Political economy of communication

The political economy of communications, news, or media, is a particular branch in Communication studies or media studies which studies the power relations (political economy) that constitute the communication of information from the mass media to its publics. The concept has been developed by media and political economy scholars, such as Dallas Walker Smythe, Herbert Schiller, Vincent Mosco, Dan Schiller, and Robert W. McChesney. More specifically, PEC analyzes the social relations between the mass media system, the communication technology, and the wider social/economic structure in which it operates (e.g., role of the state), with a focus on understanding both the historical emergence and current state of technological developments.

The PEC approach is influenced by Marxist thought and democratic politics, as it questions powers of and within communications against the realization of democracy.

As journalism/news media is the core to the functioning of democratic society. PEC works towards the goal of "healthy journalism." Unfortunately for democracy, the current state of news media around the world and especially that of the United States, falls short of the general consensus (among media scholars and democratic theory) on what is considered to be healthy journalism. This is due in part to the overwhelming amount of public relations material being posed as news.

It is in the interest of PEC that journalism instead provide a "rigorous account" of those in power, meet the information needs of all classes and people, be truthful, and act as an early warning system by providing a "wide range of informed opinions on the most important issues of our time."

The mass media are undoubtedly experiencing considerable changes in platform, technology, and economic structure (e.g., crowdfunding, social media) as the digital era continues to shift people toward "new" media. Traditional financial configurations and business models have been destabilized by this transformation. However, new mechanisms of power have emerged from this more open system of information and news creation. The availability of information can now be skewed or influenced through "search, aggregation, and digital distribution infrastructures" (p. 493). Vincent Mosco's definition of political economic studies, where the "production, distribution, and consumption of resources, including communication resources” are essential, thus remains relevant even in times of new media, since a new (network) economy/society forms its own power relations.

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