Continental shifts: capitalism, communications and change in Europe

Abstract

This article puts forward the fundamental lines of thought on the Political Economy of Communications and the Media, since the development of capitalism up to the present day. Clarifying the distinction between Economy and Political Economy, this work examines the central split between two traditions within Political Economy: the Classic approach which is centred on markets and competition mechanisms and the Critical approach which is centred on the analysis of property and the distribution of power in society. Despite internal distinct traditions, for political economists’ questions about cultural production and consumption are never simply matters of economic organisation or creative expression and the relations between them. They are always also questions about the organisation of power and its consequences for the constitution of public life. Based on different Political Economy perspectives, this article attempts to present the most recent developments on communications and media markets in Europe and the major challenges and opportunities the discipline faces in a time marked by the emergence of a digital public sphere.