Please, go read your Adam Smith again.
Since free trade replaced mercantilism, liberals have recognised that capitalism can do good even if that is not its first objective. The benign force Adam Smith called the \”invisible hand\” was instrumental in the creation of modern journalism.
As Gavin Kennedy indefatigably continues to point out, the one reference to \”invisible hand\” in Wealth of Nations is to manufacturers preferring to employ their capital at home rather than in the foreign trade.
As to the rest of the argument: well, newspapers aren\’t the first and most certainly won\’t be the last business models to be brought to the ground by technological change.
And I do know of people managing to produce an online newspaper with costs covered by the advertising revenue to be had online. Their model is not exactly the same as the traditional newspaper one, this is true. But they are still speaking truth to power, which is what Luckhurst thinks is the point.