This article aims to contribute to the renewal of consideration of media and culture under capitalism, by seeking solid normative foundations for critique via various compatible elements: moral economy, well-being understood as flourishing and Sen and Nussbaum’s capabilities approach. Insufficient attention has been paid to normative and conceptual issues concerning capitalism, media and culture. Moral economy approaches might help fill this gap by valuably providing a richly critical ethics-based approach, drawing on political economy, cultural studies and social theory. Two further concepts, compatible with moral economy, can reinvigorate and renew critique of capitalism, media and culture. The first is a particular (Aristotelian) conception of well-being, understood as flourishing. This is outlined, and its potential contribution to critique of media and culture under capitalism is explicated. The second concept is capabilities, which can provide a basis for dealing with different understandings of flourishing. The article outlines the capabilities approach, analyses rare applications of it to media and culture, and explains how these applications might be built upon, by developing Nussbaum’s work in a way that could ground critique in an understanding of the potential value of media and culture in contributing to people’s flourishing.