Surprisingly, recent studies indicate that special-interest donations have had little impact on federal elections. If campaign-finance reform is to be seen as more than simply “feel good” legislation, its effectiveness must be supported by the strong empirical studies and theoretical arguments it now lacks.

Jeffrey Milyo is a professor in the Department of Economics at the University of Missouri, Columbia.
Campaign FinanceDemocracyElections and Election LawGovernment and PoliticsLaw and LibertyPhilosophy and Religion
Other Independent Review articles by Jeffrey Milyo
Summer 2014 Corporate Influence and Political Corruption: Lessons from Stock Market Reactions to Political Events