This weeks lecture was about Political Economy. I read the PDF of Natalie Fenton and I came across a quote which she had stated which to me explained the Political Economy quite strongly. She stated:
'Put crudely, political economy views the media as promoting the dominant ideology of the ruling classes: in spite of their liberating potential, the media of modern mass communication have contributed to the creation of new levels of social stratification...' [Natalie Fenton, Bridging the Mythical Divide, p7-8, 2007]
After reading this, I then realised how it does refer back to the Marxism theory to do with the bourgeoisie. The political economy is made up in a hierarchy of ownership and power. The richest are believed to sit at the top of this chain. They are the ones who are in main control and who have the most power. Large companies such as Disney and News Corp are perfect examples of this. They own many other companies and conglomerates which feed them their profit. I also read up on an interview which was called the Political Economy of the mass media Edward S. Herman interviewed by Robert W. McChesney
‘Many of these corporations have extensive holdings in other industries and nations. Objectively, their needs for profit severely influence the news operations and overall content of the media’ [Robert W. McChesney, The political Economy of the Mass Media, online article, 1989]
When I read this, it told me how those who do sit at the top of the political economy are thriving for profit to keep themselves in control and at the top of the Hierarchy. They do this by buying into other businesses. Some within their sector of the media and others merge with other industries to expand their own. For example, Virgin does not only specialise in Music anymore but also TV, Airlines and more. Sir Richard Branson is a perfect example for being at the top of the Hierarchy as he is also one of the richest men in the world and has been given the ‘privilege’ of being known as Sir Richard Branson. The power which is brought upon the leaders of these companies allows them to have a large control of the media. This is when you may argue as to can you always believe what you read hear and see. These people have so much control and power within the media that they could broadcast almost anything and the public will believe them due to their status. Also where does this allow room for niche companies, media production companies? You then start to build the picture of how there is the mainstream and the individuals and how the mainstream is in top control but the individuals have the tendency to be overlooked which causes them to fail within their industry.
I would perform a focus group for this subject to gain an understanding of what different views people have on the theory of Political Economy.
Paul Long Tim Wall (2012). Media Studies, Text, Production, Context. 2nd ed. Essex, England: Pearson Education Limited. 173.
Natalie Fenton. (2007). Bridging the Mythical Divide:. Political Economy and Cultural Studies Approaches to the Analysis of the Media. 1 (1), 7-8.
Robert W. McChesney. (1989). The Political Economy of the Mass Media. Available: http://www.chomsky.info/onchomsky/198901--.htm. Last accessed 21st Mar 2013.
