At Open Digital® Policy we're preparing a paper summarising the entangled issues of free speech, privacy and press regulation in light of the ongoing phone hacking scandal and the Leveson Inquiry into the press.
Clearly the system described as "self regulation" has failed, what we call the Social Contract has been breached. Is this fatal? We don't think so.
There is confusion between what has been described as "self regulation" - a self-regulatory body, and market regulation, where the customer makes informed choices based on the ethical behaviour of a publication (or any other company).
I believe, if steps are taken to root-out clearly illegal practices and re-level the playing field for competition in the media sector, the market will regulate itself, acting as the arbiter of public interest between the somewhat conflicted rights of free speech and privacy.
Read a full preview version of the short paper on the Open Digital Blog.