Political economy of communication: a critique

Abstract

PurposeThis article aims to provide a critical understanding of contextual issues surrounding international business from a political economy of communication perspective.Design/methodology/approachThe approach is based in classical dialectics and proceeds from a Marxian perspective. It includes a literature review of major theorists in political economy of communication and an analysis of present institutional relationships that frame international business in the context of corporatism.FindingsThe main argument is that current practices that dominate international business can no longer be considered as any kind of capitalism and that political economy of communication is necessary for comprehending this system. Current business practices are a form of corporatism in which ownership is separated from control, business is separated from industry, and the idea of a “going concern” is subject to “overriding concerns”. To understand the implications of these factors, political economy of communication needs new theories of value, labour, mediation, and meaning.Research limitations/implicationsThe work is limited by the current pace of change, by alternative, non‐Marxist definitions of capitalism which are not taken into account here, and by the variegated nature of global business practices. The work is limited to dominant practices and definitive relationships.Practical implicationsThe paper provides a useful perspective for understanding the future direction of international business, specifically in terms of communication, culture, and understandings of value.Originality/valueThis paper offers an alternative, non‐capitalistic view of “globalisation” within a Marxist framework and proposes a new theoretical and analytical synthesis for political economy of communication.