Our representative system of democracy has withstood the test of time and, until the 1970s, worked well without much regulation of campaign finance. Then the Watergate scandal precipitated a rush to regulate political contributions, restricting everyone's freedom. But freedom resists regulation, and the reform effort backfired, systematically distorting our democratic system and causing more damage than the occasional bribery scandal ever did. Elections are now tipped toward incumbents, celebrities, and the rich. Most challengers cannot raise enough money to compete.
Political gridlock is epidemic.
To revive democracy, we need to free candidates and advocates to raise the money they need for competitive campaigns that draw public attention to important issues and decisions. A new requirement for fuller and faster disclosure of all political donations is the best way to deter corruption and head off conflicts of interest.