Political Economy of Media

-Aliesa Mae dela Peña

- Political Dynasty is a study that, in the
broadest sense, deals with how issues of
ownership affect media.
- It deals with the overlapping threads of
economy and politics and how relations of
ownership affect society and everyday life.
More specifically, Robert McChesney states the political
economy of media focuses on the following issues:
• The nature of journalism and its relationship to
democratic practices; how media firms and markets
operate
• Understanding propaganda, form governments,
commercial interests and private parties
• Commercial media and the depoliticization and
society
• The relationship of media to racial, gender and
economic inequality
• The relationship of media to foreign policy and
militarism
• The specific role of advertising in shaping media
markets and content
• Telecommunication policies and regulations
• The relationship of communication to global and
contemporary capitalism
• The nature of commercialism and its impact upon
culture
• Public broadcasting, and the establishment of
alternative media institutions and systems
• The relationship of technology to media, and to
politics and society
• The relationship of media to popular social
movements
- All these interconnected issues help us
understand the complexities behind
media and aid us in gaining a better
understanding of how society influences
the form and content of media and how
this, in turn, influences important aspects
of society as well.
INFORMATION AND THE ECONOMY
- Newsrooms handle a significant number
of stories a day. On the average, each can
generate between 200 to 1000 stories
which are sourced be and through
reporters, correspondents, bureaus, part-
time correspondents, business
organizations, and citizen journalists.
- Not all of these stories see print or are
aired but they are nevertheless validated,
vetted and processed.
- Nowadays, newsrooms compete for
immediacy: whoever airs the important
stories first will be deemed more credible
than others. However, due to this haste,
chances for errors are increased. Complex
terms are not simplified or translated into
something more digestible for viewers,
listeners, or readers.

- Furthermore, stories are tackled from a

limited number of perspectives. These
problems, borne from today’s rising need
for immediacy, lead to confusion, which
also has serious repercussions.
- Most of us rely on news media to inform
us about nationwide economic concerns.
As students, you might not yet realize
how important this information is in your
everyday lives. However, to others—
investors, market players, economists—
this data plays a crucial role in the
evaluation and decision-making that may
eventually lead to big changes that would
influence others sectors of society.
PESO-DOLLAR RATES
- Broadcasters often deem the
strengthening of the peso as “good news.”
That is because a weaker peso means that
prices of imported goods and services will
rise.
- The economy is milti-faceted and its
effects are all-encompassing. It is the
responsibility of news media to help the
audience grasp this, but due to problems
of immediacy and competition, this
responsibility is often overlooked.
STOCK MARKET

- Reporters often write stories before the

market opens about what is expected to
happen, file updates as the day unfolds
and complete the stories after the markets
close.
- One of the dangers of reporting on the
stock market is the tendency of some
reporters to make it sound appealing and
headline-worthy
- To provide context onstocl market issues,
reporters and producers line up interviews
with traders, analysts, and economists who
can explain market behavior in a simpler
but more comprehensive manner