Complete 8 pages APA formatted article: Media: The Political Economy Method. The context documents the theories and theorists on the limitations and strengths of the media in relevance to the political economy method and the general environment.
Media channels release news to the environment meant to convey information on the actual outcome of events that affect the lives of individuals. In the competitive media industry, the channels shift concerns towards profitability rather than practice the right approaches to the environment through abiding by the code of conduct. For example, the readers do not expect that the information conveyed to them could be ill yet interesting, but on the other hand, it is a criterion approach that only catchy information would sell to the readers profitably (Mcchesney, 2008, p. 45). The practice implies a conflicting situation to the ethical code of conduct and the prevailing cultural values and the extent to which the media practices further contrast with the will to deliver information and that of amassing profits (Plappert, 2010, p. 3).
The media practices of the political economy method meant to derive the following set of views. The media industry depicted a continuous overflow in the market that threatened concentration, as this would normally implicate negative returns on revenues. The media depicted that globalization pursued the industry and based on the decreased diversity, chances were that the international audience would tend to react towards information in a similar manner (Wasko, Murdock and Sousa, 2011, p. 24). Prospects were that the method would hinder any negative influence from the opposition and other groups that would perceive a chance to indict charges towards the media practices. According to the team on political economy, Raymond established that the media and the public established different interests, but the extent to which the public would affect the media was dependent on the private interests of the media stakeholders (Winseck and Jin, 2011, p. 76).
The method of political economy in relation to the actual consciousness of the society through media communication raised a heated debate in the 1970s. The theorists of the political economy approach outlined the importance of the method and that it enhanced the welfare of the individual society members negatively.