Against the backdrop of transformations which have reconfigured access to information, communication, and collective discourse, The Political Economy of the Public Sphere critically examines the evolution of the public sphere from its origins in the 18th century to its contemporary digital transformation across Europe and the United States. Adopting a political economy lens, the book analyzes how this crucial space for public communication and opinion formation is intrinsically linked to capitalism. It is shaped by market dynamics, the concentration of media ownership, and the commodification of audiences and their attention. Author Nikos Smyrnaios delves into the material and immaterial resources—like infrastructure, technology, influence, and agenda-setting—that affect the public sphere's functioning. Identifying key turning points—from the rise of mass media and deregulation to the dominance of digital platforms—the chapters demonstrate the impact of theory, civic engagement, state interventions, and corporate influence. In doing so, the work navigates the tension between the ideal of a democratic public sphere and its reality as a space embedded in power relations and contributing to the reproduction of inequalities. Offering a comprehensive theoretical and historical overview of the transformations shaping today’s media environment, the book provides a rigorous foundation for critically understanding the possibilities and limitations of mediated discourse in the 21st century. Ideal for scholars and students of media studies, political science, sociology and communication theory, it invites readers to reflect on historical precedents, confront current inequalities, and imagine alternative pathways for collective expression and democratic participation.