It is that the global extension of the institutions of modernity would be impossible were it not for the pooling of knowledge which is represented by the “news.” This is perhaps less obvious on the level of general cultural awareness than in more specific contexts. For example, the global money markets of today involve direct and simultaneous access to pooled information on the part of individuals spatially widely separated from one another.

DEFINE: Clarifies how 'pooling of knowledge' via news underlies modernity's global extension, using global money markets as a concrete example.

Anthony Giddens, The Consequences of Moderni…, loc. 193