I do believe that many of the concerns that have driven the political economy debate are still relevant; however, there is a major question that must be expanded upon and hopefully answered. "How do the media intervene in the twin movements of inclusion and exclusion...?" (Waisboard,The early concerns of gaining and maintaining imperial power by using the media to portray personal, "nationalistic" ideas are still prevalent today. It is apparent that the global media is here to stay, but concuring with Waisboard inclusion and exclusion must be at the forefront of the debate. Scholars and policy-makers alike must discover a way to allow individualism thorough a global society. Cosmopolitanism must be created. One idea should not become "mainstream media."
Globalophobes and globalophiles both have legit arguments. America does play a major if not majority role in global media, but it contributes to cultural diversity for other households that will never visit America, or their countries strongly lead against American principles. However, another question that needs to be answered that is not addressed by globalophiles is the persistent power inequalities in culutural assumption and production. This fact cannot be ignored.
The political economy is definitely relevant in media production. It's interesting how "nations" express different reasons to be against globalization, but as long as they benefit monetarily it is sufficient. For instance, a Japanese corporation owns major production studios in Hollywood. Univision is the largest Spanish-language US network, and it is in 92 percent of Hispanic households, according to Karim. In terms of diasporic media, Univision broadcasts are availale to most of Latin America. Is this practice a way of providing Waisboard's cosmopolitanism?
Overall, global media as it relates to the political economy has a way of bringing people and cultures together by offering shared experiences. The trick is for nations not to allow one country views to become the "hear all, say all," and began to integrate ideas of commonality and not focus entirely on differences.