Abstract
Purpose – This article aims to provide a critical understanding of contextual issues surrounding
international business from a political economy of communication perspective.
Design/methodology/approach – The 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.
Findings – The 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/implications – The 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 implications – The paper provides a useful perspective for understanding the future
direction of international business, specifically in terms of communication, culture, and
understandings of value.
Originality/value – This 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.
Keywords Political economy, Communication, Social values, Capitalist systems, Marxist economics
Paper type Viewpoint
Introduction