations ‘ : Se in particular markets. While the focus of the financial television pro- ofvalue and exchange’. The value cof a day’, forall is factual validity, 1its informational value andi very world. And yet, the truth value of entirely. In a world dominated by rounding of factstill arres some the oxymoronic situation where it, has created the turbulent, chaotic. lectronic age while atthe same time on for trustworthiness and accuracy, sede. nancial markets MRETV. On the one hand, RFTV, aic age, is marked by its televisual walks along the rows of computer uters information products, one is 'rinted word and the dominance of entation. Oa the other hand, RFTV 'm of television service, relying to aphies, PTV isthe range of the visual field, |wentand rapid alternation between | economies and microscopic visu- ar market: Mark Gibson argues, isual field is inereasingly oriented usiness is notin complete bodies; onsidered as requiring too large a the “Orient”. Attention has passed vopic, to the minutes functionings 2tniche, the operational infrastruc ceptible variations in share prices ‘sual field is acknowledged, and it fluctuating fortunes of the econo- vieroseapic variations in currency ‘ge ofthe visual field has not been . for the RFTV journalists and itk actually involves making con- 4 political changes and variations 5 of the financial television pro- gramme is, of course, ultimately the movements of the markets, the job of the RFTV journalist and the analysts they interview isto visualise and attribute meaning tothe relationship between the macro and the micro, & reciprocal relationship where exch is given a determining capacity. Baudrillard does, however, identify the relationship between visualisation and production which is fundamental to the functioning of the visual in RETV. He reminds us that the original meaning of production was ‘to render visible, to make appear." For Baudrillard, contemporary western culture isa culture of production which is realised through the process of visualisation, Baudrillard argues that ultimately such a ‘logic'of revela- tion, of unveiling, must always sun against a paradoxical limit? but FTV, and the international financial system generally, is matked by a continuing proliferation of productive potential through the construction of new visual fields ‘An example of such a visual field is RFTV coverage of newly capitalist rarkets in Eastem Europe, Latin America and the Middle Eas, known collectively as emerging markets. The expansionary logic of capitalism necessitates the perpetual seeking out and exploitation of new matkets and information and such prodetive potential is made possible through Journalistic visualisations. Its the RFTV visualisations which bring such ‘markets into being, that actually allow them to become visible in such a Way that they can be krovwn and subjecttothe machinations of the market. ‘The emerging markets are represented at the macroscopic range és well 4 the microscopic viuelisations of specific market operation: (Question: What are good pictures for you? Answer: Well, think for me in particular, ... on the emerging market, side, anything that can provide an image ofthat country. If were an avestor, say, in Bulgaria and I've never been to Bulgaria but might be thinking about buying Bulgarian debt think a picture ofthe city ‘or any way to bring home a visual representation of that place can actually do a lot for the words... I mean it’s wonderful when you ccan write it beautifully and bring home the idea of what it would look like but we can actually show it through those images," ‘Such images could be dismissed as stereotypical, picture-posteard im- ages, but they are important not for thei simple representational quaitites but because oftheir function in incorporating the abject into the province of the market. The pictures establish a relation of difference which can subsequently be exploited. The RFTV pictures also work to provide a connection between esoteric discussion of Bulgarian debt and contem Porary Bulgarian life which both ground the discussion in a certain ‘material reality and lend the trading a certain legitimacy which would be E i i 118 Geoffrey Craig i i harder to sustain if the true autonomous nature of the trading of the debt i i ‘vas highlighted. i : The most significant illustration of RFTV"s construction of new visual : fields occurs through the representation of particular bodies. Journalism generates meanings through the reading of bodies and a significant part of the success of RFTV has been due to the greater trading opportunities afforded through the visualisation of newsworthy individuals, think the biggest contribution that we make is giving traders new formation to trade on, a new dimension of information to ‘trade on ... We're trying to provide the information that isn’t on the {tres} sereen, not the information that is on the screen. The information that sn'tonthe sorconisrealy seeing pcturcs of people, sect visual images of