Are social networks, freedom of information and whistleblowing the checks and balances for the modern age – given the failure of governments, regulators, police and journalists?

Absolutely. As far as social media are concerned, this is not surprising as historically media - books, then newspapers - have always been means to express dissent. First books, then newspapers and pamphlets. States and churches, on the other hand, or rather the powerful within these entities have always tried to limit the freedom of expression in order to secure their power base, inter alia through censorship.
In Article 109 of the 1982 United Nations Law of the Sea Convention, states even agreed to cooperate against unauthorised broadcasting from the high seas in the same way they agreed to cooperate against ilicit drug trafficking and piracy. Whistleblowing, in turn, is an answer to the failure of state and religious institutions as well as corporate structures to effectively deal with wrongdoings and corruption in their own ranks and to uphold the right of freedom of expression of people who defend the common good against their superiors - or simply refuse to bend the law to please those who are in power.
Finally, freedom of information is the logical demand of educated people in enlighted societies. It is a means to achieve individual self-determination. The demand is also an expression of the lack of trust, which nowadays permeates modern societies vis-à-vis their political class, the managerial elite and the media. Both groups, to a large extend, control.
Walter Gehr - Vienna, Austria, Whistleblowing Austria