This chapter investigates how self-regulation could counter inequality of access to the media as a channel for information and expression in the context of the former state-socialist countries. It describes the Anglo-American self-regulatory model that the countries of Central and Eastern Europe attempted to adopt after the political transformations in 1989-1991, observes the failure of the implementation of this model and – through a case study of Hungary – describes some of the dysfunctions of the news media in the region. Further, it suggests that ethical journalism is the highest level of the “Maslow pyramid” of journalistic needs, preceded by acceptable work conditions, job security, a functional market and media freedom, and hence that ethical journalism cannot be pursued as long as the other conditions are not met. More particularly, it argues that the reasons for the failure of the self-regulatory mechanisms in these new democracies to be efficient concern the distortion of the media markets and the deficit of media freedom, among other factors.