Reformers lament that, with every effort to regulate the sources of
campaign funding, candidates creatively circumvent the new
legislation. But in fact, political fundraisers don't need to look
for loopholes because, as Raymond J. La Raja proves, legislators
intentionally design regulations to gain advantage over their
partisan rivals.
La Raja traces the history of the U.S. campaign finance system
from the late nineteenth century through the passage of the
Bipartisan Campaign Reform Act (BCRA) of 2002. Then, using the 2004
presidential election as a case study, he compares the ways in
which Democrats and Republicans adapted their national fund-raising
and campaigning strategies to satisfy BCRA regulations. Drawing
upon this wealth of historical and recent evidence, he concludes
with recommendations for reforming campaign finance in ways that
promote fair competition among candidates and guarantee their
accountability to voters.
"Small Change" offers an engaging account of campaign finance
reforms' contradictory history; it is a must-read for anyone
concerned about influence of money on democratic elections.
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