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The value of decentralized campaign finance

Fortune had an article on The New Soft Money in November. A subscription to the magazine is required for access to the website. Here's a good point from the article:

In some ways this setup is an improvement on the old party-centered system. In the last presidential campaign in 2000, the Democratic Party collected $245.2 million in soft money and spent it as it chose. Afterward, many prominent Democrats criticized its priorities, and for good reason: Al Gore lost his bid for the presidency, and Republicans won a majority of the nation's governorships as well as control of the U.S. Congress. The new, privatized structure allows donors to decide with much more precision where their money will go. Each organization has given itself a narrowly defined mission and is seeking funds for just that purpose and no other. For instance, Governor [Bill] Richardson's group, Moving America Forward, will work to register Hispanic voters and get them to the polls in four states and also recruit more Hispanics to run for elective office.