people. Not just reading what they said but seeing how they sid Didthey look sincere? Did they look worried? Did they look like they were saying oe thing and thinking another?! : ‘The figures ofthe international financial system are disciplined bodies — thc interviews of Finance ministers and multinational CEO's are not usually marked by their bodily excess and volatility. But regardless of their degree of uniformity and disciplined deportment, the meaning of their uterances are always generated to some exten through a reading of the body. The disciplined body, however, is never totally fixed and selfecontained but rather itis continually produced and its power made Visible. The RETV journalists and producers recalled several instances ‘where significant market movement was prompied by thecommunication ‘of the visual images of RFTV. Perhaps the most famous example was the surprise election of Murayama as the Japanese Prime Minister. Some {traders could tell from the faces ofthe Vote counters thet it was a surprise result and promptly traded on a Murayama victory before the official ‘announcement. A RFTV journalist recalls another incident: Wwe were carrying” Bundesbank press conference oncé and ‘someone asked thema question and said do you think that thedollar's ‘overvalued and the entire Bundesbank Council burst out lighing. Now you couldn't snap that — Council burst out laughing at dollar ‘question. But I think that’s just another form of information: you ‘know, i's telling you something about what those guys are thinking and it’s telling you in a way that you'd never see on text and never pickup." we ‘The ultimate objects of scrutiny in RFTV arc the markets themnscives and they are primarily visualised through dis-embodied representations such 4s graphics. The RFTV journalists and producers expressed regret about theirreliance on graphics andthe lack of good visuals generally compared to mainstream broadcast television. The graphics, however,:were also dus nature ofthe tradng of the debt LETV’s consiructionof new visual nn of particular bodes. Journalism ing of bodies and a ignificant part to the greater trading opportunities newsworthy individuals, sat we make is giving traders a new anew dimension ofinformation to ide the information fat isn’t on the nation that is on tie screen. The ‘nisreally seeing picues of people, Not just reading whut they said but ok sincere? Did they look worried? gone thing and thinking another?"* vial system are dis and multinational CEO's are not ss and volatility. But regardless of lined deportment, fre meaning of to some extent through a reading of ‘wever, is never totilly fixed and tally produced and is power made oducers recalled several instances as prompted by the aommunication 's the most famous example was the te Japanese Prime Minister. Some + vote counters that itwas a surprise \rayama victory before the official ‘calls another incidest: shank press conference once and ‘nd said do you think that the dollar's ¢sbank Council burst out laughi ‘ouncil burst out laughing at dollar another form of information, you about what those guys are thinking. ‘you'd never see on text and never ‘TV are the markets themselves and dis-embodied representations such \d producers expressed regret about of good visuals generally compared ‘The graphics, however, were also PLasric Vision 119) acknowledged as indispensable ways of condensing information and consequently the most valuable form of visual communication supplied to the traders. ‘The use of graphics reveals the fundamental dilemma RFTV joumalisis, face in the visualisation of the financial system: the impossibility of representing the furute, The graphics most commonly employed in RFTV programmes are real-time graphics which progressively chart, down to the level of seconds, changes in a particular market, Unlike conventional journalism which primerily reports on the events and sayings ofthe past, RFTY has an almost all-consuming, forward-looking focus. During programmes, particularly after the release of financial daa, the commen tary of RFTV joumaliss and analysts oftea take place over the display ofthe real-time graphics, which in an almost mesmerising way, continue to tick over, silently and abstractly registering the crashes and creations of fortunes and reputations. Of course, it is possible to visualise or speculate on the furure, and this has become a significant part of the contemporary capitalist global economy. As McKenzie Wark notes, following James Carey, ‘once the telegraph unifie{d] the space of trade, ‘speculation move(d] from space to time, from arbitrage to futures” The futures markets offer @ renewable realm which can be perpetually ex- ploited. However, speculation inthe here and now always runs up against the limit of the immediate fature. The real-time graphics work to animate the market and prompt the only RFTV question: what is the next market [The real-time graphic is alive. I always think that the person who is watching the graphic is thinking, well, where should T get in on that line, You know, should Ibe selling or buying ~ which way do 1 think it's going to go ... We all now visualise the market as a real thing. Itis areal thing, you know, we cal it this it's moving sideways or it’s jumping up and down, t's actually a ive thing we've tumed it into something that’s real, Which is wild.