In communism, the government as planning agency dictates what gets produced and how much it gets produced (Slavin, 1996). Capitalism is also compared to socialism as an alternative economic order. Socialism is closely related to communism since both concepts entail massive government or state intervention in terms substantial degree of government planning instead allowing market forces to function freely (Slavin, 1996). The practice of capitalism is better seen in the United States of America and other democratic countries as mass media is allowed to influence decision-makers on what needs to be produced and distributed in the market.
Companies or individuals create value by finding what will cause them to produce increased capital in the form of profit from their original investment. For the purpose therefore of this paper, successful capitalism means the continuation or/and expansion of the economic order across borders or the elimination or modification of the alternative economic order towards the functioning of market forces. Mass media include all the manner of communications between the public and those who are made responsible in society because of latter’ s power and influence as a result of political and economic structures.
It extends to print, broadcast and the Internet. Since capitalism has the necessary characteristics of the operation of the law of supply and demand where prices of goods and services must be those that are reflected in the market, mass media must be considered as a necessary ingredient or element of the success of capitalism. In simple terms, spreading the information for decision making in capitalism requires an engine and mass media is the engine. In fact, mass media is claimed as “ ideological apparatus of the capitalist system” (Babe, 2000, p. The concept of capitalism entails production of goods and services as best served by different private companies under the various industries rather than by governments.
To illustrate, an agricultural industry in one country may be better off over that of an oil industry and vice versa for a certain country but not for another country.
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