What Does a “Political Economy” Approach to Study of the Creative and Cultural Industries Involve? What Are Its Advantages and Disadvantages?

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Submitted By anastasia18
Words 4271
Pages 18
Creative and Cultural Industries, MA
Module: HUP057N

What does a “political economy” approach to study of the Creative and Cultural Industries involve? What are its advantages and disadvantages?

ID: 10048001
Anastasia Davydova

1. Introduction

The intention of this paper is to define what we mean by political economy? What does this approach involve to study the Creative and Cultural Industries and what its advantages and disadvantages. This work will search through definitions, different schools and historical periods to better understand the background of Political Economy. Also this approach will be compared with another approach which examines cultural industries namely cultural studies approach to underline the main key point of political economy. This essay will briefly discuss specifics features of Creative and Cultural industries and moves to political economy approach itself with the final observation of advantages and disadvantages.

“Culture is our business and business is our culture” [1]

Definitions

The term political economy addresses to relationship between politics and economy, how political power cooperate with economics, so politics responsible for the society and economy, in other words in charge of wealth of the society. Hence it is possible to declare that political economy examines the production and distribution of wealth in society. But there are also combination of such factors as political, economic and as well as cultural that actually affects the production and distribution of wealth. Political economy approach is employed by many academics to study different industries or social science, media and communication and cultural industries. The political economy approach can be defined in a more…...

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