* Publies and the financial system ‘The operation of RFTV raises many questions about the complex and ‘multi-faceted networks of association in contemporary capitalist society which in turn challenge many conventional considerations of journalism and the public sphere. The transnational character of RFTV problematises the territorial and nationalistic basis on which the public sphere is traditionally discussed. Attempts to unproblematically extend considera- tions of the public sphere to the global realm are undermined by the fact that RFTV does not reach a generalised public. As a narroweast service, RPTV’s audience is restricted to Reuters clients directly connected to the everyday activities of the intemational financial system and the RFTV 120 Geoffrey Craig audience is characterised by its homogeneous identity and the degree of its expertise. The audience of RFTV can best be described as a ‘partial public’ ‘Over the past decade or wo, there has been a veritable explosion of, partial publics, ftom the multimedia publicity erystallizing around traditional sports through TV evangelism and pro-life organizations, to computer buletin boards, video juke box circuits and telephone ‘sex. What such partial publies have in common is that they operate through industrial-commereial venues; that they are usually aot constructed on an identtarian model; that they organize vast con- stituencies... but that their activites tend to remain more ols. hidden fiom public view, that is, from anyone who is not directly paying for and participating in them."” “The homogeneous identity ofthe audience has significant ramifications for journalist-source relations in RFTV. Conventional business journal- ism reliss heavily on the single source of business and consequently i open to charges of souree advocécy.” This applies to an even greater degree with the specialist financial reporting of RPTV. While the potential for syeophancy is balanced by an obligation tothe public fr the conven tional business journalist, the RFTV journalist has no such obligation ‘because ofthe specialist make-up ofthe audience In this sense, the RFTV Journalist does not engage in the same kid of tansformative work of a ‘conventional busines journalist; the RFTV programmes émploy 4 spe- cialist economic discourse which is not oriented to a general public, However, while RFTV does establish a sphere of relative autonomy from the wider public domain, its significance, like the significance of the Sntermational financial system generally, is ultimately grounded in its influence of the domains where democratic poitcs are practised. RFT, ‘then, is located in a complex Web of networks of association and I argue that one ofthe most significant functions performed by RFTV joursalists isto act as negotiators and managers of these networks of association. “The realm of economic activity is « thomy problem for the theorisations ‘which maintain « strict delineation ofthe boundaries of the public. The ‘work of Oskar Negt and Alexander Kluge does attempt atheorsation of the public domain which incorporates the fundamental importance of tvonomie interests. Neg and Klug criticise the dessicated conceptuali- ‘ation ofthe public sphere which effectively excludes significant arenas of social experience such as ‘the whole of the industrial apparatus and socialization in the family’.2" Negt and Kluge critique the singularity of the bourgeois public sphere and posit a number of individual spheres “which together constitute the social totality in a comple, infeseshing relationship. Unlike Jurgen Habermas and Hannah Arendt who chart @ history of the decline of the public sphere due to the increased interven- neous identity andthe degree of 1am best be describel as a ‘partial has been 2 veritable explosion of ia publicity erystalizing around selismand pro-life ganizations, juke box circuits end telephone 2 in common is tha‘ they operate ves; that they are usually not Jel; that they orgarize vast con- les tend to remein nore or less from anyone who it not directly ‘nce has significant ramifications Conventional busness journal- of business and consequently is ‘This applies to aneven greater ting of RFTV. While the potential mn tothe public for the conven- urnalist has no such obligation sudience. In this sense, the RFTV. kind of transformative work of a FTV programmes enploy a spe- ot oriented to a general public. sphere of relative autonomy from ace, like the significance of the y, is ultimately grounded in its lic politics are practised. RFTV, ‘works of association and I argue performed by RFTV journalists these networks of