This study focuses on cultural implication of the media industry, particularly the influence of foreign capital. There are two camps disputing each other with regards to the influence of foreign capital on the media industry; one is the economic theor...
This study focuses on cultural implication of the media industry, particularly the influence of foreign capital. There are two camps disputing each other with regards to the influence of foreign capital on the media industry; one is the economic theory of market principle, and the other is the theory of cultural imperialism. This study attempts to overcome the problems with both theories above, and to disclose the concrete reality in people's everyday lives. I adopt theoretical frameworks of Foucault, Deleuze, and post-colonialism.
Although post-colonialism is powerful in detecting internal voices of colonized people, it undermines practices due to overemphasis on interpretation, I attempt to revitalize the importance of practice in cultural studies in general, and post-colonialism in particular. Thus, I am reviewing economic practices and class struggles at the international level while emphasizing the cultural power in it.
There are four types of foreign capital invested in the Korean media industry; foreign direct investment, strategic alliance, capital adoption and hot money. I have conducted in-depth interviews with personnels in 10 different companies which adopt foreign capital of one type or another. Interviewees have demonstrated how cultural power was embodied in economic practices in the post-colonial era. These days, foreign capital exercises indirect influences on host countries rather than direct control. That is an application of, what Foucault says, positive power rather than repressive power. Cultural, positive power works by the means of voluntary participation and subjects' alteration. In interviews, most people argue for contributions of foreign capital to domestic media industry. Yet, foreign capital, in reality, does not bring up the ideal market places. Instead, it promote market power of the Korean media industry in the same form of media in home countries.