What is political economy? In general terms, Political economy is what the term suggests the understanding of politics and how it influences economy in general terms. The reading reflects the fact that Political economy is the determination of the the state driven by economy.
The reading “Media and culture studies” by M.G Durham and D. Kellner points that a capitalist state comprises of the base and the superstucture. The former is the labour and the latter is created by the base e.g schools, churches etc. In order for the state to function smoothly. the base needs to be satisfied and in order for the output to be outstanding. However, over time we’ve understood that capitalism is driven through greed which hinders in the achievement of an ideal state.
The role Mass Media plays with Political Economy is that mass media chooses it’s object to study precisely what the stare has to offer, ideologically and economically. One of the key features of the mass media in monopoly capitalism is it’s identity. Mass media being capitalist or not is a question for analysis i.e it does not have to be a capitalist in a capitalism.
According to the author, to examine the capitalist mode of media production, we need to see the ways in which capital uses the real process of media production in order to increase value and in order to grow. At minimum, in order for capital to accumulate, it should bring living labour into the production process through labour bargain which will bring the the base in a better light.
According historical materialist’s assumption development of capitalism is a
(b)not yet complete.
Former, is in part essential i.e the conflict between capital and labour i.e the conflict between the drive to assemble through extraction of relative profit value and labour power as the creator of profit value which is a contradiction expressed in the tendency of the rate to fall. Karl Marx believes that the ideal state is no achievable because society is in constant state of contradictory form between ideological and realistic conflict. This is because the personal needs of the people and that interferes with the idea of a perfect capitalist and in this process the labour class does not get what they deserve due to their lack of ownership and in the process the the richer get richer and the poor get poorer. Latter, is in part extrinsic which is to say relates directly to the relationship between developing capitalism and the non capitalist part of the social formation.
To conclude, mass media and communication are pupils of economical investigation as through the medium, the politics and economy is reviewed by them to the people of the capitalist state.Thus the themes of economy are crucial as this is what allows the development of increasing labour and further for the development of the superstructure forms of capitalism.