Media Economy

What I found interesting in this chapter is learning the differences between a monopoly, a limited competition, and oligopoly. A monopoly is an industry that is dominated by one person, in other words the seller has a unique product that no other company has. An oligopoly is when a few sellers have a product, a good example of that are cereal companies such as: Kellog or General Mills. An oligopoly has a strong product differentiation and has barriers to enter for new firms. A limited competition is a market with many producers and sellers, but few products.

The chapter continues by showing how the world to transitioned into an information economy during the 1950's. This time period was the beginning of companies marketing TV programs, computer software, and so much more through out the world. A concept that stuck out to me in this section was the term hegemony. This term according to dictionary.com means the aggression by large nations in an effort to achieve world dominance. So basically politicians/companies try to convince us comsumers that they have great judgement of everything so that we, "the consumers" don't protest it(crazy right).

So to conclude that last statement is to say that the righteous and trusting companies/politicians we came to know are corrupt. However, if citizens like ourselves become more knowledgeable in this topic of media we can have a critical discussion of how our media companies correlate with the effect on our democracy.