Abstract 

　　This article illuminates an underappreciated political dimension of capitalism by elaborating media policy as a site for the dynamic interaction of corporate power and the state. Synthesizing Marxian analyses of monopoly capital, American political development (APD) perspectives on public policymaking, and communication studies conceptions of media systems as fields of democratic struggle, I trace the institutional mechanisms that enable corporate media interests to reinforce systemic imperatives and maintain political-economic dominance. I illustrate my argument with examples from the Telecommunications Act of 1996. My analysis sharpens APD’s critical edge by defining path dependency, policy feedback, and policy drift as processes through which capital leverages structural power to fend off political challenges under changing economic, social, and technological conditions. State-sanctioned ownership and control of news outlets, communication platforms, and information networks furnish a unique mechanism for influencing the structural terms of public discourse on all issues, including media policy. This implicates corporate media power in the ongoing US political communication crisis and as a central force in the entrenchment of inegalitarian and undemocratic social relations. Lending greater theoretical coherence and empirical grounding to these material and ideological dynamics historicizes public communication and highlights contingent political openings for radical engagement with media policy. 

　　Keywords: Monopoly capitalism; media policy; political communication; American political development; state theory; corporate power 

　　From: New Political Science 2024 46 (1) 

　　Editor: Wang Yi