Historical And Contextical Roots Of The Political Economy Of Communication

The pivotal second chapter of Adam Smith's Wealth of Nations, "Of the Principle which gives occasion to the Division of Labour," opens with the oft-cited claim that the foundation of modern political economy is the human "propensity to truck, barter, and exchange one thing for another."1 This formulation plays both an analytical and normative role. It offers an anthropological microfoundation for Smith's understanding of how modern commercial societies function as social organizations, which, in turn, provide a venue for the expression and operation of these human proclivities. Together with the equally famous concept of the invisible hand, this sentence defines the central axis of a new science of political economy

Modern economic society can be described as a combination of certain points from several theories combined into one. Changing dynamics and economic needs of nations has spawned a development of various, and contrasting, economic systems throughout the world. Perhaps the two most contrasting philosophies seen in existence today are that of capitalism and communism. The two philosophers most notably recognized for their views on these economic systems are Adam Smith and Karl Marx. This paper will identify several fundamental aspects of economic philosophy as described by Smith and Marx, and will compare and contrast the views of these

In the article "Moral Criticisms of the Market," Ken Ewert composed an educational article on the economic system of capitalism to address the moral issues that the “Christian Left” critics had raised. Christian socialists reprimand the system of the free market for its morals or lack thereof, as well as the system inherently created an environment where selfishness and impersonal and individual relations is encouraged, and economic oppression and exploitation of the weak thrives (Ewert, 1989).

Material and ideological conditions are present in the modern society and those before, each influencing the other. Material conditions determine an individual’s way of life, the wages they collect, and how such earnings determine social class. It is through ideological conditions that ideas derive, which give birth to the ways civilization behaves and operates. This paper will look at a series of theoretical works by Karl Polanyi, James Rinehart, Max Weber, and Robert Heilbroner, deliberating the market society and its progression in relation to the material and ideological conditions that are constantly transforming throughout societies pivotal points in history. Each theorist offers excellent insight into the modes of production and

The power of reasoning allows limitless inquiry into the nature of all things. Adam Smith an “enlightened” thinker utilizes reasoning to examine the wealth of nations, but in acting on this reasoning is he forcing his own sentiments into his argument, or is the reasoning creating the sentiments? Smith offers an exposition for his vision of a laissez faire economy, that is, capitalism in the modern sense. In a wider scope, Smith's account reveals his views on the nature of the human condition, and not a single theme is surveyed without an observation being made upon human tendencies and decisions. Arguably, these observations are shaped by his own sentiments.

The political economy of communication is using political economy approach to analyse the media and communication. Therefore, before discuss the political economy of communication we need to figure out what is political economy and what is communication.

The advent of the ideal of capitalism is often attributed to Adam Smith. Sometimes called “The Father of Economics,” Smith was an 18th century moral philosopher from Scotland. Smith is perhaps most known for writing the book “An Inquiry Into the Nature and Causes of the Wealth of Nations.” In this book Adam Smith considers and advances the ideas of the division of labor, the invisible hand, the pursuit of self-interest, the proper role of government and the idea of a Laissez-Faire (or noninterventionist) economy. Each of these ideas were considered heavily during the establishment and development of the United States. Because of their adoption into the new American government, the United States became the forerunner to the free-market.

Marxism is comparable to Capitalism. Like Capitalism, Marxism strives for the profit-motive. Capitalism is driven by the continuous desire to increase capital (Ott & Mack, 2014). This means that every service exists only to produce profit. Marxism on the other hand produces two classes. The first are owners, and the second are workers. In the case of this paper we will simplify this and categorize the workers as consumers. The Ellen DeGeneres Show is a prime example of Capitalism. As entertaining and popular as the show is, there are a lot of factors that play into the production of the show. We will now examine these factors in depth.

Adam Smith is considered as one of the most influential economists in the 18th century. Although his theories have been criticized by several socialist economists, however, his idea of capitalism still has great impact to the rest of the economists during classical, neo classical periods and the structure of today’s economy. Even the former Prime Minister of Britain, Margaret Thatcher had praised on Smith’s contribution on today’s capitalism market. She commented “Adam Smith, in fact, heralded the end of the strait-jacket of feudalism and released all the innate energy of private initiative and enterprise which enable wealth to be created on a scale never before contemplated” (Copley and Sutherland 1995, 2). Smith is also being recognized

Over the past century or two it has become quite evident that elite certainly hold all the cards when it comes to what the public should know through the media which initially was supposed to be autonomous of the government and the socially elite. This essay will mainly focus on the findings of Noam Chomsky and his postulations, the works of Harold Innis and his influence on the first application of the political economy approach within the media. And I will touch base on theories by Boyd Barrett then neatly wrap it up with a bow of how influence impacts public opinion in general.

“To my distress and perhaps to my delight, I order things in accordance with my passions. I put in my pictures everything I like. So much worse for the things—they have to get along with one another.”

There are major similarities between the two theories, especially regarding their underlying principles. Both models help understand the relationship between media and the society. The two theoretical frameworks perceive the media as an agent that promotes hegemony and the ideologies of the ruling class (Mosco, 2009). The political economy theory stresses on how the elite members of society use the media as a source of power to control the society. Similarly, popular

All economic theories share common roots, they attempt to address the basic question of how an economy can, and should, be maintained. One of the most influential economic philosophies is Marxism. The fact that economic theories can share common roots is especially evident in Marxism; It even shares a basic premise of laissez-faire with capitalism, a philosophy it directly contradicts (Sowell 12). In studying Marxism, two basic necessities must be addressed; the nature of Marxism and its basis, and the political and economic implications of Marxism.

These documents, at the same time, take back the sociopolitical thought that had been developped in a long tradition, and whose most striking stages are: the supreme value of reason as basis for any sociopolitical relation such as we discover at the Greek Polis and such as it is presented by the great thinkers Plato and Aristotle; the intrinsic value of human person, son of the same Christian God, and capable, because of his freedom, either of salvation or of condemnation, as it was understood by the main thinkers in the Middle Ages; the human Individual, considered as a juridical subject, capable of making contracts and assuming rights and duties and, therefore, as the last foundation of any sociopolitical organization, as he was thought by the liberal tradition embodied by Hobbes, Locke and the Encyclopedists. The concrete praxis of these theoretical principles in democratic societies and nations where the Individuals are the cause and the end of this sociopolitical order such as we find in Great Britain, Switzerland, Holland, USA, France, Sweeden, Norwegen, Canada and many other nations throughout the five continents.

New media has emerged from the print media. But its target audience is different from that of print media. Today, we have young readers getting attracted towards new media. This is because they feel that they really don’t need to waste their time reading when they