Cultural Industries – Theory AssignmentDominant traditions play an important role for many economies in terms of assessing the change and continuity involved in the growth of prosperity and employment in the cultural industries . The process of determining the best fit can be complicated and tedious as these traditions are subject to dispute. Profit generation and control may be the main reasons for these approaches, but they also carry an important feature in how society understands “the relationships between culture, society and economy”. (Hesmondhalgh, 2007, p.6) Many compare and contrast over whether political economy or cultural studies approaches are more useful for studying media and popular culture. If both approaches can overcome their differences, perhaps they could have the potential to work harmoniously together to achieve the same goals. When examining the power of cultural production, political economy is known to have stronger concepts than “cultural and media economics and, liberal-pluralist communication studies” (Hesmondhalgh, 2007, p. 3...