A group of ideas and understandings about a topic that is communicated through language. It is composed of signs (Sign= signifier+signified) and are complex signs themselves.
Institutions in our society which employ the characteristic modes of production and organization of industrial corporations to produce and disseminate symbols in the form of cultural goods and services … as commodities.
The "New Economy" is a "creative economy" in which all products are to a certain extent cultural (Product packaging, Advertising, Lifestyle marketing, code, design, financial service)
Markets only work properly under certain conditions: Perfect competition, Perfect information, Decreasing Marginal Returns (No economies of scale – this means bigger cannot be better), Consumer sovereignty
Implication: Human identities, ideas, values, and tastes are formed through communication. Media and cultural markets shape that communication. These markets do not work "perfectly"
Result of Market Failure: Very small percentage of cultural products come to consumer's attention. Those which do, have usually been hand-picked by gatekeepers who are largely influenced by those with money and power. Frustrating and unfair business for cultural producers. Unfair to consumers (somebody is deciding for you)
Standardization – a standard format applies to all products
Pseudo-individualization – we a trained to react emotionally to the standard form but minor, cosmetic changes to each product make us believe that we are expressing our individual taste and desire
Distraction - from real world inequalities and injustices
Cooption - Cultural resistance has disappeared – even 'radical' is just a clothing style.