In recent decades, and particularly since the US Supreme Court’s controversial Citizens United decision, lawmakers and other elites have told Americans that stricter campaign finance laws are needed to improve faith in the elections process, increase trust in the government, and counter cynicism toward politics. But as David M. Primo and Jeffrey D. Milyo argue, politicians and the public alike should reconsider the conventional wisdom in light of surprising and comprehensive empirical evidence to the contrary. Primo and Milyo probe original survey data to determine Americans’ sentiments on the role of money in politics, what drives these sentiments, and why they matter. What Primo and Milyo find is that while many individuals support the idea of reform, they are also skeptical that reform would successfully limit corruption, which Americans believe stains almost every fiber of the political system. Moreover, support for campaign finance restrictions is deeply divided along party lines, reflecting the polarization of our times. Ultimately, Primo and Milyo contend, American attitudes toward money in politics reflect larger fears about the health of American democracy, fears that will not be allayed by campaign finance reform.

Have campaign finance reform laws actually worked? Is money less influential in electing candidates today than it was thirty years ago when legislation was first enacted? Absolutely not, argues Rodney A. Smith in this passionately written, fact-filled, and provocative book. According to Smith, the laws have had exactly the opposite of their intended effect. They have increased the likelihood that incumbents in the House and Senate will be reelected, and they have greatly diminished the chances that candidates who are not wealthy will be elected. Smith's claims are supported by convincing data; he collected and analyzed information about all federal elections since 1920. These data show clearly that money matters now more than ever. Smith thinks that reform legislation has created a new inequality for candidates that, if left unchecked, threatens to destroy the American electoral process by obliterating the foundational principle of free speech. He argues that "money buys speech" and when candidates lack money to buy media time and space they are effectively silenced. Their inability to "speak freely" violates the most significant intentions of our nation's founders: that a sovereign citizenry elect its own leaders based on a free exchange of ideas. For Smith, campaign finance reform has unwittingly unbalanced the checks and balances created by the Framers of the Constitution.After presenting a detailed historical overview of how we have reached the present crisis, Smith proposes a simple solution: institute a process that completely discloses relevant information about campaign donors and recipients of donations. All disclosures would be available to the media, which would be able to investigate and report them fully. Only then, Smith believes, will the United States have the opportunity to be the democratic republic that its founders intended.

This article considers the vast academic literature on campaign finance regulation in the United States, drawing on the fields of political theory, American politics, election law, constitutional law, and economics. The scholarly treatment of campaign finance regulation has become increasingly focused on fundamental questions about democratic governance and democratic values, and it has generated profound debates about participation, representation, free speech, political equality, liberty, and the organization and distribution of political power in government and society. This article reviews the original debate about campaign finance regulation and traces its evolution in both political theory and constitutional law, identifying current areas of inquiry and new directions in research. In particular, the article focuses on corruption, political equality and representation, electoral exceptionalism, and the post-Citizens United landscape. It also surveys empirical findings from political science and economics.

Thanks to a series of recent US Supreme Court decisions, corporations can now spend unlimited sums to influence elections, Super PACs and dark money groups are flourishing, and wealthy individuals and special interests increasingly dominate American politics. Despite the overwhelming support of Americans to fix this broken system, serious efforts at reform have languished. Campaign finance is a highly intricate and complex area of the law, and the current system favors the incumbent politicians who oversee it. This illuminating book takes these hard realities as a starting point and offers realistic solutions to reform campaign finance. With contributions from more than a dozen leading scholars of election law, it should be read by anyone interested in reclaiming the promise of American democracy.

An illuminating perspective on the polarizing effects of campaign finance reform

Have campaign finance reform laws actually worked? Is money less influential in electing candidates today than it was thirty years ago when legislation was first enacted? Absolutely not, argues Rodney A. Smith in this passionately written, fact-filled, and provocative book. According to Smith, the laws have had exactly the opposite of their intended effect. They have increased the likelihood that incumbents in the House and Senate will be reelected, and they have greatly diminished the chances that candidates who are not wealthy will be elected. Smith's claims are supported by convincing data; he collected and analyzed information about all federal elections since 1920. These data show clearly that money matters now more than ever. Smith thinks that reform legislation has created a new inequality for candidates that, if left unchecked, threatens to destroy the American electoral process by obliterating the foundational principle of free speech. He argues that "money buys speech" and when candidates lack money to buy media time and space they are effectively silenced. Their inability to "speak freely" violates the most significant intentions of our nation's founders: that a sovereign citizenry elect its own leaders based on a free exchange of ideas. For Smith, campaign finance reform has unwittingly unbalanced the checks and balances created by the Framers of the Constitution. After presenting a detailed historical overview of how we have reached the present crisis, Smith proposes a simple solution: institute a process that completely discloses relevant information about campaign donors and recipients of donations. All disclosures would be available to the media, which would be able to investigate and report them fully. Only then, Smith believes, will the United States have the opportunity to be the democratic republic that its founders intended.

The public believes that politicians in the US favor special interests over their constituents and that our political institutions have become corrupt—and they are right. A growing body of evidence shows that special interests have disproportionate sway over policy via campaign contributions and lobbying. In this book, the author presents this evidence in a logical, understandable way; he then illustrates how campaign contributions harm our economy, exacerbate inequality, and undermine our democracy. One of the most startling findings of the book is that campaign contributions led to the Financial Crisis and Great Recession. The author concludes that campaign contributions have effectively created an oligarchy in the US, and, thus, reform is needed to save our democracy. The final chapter of the book suggests a number of different reforms that could be pursued—and highlights some ways in which these reforms can be achieved.