Thompson, Stacy. Punk Productions: Unfinished Business. (Albany State: University of New York Press, 2004) 139-159.
Thompson's analysis of punk economics provides a detailed and informative account of industry in both England and the U.S and how commercial motivations (or lack thereof), acted as yet another channel for rebellion and 'power' within punk mentality. This chapter makes the assumption that all punks set themselves against capitalism and subsequently, the music industry, and attempts to explore their success in this emancipation, while positioning the punk commodity into the broader context of US music industry economics.
Referring frequently to the popular music studies of Frith, Thompson divides her examination into both early (1974-77) and late punk economics (1978-present), as the latter marked a shift from solely aesthetic concerns to the inevitable capitalization of an increasingly popular movement. Frith attributes this shift in popularity to the rise of rock music in the 1970s, as major record labels saw new opportunities for commercial profitability. Discussion regarding the operational practices of ‘The Big Six’ record labels puts punk economics in a global context, highlighting distinctions between US and British branches while also providing an absorbing insight into previous industry tactics, as 90% of label production proved unprofitable (Thompson, 142). When aligned with the industry’s current state and climate, this overproduction seems excessive and somewhat naïve- yet alluring to those facing the exclusivity of modern label capitalism.
Opposing Frith’s suggestion that punk is dead “the moment it slips beneath the radar of corporately controlled media outlets”, this chapter cites Dischord Records and Fugazi as the most celebrated examples of commercial freedom, concluding with a case study of the label and band, while reaffirming Goshert’s argument that their continued independence allowed them to remain at the centre of the punk ethos (45). Don Letts's 2005 documentary, Punk Attitudes, recounts the band's reluctance to cooperate or conform to capitalist expectations, particularly those that opposed their core values;
Punk: Attitudes. Dir. Don Letts. Capitol Entertainment, 2005. Film.
This chapter has been particularly useful in equating somewhat dry economical factors with a reckless movement so vastly opposite, reiterating their unavoidable connection and continual negotiation of amicable coexistence.
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