1
READING MEMO
Amxiel Ll. Famenial
Bachelor of Arts in Broadcasting 2A
Political Economy of Broadcasting, Interactive and Emerging Media
1341 words
, 2
Political economy, a branch of social science that studies the relationships between
individuals and society and between markets and the state, using a diverse set of tools and
methods are drawn largely from economics, political science, and sociology.” (Veseth &
Balaam, 2006). Over its long lifetime, the phrase “political economy” has had many different
meanings. For Adam Smith, political economy was the science of managing a nation’s resources
to generate wealth. For Marx, it was how the ownership of the means of production influenced
historical processes. For much of the twentieth century, the phrase political economy had
contradictory meanings (Weingast & Wittman, 2006). On top of that, political economy has
concepts tackled by different scholars and justified by their different points of view provided
with related references and examples for further elaboration. Before, I did not know that the
dominance of profit orientation in the media and their close connection to the advertising
industry creates pressure for information to be filtered and narrow the scope of the media to
cover only that which is deemed favorable to capitalist social structures. I have a little bit of
knowledge about the ideology of the so-called ‘conspiracy theory, but that knowledge was not
enough to fully understand how it was related to the political economy on media. Conspiracy
theory was used by powerful conspirators, often political in motivation, to manipulate groups of
people. I thought before that government was the only one who has the power to control or has
access to media, on what information should or should not be published. Little did I know that
the so-called ‘media owners’ have also been involved in filtering the information. Media owners
have a close connection to capitalist social structures, not just the government, but business
tycoons, influential people, or powerful capitalists, who give profit to those media owners for
their business to run off. The thrust of this argument is the idea that the product or the content of
the media may be shaped by corporate interests, basically, the interest of the owners
READING MEMO
Amxiel Ll. Famenial
Bachelor of Arts in Broadcasting 2A
Political Economy of Broadcasting, Interactive and Emerging Media
1341 words
, 2
Political economy, a branch of social science that studies the relationships between
individuals and society and between markets and the state, using a diverse set of tools and
methods are drawn largely from economics, political science, and sociology.” (Veseth &
Balaam, 2006). Over its long lifetime, the phrase “political economy” has had many different
meanings. For Adam Smith, political economy was the science of managing a nation’s resources
to generate wealth. For Marx, it was how the ownership of the means of production influenced
historical processes. For much of the twentieth century, the phrase political economy had
contradictory meanings (Weingast & Wittman, 2006). On top of that, political economy has
concepts tackled by different scholars and justified by their different points of view provided
with related references and examples for further elaboration. Before, I did not know that the
dominance of profit orientation in the media and their close connection to the advertising
industry creates pressure for information to be filtered and narrow the scope of the media to
cover only that which is deemed favorable to capitalist social structures. I have a little bit of
knowledge about the ideology of the so-called ‘conspiracy theory, but that knowledge was not
enough to fully understand how it was related to the political economy on media. Conspiracy
theory was used by powerful conspirators, often political in motivation, to manipulate groups of
people. I thought before that government was the only one who has the power to control or has
access to media, on what information should or should not be published. Little did I know that
the so-called ‘media owners’ have also been involved in filtering the information. Media owners
have a close connection to capitalist social structures, not just the government, but business
tycoons, influential people, or powerful capitalists, who give profit to those media owners for
their business to run off. The thrust of this argument is the idea that the product or the content of
the media may be shaped by corporate interests, basically, the interest of the owners
