TOPIC 1 - POLITICAL ECONOMY AS A FIELD OF STUDY

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What is the general definition of political economy?

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Political economy is the study of control and survival in social life (Mosco, 2009, p. 25).

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How is political economy applied to media and communication?

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It is the study of social relations, particularly power relations, that mutually constitute the production, distribution, and consumption of resources, including communication resources (Mosco, 2009, p. 24).

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What does the term 'political' derive from?

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The Greek word 'polos' meaning city-state.

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What does the term 'economics' derive from?

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The Greek words 'oikos' (house) and 'nomos' (law), meaning household management.

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What is the role of the political economist?

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To explain how capitalism is sustained and assess its implications for human life.

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What is Karl Marx's basic belief as presented in The Communist Manifesto?

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All men should work for the greater good, and the impoverished would benefit the most from this theory.

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What is Adam Smith's basic idea in The Wealth of Nations?

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If each man works for his own benefit, it will in turn benefit the entire public.

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To reach a stable economy and reduce poverty and differences in class.

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What is a common goal of both Marx and Smith's economic theories?

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CENTRAL CHARACTERISTICS OF POLI-ECON

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1. Social change and Historical transformation
2. Social totality
3. Moral Philosophy

4. Praxis

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- Social values and to conceptions of appropriate social practices

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3. Moral Philosophy