Is the discourse of political economy useful and valid?

Is the discourse of political economy useful and valid?

As a way to explain the distribution of power in contemporary media, is the discourse of political economy useful and valid? Base your response on an example (or examples) from at least one nation. I preferred use China as the example.

criteria?Quality and depth of research choices: 20%
Structure & Clarity of Expression: 25%
Accuracy of Referencing: 10%
Quality of argument: 25%
Critical depth of analysis: 20%