In the development communication equation, whether more theoretical, empirical and analytical attention is given to 'development' or to 'communication' makes a difference: where the emphasis is on development, it is at the expense of communication. Since communication and media arguably play an increasingly pervasive role in the everyday life of citizens and in the politics, economies and governance of most societies, the characteristics and role of specific forms of applied communication strategies in the context of the neoliberal project merit critical scrutiny. Given a complex global scenario, what can a political economy approach bring into an agenda for the future of development communication as a field of study, a practice and an institutional project? This article outlines ways in which a focus on political economy dimensions may contribute to understanding the obstacles and limits to a transformative practice of international development communication.