Globalization and the Contribution of the Media Economy to a National Economy: A Cross-Country Empirical Study

This study shows that the overall globalization index has a significant correlation with the percentage of media expenditures in GDP, while the social globalization index is a significant predictor for the percentage of media expenditures in GDP, after controlling for the economic, population, and social variables. These results suggest that globalization influences the contribution of the media economy to a national economy, and different dimensions of globalization have a varying level of influence. The results also suggest that the principle of relative constancy (PRC) does not hold true when applied across countries, and globalization should be one of the explanatory variables that accounts for the variation of the contribution of media economy to national economy across countries.