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What are the strengths and limitations of the methods of 'political economy' in offering us insights into the operation of t - Essay Example

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Strengths and Limitations That the Media Faces from the ‘Political Economy’ Method Name Institution Course Instructor Date Strengths and Limitations That the Media Faces From the ‘Political Economy’ Method The media approaches in the world of business through news services are turning complex…
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What are the strengths and limitations of the methods of political economy in offering us insights into the operation of t
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Download file to see previous pages Studies depict that the media units reach the reader through catchy information that propels the purchases and drives out competition. However, the act is often a tricky affair as the media may employ propaganda to enrich the information and reach the reader with the desired degree of perception (Skinner, 2005, p. 2). The context documents the theories and theorists on the limitations and strengths of the media in relevance to the political economy method and the general environment. The Political Economy Method Media channels release news to the environment meant to convey information on the actual outcome of events that affect the lives of individuals. In the competitive media industry, the channels shift concerns towards profitability rather than practice the right approaches to the environment through abiding by the code of conduct. For example, the readers do not expect that the information conveyed to them could be ill yet interesting, but on the other hand, it is a criterion approach that only catchy information would sale to the readers profitably (Mcchesney, 2008, p. 45). The practice implies a conflicting situation to the ethical code of conduct and the prevailing cultural values and the extent upon which the media practices further contrast with the will to deliver information and that of amassing profits (Plappert, 2010, p. 3). The media practices of the political economy method meant to derive the following set of views. The media industry depicted a continuous overflow in the market that threatened concentration, as this would normally implicate negative returns on revenues. The media depicted that globalization pursued the industry and based on the decreased diversity, chances were that the international audience would tend to react towards information in a similar manner (Wasko, Murdock and Sousa, 2011, p. 24). Prospects were that the method would hinder any negative influence from the opposition and other groups that would perceive a chance to indict charges towards the media practices. According to the team on political economy, Raymond established that the media and the public established different interests, but the extent to which the public would affect the media, was dependent on private interests of the media stakeholders (Winseck and Jin, 2011, p. 76). The Problem Approach of the ‘Political Economy’ Method in Relation to the Media The method of political economy in relation to the actual consciousness of the society through media communication raised a heated debate in the 1970s. The theorists of the political economy approach outlined the importance of the method and that it enhanced the welfare of the individual society members negatively. In a way, the media would articulate communicative programs to monetary related objectives and ensure that the public felt the salient role of the information in the society (Wasko, Murdock and Sousa, 2011, p. 28). The media would evolve accordingly through the processes and programs that related inversely to the economic propulsion but ethnically contrasted with societal beliefs and norms. The theory of ‘political economy,’ as initially indicated by Marx and Engels, targeted to realize ethics alongside economic values. This would further imply the aspect of consciousness towards the society. The contrast is that towards the end of implementation of the theory, the result was a positive economic approach to the business culture with less relation to the societal welfare, thus ...Download file to see next pagesRead More
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