Political economy of the media

1. Political economy of the media

2. What is political economy?  - Analysis of the production of wealth to the wider constitution of society, -  Economics and society are inseparable. - Marx: understanding of society via its ways of production. (Penguin Dictionary of Sociology:2000)

4. Capitalist world economy World-economy - large geographic zone where there is division of labour and exchange and flow of goods, capital and labour. Capitalist system - endless accumulation of capital. People and firms are accumulating capital in order to accumulate still more capital

5. Institutions in the capitalist economy • Markets - both concrete and virtual structure to buy and sell goods • States • Households • Classes and status-groups (Weber) or identities

6. Secondary exports - 2002

7. Rewards and penalties Those who act in accordance  to the system are rewarded  and those who don't are  penalized. Ex. Indigenous and rural communities

8. Capitalism and politics Economic producers and holders of political power need to be on the same tune. This relation needs to be balanced

9. Lobby of the Irish farmers against Brazilian beef

10. Anti-monopolistic features • One producer's monopolistic advantage is another producer's loss.  • Quasi-monopolies are self-liquidating because new producers can force their entry into the market.

11. Growth advantages and disadvantages • Size brings down costs - economies of scale. It also increases administration costs and the risks of managerial inneficiency • Size has political implications - more power, more vulnerability

12. Core - periphery relationship Core-like production processes - controlled by quasi-monopolies + Peripheral processes - competition among many producers. = constant flow of surplus-value from periphery products to core-like producers. (unequal exchange)

13. Break

14. What is 'information'? Answers to questions - common definition Ways to reason about information: • Information as the medium • Information as order • Information as cognitions • Information as code • Information as being informed • Information as a commodity

15. Shannon & Weaver model

16. Shannon & Weaver model Noise - distortion of the message More messages = more uncertainty Lathi (1983) - information is connected to the element of surprise. Campbell (1982) - if all the possible messages are equally probable ignorance is a maximum

17. Information as commodity Oppose to Habermas - communicative intent, interaction, freedom and participation. What is the value of information? Information is a tool for better management of tangible resources, economic resource (NCLIS)

18. First enclosure - privatization of land. Second enclosure - privatization of knowledge

19. Developments on information policy - Entrepeneurial ethic - Perception of information as a saleable commodity.

21. Bloomberg

22. Ownership of Ideas Ideas are free, but authors need to be rewarded for surrendering them to the public. Value of information - who can benefit financially of it? How can reward and access be balanced?