He also looks at the economic and cultural globalization and their relation with the global commercial market (2001, p.1). The global commercial media do promote cultural globalization. McChesney looks at the technological revolution that is defined mainly by the radical development in computing and digital communication. He concludes that the cultural globalization and economic globalization would be impossible without global commercial media. Technological revolution has made the media empire lucrative and realistic; this new image of the media company is one that was unimaginable in the past. The emerging technologies in the media economics play a role in encouraging competition among the media companies. In pursuit for profits and economy improvement media, companies embrace the new technology in the market to ensure that they provide satisfactory service to their consumers (McChesney, 2001, p.3). The relation between media economy, technological revolution can be better understood if we consider the role of advertising. Advertising is a business expense that large firms invest in to commercialize their business. The concept of globalization was made possible through advertising, the media benefits from advertising in the sense that three quarters of the earning from advertising is for the media company. The internet for instance is one of the technological advancement that has been embraced by the media company. McChesney observes that companies like the AT&T, Microsoft, telefonica, and AOL have become media players. The integration of the media system, telecommunications and the computer industries forms a global communication system. It is true that the global media plays a crucial role in the promotion of expansion of global and regional sale of goods and services; the global media functions to promote cultural industry. Patrick looks at the cultural industry in the age of globalization and concludes that culture is increasingly being shared. Many nations concentrate on transitioning cultural industries and national interests. Grant states that the cultural industry exists to enforce the capitalist ethos. He describes that culture is a tool for the capitalists to exercise control of an individual’s consciousness. Let us consider television as a part of the culture industry. The television has changed the society these days. However, Grant does not view the change as revolutionary but rather as a progression. It is, however, through the television, that advertising has been made a vital part of marketing by many industries. The media achieve the success of advertising when cultural expectations are aligned with the investors’ expectations, the purpose of technological innovators and the goals of entrepreneur ism. Technology has seen the penetration of various cultures into the mainstream. It is necessary to note that culture forms the spirit and soul of the every nation. It is also crucial to note that culture also forms the foundation of national development. Yan lei suggest that there is a relationship between culture and economic growth. This he concluded after carrying out various studies that explained the impact of culture on economic development, and technology (2008.p.23). Lin yei observes the cultural industry contribution to the Guangdong province, and he compares it to the contribution by the other industries such as agriculture, and the industrial industry. Lin yei states
Political Economy of Media Name: Institution: Does the technological revolution change the basic rules of media economics? The technological advancement in the 21st century has had a positive impact on the media economics. A study carried out in over 200 European cities shows that the economic growth was higher in the cities that embraced technology…
The public sphere theory is based on Jurgen Habermas idea on structural transformation of the public sphere. There public sphere has undergone various transformations as technology advances and economy transforms. The big question is how the cultural economy has transformed the public sphere.
The earlier culture of conveying information in the right form is phasing out and under repression of the urge to make money. The idea of conveying information in a way that benefits the media institutions follows the continued competition in the news industry.
The development in terms of political economy within the context of the film industry was quiet swift. 19th century and 20th century have been entitled as Nickelodeon era where cultural aspects in stories (soundless films) became commodities. Ultimately, as awareness of Nickelodeon form of entertainment spread, more and more consumers turned towards this new form of entertainment.
The importance of cultural industry is not merely limited to its economic capabilities (which is, of course, relatively strong); but also to the prominent role it has on the making and unmaking of peoples' identities, attitudes, values and lifestyles. The dynamics and complexities of the relationships between culture, creative industries and the political and economic development of societies have gained the attention of theorists and researchers from the mid-twentieth century itself.
"Political economy considered as a branch of the science of a statesman or legislator proposes two distinct objects, first, to supply a plentiful revenue or subsistence for the people, or more properly to enable them to provide such a revenue or subsistence for themselves; and secondly, to supply the state or commonwealth with a revenue sufficient for the public service.
This is because is the economic and geopolitical conversion of East Asia has been characterized simply as a trend following the cold war. Primarily for the reason that it was after the Soviet Union diminished in importance to the Americans that the Middle East and Asia gained some importance.
The transition from authoritarianism to a liberal, democratic and free market system of governance can have a variety of important ramifications in the social, political and economic spheres. Bureaucratic
The open publishing arrangement worked significantly over time especially for the stories developed top cover in due time. The onset of flame wars, excessive advertising, and racist commentary rendered the IMC a liability to mainstream media.
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