FACULTY ASSUMPTIONS OF
CAMPAIGN FINANCE REFORM
Perhaps, if past efforts to regulate campaign spending and giving have failed to achieve their objectives, we have misdiagnosed the problems. Thus the starting point for reform should be to examine the way in which campaign contributions affect the political system in practice.
Campaign finance regulation is generallyassumed to be necessaryto achieve two important societal objectives: the promotion of political equality, and the prevention of political corruption. In recent years, a third objective, that of reducing the time spent on fund-raising bylegislators, has come to the fore. I have chosen not to devote space to this argument because the increased time that legislators spend