There are lots of sensationalistic books out there about politics and money, most with sensationalistic titles: "The Money Chase," "The Money Men," "The Buying of the President," "The Best Congress Money Can Buy," "The Corruption of American Politics," etc. ad nauseum.
Smith's book is different. Smith argues that the problem of money in politics is vastly overblown, and presents both empirical data and theory to show why. He explains how money in politics actually helps political outsiders and traditionally disadvantaged groups and candidates. He argues convincingly that money makes politics *more* equal, not less. If any of these notions seem strange, consider (as Smith shows) that those who write from the opposing point of view are largely the ones who have created our current campaign finance system.
The writing is at times eloquent, yet straight forward and to the point. For example, would government funding solve the problem? Smith points out that "We have 100 percent government financing of the presidential general election campaigns now." Yet no one thinks that has solved the problems of presidential elections. Should campaign spending by interest groups be limited? The McCain-Feingold bill tries to do so on the grounds that candidates should "control" their campaigns. But Smith asks, "Are efforts to persuade fellow citizens how to vote 'corrupting,' or are they the essence of democracy?" Do you join those who ridicule the position of the United States Supreme Court, that limits on campaign spending restrict free speech? Well, says Smith, "Suppose that government limited the amount that a newspaper could spend to publish its paper, or that a broadcast station could spend to be on the air?" He adds, "If spending money were not a form of speech, the First Amendment would become hollow, since any effort to spread one's message could be stripped of First Amendment protections simply by limiting the expenditure of money." Smith shows how regulation restricts, rather than supports, the ability of average Americans to make their voices count. Big players employ consultants and lawyers to work around the law, but average Americans get run over by it. "[Regulation] has served only to distance Americans from politics and politicians," he concludes.
Again and again, Smith takes common assumptions about campaign finance, and turns them around. The end result is a book about money and politics that is interesting and different. After reading this book, the honest reader will find it difficult to think about campaign finance reform in the same old way.