Political economy approaches examine the power relations that comprise the production, distribution, and exchange of resources. They are distinguished from economics by a deeper concern for history, the social totality, moral philosophy, and praxis. Numerous schools of thought mark the political economy approach including early conservative, communitarian, and Marxian perspectives. Today, neoconservative, institutional, neo-Marxian, feminist, environmental, and social movement based approaches offer a wide variety of political economies. Communication scholars have drawn on political economy approaches to carry out research on media technologies, including broadcasting, telecommunications, and computer communication. In doing so they have developed distinctive geographic perspectives covering North America, Europe, and the less developed world. Political economy approaches are built on specific philosophical assumptions including a range of epistemologies that, on one end of a continuum, accept the reality of both concepts and observations and, at the other, claim that all explanations can be reduced to one essential cause, such as the economy or culture. Political economy approaches also range from perspectives that emphasize social change, social processes, and social relations to those that focus on social structures and institutions. Political economy approaches tend to concentrate on three processes that make up the main starting points for political economy research on media technologies. Commodification is the process of transforming things valued for their use into marketable products that are valued for what they can bring in exchange. This can be seen, for example, in the process of turning a story that friends tell one another into a film or a book to be sold in the marketplace. Spatialization is the process of overcoming the constraints of geographical space with media and technologies. For example, social media surmounts distance by bringing images of world events to every part of the globe and companies use media technologies, now often comprised of cloud computing, big data analytics, the Internet of Things, and telecommunications networks, to build global supply chains. Finally, structuration is the process of creating social relations, mainly those organized around social class, gender, and race. With respect to social class, political economy approaches describe how access to the mass media and new communication technologies is influenced by inequalities in income and wealth, which enable some to afford access and others to be left out. Political economy approaches are evolving in response to challenges from cultural studies approaches. Political economies of media technologies are now placing greater emphasis on international communication, on communication history, on standpoints of resistance, on new media technologies, and on new media activism.
In the past 50 years, there has been a burgeoning literature on the role of journalism in promoting governance and supporting anti-corruption efforts. Much of this comes from the work of economists and political scientists, and there is a lot for journalism studies scholars to learn from. The three disciplines grapple with many of the same questions; including the effects of journalism on society and journalists’ role as watchdogs and scarecrows. Economists are the boldest about establishing causality between journalism and governance, arguing that a free and open press can curb corruption and promote accountability. However, this is not always borne out in practice as modern technological and political developments have threatened journalism’s business model, especially in regions without a historically robust free press. Media capture continues to be a growing problem in places where government and business interests are aligned and seek to instrumentalize the media. Further quantitative research and exploration of the impediments to the functioning of a free media will help our understanding of the contemporary problems facing journalists and how they can be solved in order to improve governance across the world. There is much more to be learned about the impact of journalism on governance and studies on this topic should not only cross disciplines but must also be decolonialized so that the field has more information on how the media contributes, or not, to governance in the Global South and in the different media systems outlined by Hallin and Mancini as well as the updated analysis of Efrat Nechushtai.