association. any problem for the theorisations he boundaries of the public. The ‘ge does attempt a theorisation of the fundamental importance of icise the dessicated conceptvali- ively excludes significant arenas > of the industrial apparatus and Kluge critique the singularity of number of individual spheres ality in a complex, intermeshing and Hannah Arend: who chart a re due to the increased interven- PLastic Vision 121 tions of capital, Negt and Kluge argue that any emancipatory project mast acknowledge the’ constitutive fumetions of capital in the formation and ‘ongoing finetioning ofthe public sphere. [Negt and Kluge posit three different types of public life: that of the classical bourgeois public sphere; the proletarian public sphere; and industrialised production public spheres. The latter category includes those aspects of social experience which’ foreground their commercial contexts, such’ as corporate public relations and commercial média, Industrialised production public spheres, i the form of the production process itself and its promotional manifestations, overlay the classical bourgeois public sphere: ‘The traditional public sphere, whose characteristic weakness rests ‘on the mechanism of exclusion between public and private, is today overlaid by industrialized production public spheres, which tend 10 incorporate private realms, in particular the production process and the life-content. These new forms seem to people to be no less public than the traditional bourgeois public sphere ... Instead of excluding the classical public sphere, the production public sphere — as it is intermeshed with the classical public sphere — oscillates between exclusion and intensified incorporation. ‘While not wishing to replicate Nogt and Kiuge’s schema, they do none- theless offer « broader conceptualisation of the public domain that facilitates a framework through which the operation of RFTV can be ‘evaluated. This framework and the relationship of ‘exclusion and .. incorporation’ is particularly useful fora discussion of the public signifi- cance of RFTV because it highlights ‘contradiction between immediate ‘markt interests and pressures of leyitimation ~a contradiction that cus across and takes the place of the traditional opposition of public und private’. ‘This is seen in the specific example of the RFTV coverage of public financial figures, such asthe appearances of U.S, Federal Reserve Board cchief Alan Greenspan before Senate and Congressional committees, Such coverage makes manifest complex relationships and particular alliances between the commercial interests of ‘industrialized production public spheres’, the interests of the state and the classical public sphere. The ‘coverage of these appearances by financial news services such as RFTV. have provided people like Greenspan with much greater visibility and subsequent influence in the wider public domain. The bodies of public representation benefit from such financial joumalistc exposure and the commercial interests of industrialized production public spheres in tam gain greater legitimacy through their interest in and association with such, institutions. oN : : : : : 122 Geoffrey Craig Itis undeniable that the international financial system and the log ‘market seem to have assumed an independence from the realities of the material economy, while atthe same time they seem to exert an increas- ingly deterministic influence on the broader political domain. Yet, both of these characteristics of the international financial system need to be problematised. A significant function in contemporary capitalist society is the management ofthe inter-relationships between the financial mar- kets and the material economy, and the economic and political realms. ‘The slate itself is one of the significant managers ofthese relationships. ‘Wark, for example, notes: ‘The agencies which name, define, index, and narrate the estegories and rules ofthe economy make the economy exist by providing the flow of information that nominates it. The sate becomes heavily involved here in the administration ofthe referent. Inthe history of second nature, the state provides physical and social infrastructure ‘which capital is incapable of providing for itself, ranging from roads and dams to schools and police. In the history of thitd nature, the state develops the basis of an information infrastructure 2 ‘An examination of the massive complexity which is the intemational © financial system reveals not the death of the state but rather Michel Foucault's paradoxical phenomenon of the “govemmentalisation of the state’* As Colin Gordon notes, the state has become ‘a custodian of a collective reality-principle’2" The governmentalisation of the state has resulted in the reduction of political issues andthe damain of state power to questions of the problems and techniques, of government, yet its, ‘exacily this classifieatory power which has ensured the survival of the statc. It is tempting in the face ofthe