The following is a guest post by Nives Dolšak, Professor, School of Marine and Environmental Affairs at the University of Washington, Seattle, and Aseem Prakash, Professor, Department of Political Science and Walker Family Professor for the College of Arts and Sciences at the University of Washington, Seattle.
The Brexit vote has come and gone. After the initial shock, the world seems to have refocused on events elsewhere. Importantly, the British economy is doing fine; the British pound trades more or less at the same level against the US dollar or the Euro, as it did prior to the Brexit vote. Did then the media exaggerate the threat of Brexit to the British economy? While it is difficult to speculate about the long term consequences, at least in the short run, the British economy has not been punished for Brexit.
Perhaps, this should compel us to step back and think about media bias. We typically think of Fox News as offering a biased perspective. But is the liberal media any better? We offer an informal empirical examination of how the prestigious New York Times, portrayed the consequences of the Brexit vote in what we consider to be a biased way. The New York Times reflects and shapes elite opinion. An examination of its coverage can give a sense of the lessons the American elites’ perspective on Brexit, and more broadly, on economic and political integration.