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This article is a rejoinder to Murdock and Golding’s response to my critique of the political economy of communications (PEC) analysis of media production (see Author 2015). This article sets this exchange in the context of a broader debate in recent editions of Media, Culture & Society (Garnham 2016, Fuchs, 2016) about the value of PEC. Much of this debate stems from Garnham’s (2011) critical review of 40 years of PEC research.