international financial system. to ascribe to the international financial system a monolithic power which hhas overwhelmed its historical and political origins yet for all its greater sense of autonomy it remains rooted in a history out of which arose ‘only the isolation of ‘he economy asa speific sector of reality” burd “political economy asthe science and the technique of intervention of the government in that field of reality’. The state, then, provides an “info mation infstructure” and manages relations between the intematiiial financial system and the niaterial evonomy, and between thé ecoioiic ‘and the political realms, but this significant Function is also provided! by financial joumalism. An important part ofthe job of financial journalisin, such as that which occurs at RETY, is the negotiation of the difiseiag ‘realities ofthe financial markets and the material economy. A substantial amount of discursive work in Financial journalism is dedicated % the management of the relationship between market fundamentals and'im- ‘mediate trading patterns. trish traders have to be reassured tt their fears are groundless because the real situation is secure: Similarly, ancial system and tlhe logic of the rendence from the realities ofthe ine they seem to exert a increas- oader political domain. Yet, both ‘onal financial systerm need t0 be n contemporary capitalist society ships between the financial mar economic and political realms. managers ofthese relationships, index, and narrate the estegories » economy exist by providing the 2s it, The state becomes heavily 1 of the referent. In the history of shysical and social infrastructure Jing for itself, ranging from roads: n the history of third nature, the ‘mation infrastructure ** lexity which is the isaternational Wot the ae bat rather Michel (the ‘govemmentalisation of the ute has become ‘a custodian of a cmmentalisation of the siate has tes and the domain of state power tmigues of government, yet itis 1 has ensured the survival of the international financial system t0 ‘stem a monolithic power which tical origins yet for all its greater a history out of which arose not specific sector of reality” but also technique of intervention ofthe he state, then, provides am ‘infor- ations between the international ‘omy, and between the economic tant fneton i also provied by of the jod of financial journalism, ithe negotiation of the differing material economy. A substantia! 1 journalisin is dedicated to the sn market fundamentals and im- ‘shave to be re-essured that their | situation is secure. Similarly. Pastic Vision 123 politicians are castigated for ignoring the realities of the market, or the effects of political decisions, such as the imposition ofa single European currency, are interpreted far the markets An analysis of a service such as RFTV reveals the complexities of the terrain of contemporary public life. The classical public sphere exists in 4 complex, shifting relationship with other discursive arenas which exhibit various degrees of publicness. Previous conceptualisations of the public, based on principles such as free association and rational consid= tation of argument, are problematised by multiple and fragmentary collectivities which are sometimes commercially constituted and some Limes organised in response to structural inequalities. The relationship between these multiple and fragmentary collectivities suggests that the task of analysis isnot to delineate and devise strategies to preserve prior ‘notions of the public sphere but o theorise the public realm asa hegemonic realm. This hegemonic public realm posits structures of dominance but always in a context where alliances between different constituencies are fluid, open to contestation and struggle, dependent on specific needs in Specific situations. In such a hegemonic public realm boundaries and values are not already established but always the subject of politicisation. In this context, and as highlighted in this study of RETV, the ‘public significance’ of the activities of journalists resides not in rescuing a dessicated bourgeois public sphere but in being important agents in the ‘ongoing operation, management, and struggle of this hegemonic public ‘ealtn, In this sense, joumalists have always facilitated, and continue to facilitate, the ereation and subsequent relationships between a range of publics, such as popular publics, the public ofthe classial public sphere, and specialist financial publics, Notes 1, Helen Grace, °A house of games: serious business and the acsthetics of logic’, in Australian Cultural Studies: Reader, eds, John Feow snd Meaghan Morris (Sydney: Allen and Unwin, 1993), p. 72. ‘Tony Gandy, ‘Dealing withthe future in Banker, 148 (June 1998), ‘Reuters Business Briefing, Online, October 1958, | want to thank the RETV London siaff and staff members of Reuters in Sydney for ther asistance in this study. The interviewed staff all per. formed a number of roles but I have ideatfied them inthe flloving ‘quotations by their most common function inthe production of RFTV. 4. Ten Ang. ‘Wanted: Audiences. On the polities of empitical audience stodies’ in Remote Control: Television, audiences and cultural power, eds Ellen Seiter and others (London: Routledge, 1989}. Obviously, informa ‘ion generate in interviews is dotormined ty a range of personal and other ‘ontentual factors. should acknowledge here that I previously worked a8 A corresoondant for Renters io 124 Geoffrey Craig ‘$. ‘Reuters eo Peter Jab (unveils Renters Financial Televison online finan ial information service)” in Mediaweek, | August (1994), 6. Interview with RETV editor. 7. Paul Vitto, The Lost Dimension, trans, by Daniel Moshenberg (New ‘York: Semiotex(e), 1991), pp. 12-14, author’ ites. 8. David Frisby, The faneur in social theory’, in The Flanew, ed. Keith ‘Tester (London: Routledge, 1994), p 95, author's italics 9, Interview with RFTV preseater 10. Jonathan Crary, Techniques of the Observer: On Vision and Moderityn ‘he Nineteenth Century (Cambridge, Mass: MIT Press, 1990), p. 13. 11, Matk Gibson, 4 Cone of Flix: Japan Inthe Australian Business Press (iss. University of Techuology, Sydney, 1992), p. 52. 12 Jean Baudrillard, Sedvetion, trans. by Bran Singer (London: Macmillan, 1990), p. 34 13. Gibson, , 50, 14, Interview with RETV journalist 15. Interview with RFTY presenier. 16, Interview with RFTV presente. ‘17. McKenzie Wark, Virtua! Geography: Living with Global Media Events (Bloomington: Indiana University Press, 1994) p, 216, 18, Interview with RFTV journalist. 19. “Miriam Hansen, “Unstable Mixtures, Diluted Sphere: Neg! and Kluge's The Public Sphere and Experience, Twenty Years Later, Public Cre 5 (1993), 209, 20. See Rony Tif, News and Power (Syeey: Allen and Unwin, 1989), Pp. 41-48, See also Gracie Turmer, Making it National: Nationalism an Australian popular euture (Syne: Allan and Unwin, 1994), p. 20, 21. Oskar Nept and Alexander Kluge, Public Sphere and Experience: Toward an Analysis ofthe Rourgeos and Proletarin Public Sphere, ane by Peter Labaryi, Jamie Owen Daniel and Assenka Oksiloff.(Mieneapolis, Uni, Versity of Minnesota Press, 1993), p. lv. 22. Neg and Kluge’s work, Public Sphere and Experience, is lke Habermas thesis, grounded inthe trdiin of the Frankf School of Creal Theory (Nege trained a a sociologist and was an assistant to Habermas, Neg eg ‘also a flvmaker and was a frend and disciple of Adomo (Hansen, 180), batts object of investigation is more explicitly the multifarious and ‘problematic train of contemporary public fe. Negt and Kluge state het Habermas’ account ofthe public sphere i prerequisite reading for Public ‘Sphere and Esperience bt insur they offer a substantial critique of The ‘Sirucnural Transformation of the Public Sphere. As a wotk ofthe esiy 1910s influenced by Marxism Public Sphere and Experience has however, ‘numberof limiting fests such asa ‘most unseasonable foregrouning (of the category of production” (Fredric Jameson, ‘On Negt aed Kluge le Reuters Financial Fele> vision nti fina ‘diaweek. 1 August (1994) 8 ‘on, ans, by Daniel Moshenberg (New 12-14, authors itahies- ‘octal theory’, in The Flameur, ed. Keith 49, 9-95, author's tal ics. ie Observer: On Visiors and Modernity in ‘dge, Mass: MIT Press, 1990) P13. slepan in the Austratican Business Press + Sydney, 1992),p. 52, °s by Brian Singer (London: Macmillan, phy: Living with Global Metia Events y res, 1994), p 216 wes, Diluted Spheres: Net an Kluge's wen Yous Late", Publ Cure wer (Syiney: Allon and Unwin, 1989), et, Making it National Nationalism and ‘ey: Allen and Unwin, 1994). 20, Public Sphere and Experience: Toward “rofetarian Publi Sphere as. by Pete 1 Assenka Oksiloff. (Minneapolis: Uni pa. ere and Experience, Hike Habermas’ "he Frankfurt School of Critical Theory was anassistantto Habermas. Neg was snd and disciple of Adorv (Hansen p ‘nismore explicit the mltifricus and {public ie. Negt and Kluge date thet sphere is prerequisite reading for Public "bey offer a substantial exigue of The Public Sphere. As a work of the early lic Sphere and Experience bas, however, a5 ‘most unseasonable foregrounding die Jameson, “On Negt #0 Kluge" in oom: PLASTIC Viston 125 The Phantom Pubite Sphere, ed, Bruce Robbins (Minneapolis: University ‘of Minneapolis Press, 1993), p50) and they als share the gender blindne se of Habermas (Hansen p. 199), 23, Nogtand Kluge, p, 12-14, authors ities. 24. Hansen, p, 200 25. Wark, p. 206, author's italics, For Wark ‘second nature” consttites the “movernens of labor, capital. commodities’ (p. 176) while “third nature? represents break from such material conditions its the ‘pure, functional ‘outgrowth of capita” (p, (77), 26. Michel Foucault, “Goveramentality" in The Foucault Effect: Studies in Governmentlity, eds. Graham Burchell, Colin Gordon and Pete Millet (Chicago: University of Chicago Press. 1991), p. 103, 27. Colin Gordon, *Goveenmentl Rationality: An Introduction” ia The Fou-

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