Bankrupting Democracy
Campaign Spending in a Marketplace of Ideas
Published on 5. May 2026
Book
Hardback
200 pages
978-0-7006-4124-6 (ISBN)
Description
A deeply researched investigation that shows how the long-held ideas protecting unlimited campaign spending as free speech that once served the needs of political candidates and voters are now shaped to serve the desires of interest groups, threatening the future of American democracy.
In the 2010 Citizens United decision, Supreme Court Justice Anthony Kennedy stated that the precedent they were overturning "interferes with the 'open marketplace' of ideas protected by the First Amendment." For the majority who ruled in this case, money was in some sense the equivalent of speech, meaning that spending should be allowed under the guise of a marketplace of ideas. But what does this actually mean? And what are the consequences?
Both critics and advocates of this marketplace of ideas often treat it as an abstract principle; one that focuses on competition among different voices that allows for the most popular, and therefore best, ideas to gain prominence. But the marketplace of ideas is not a single tool. There are multiple mechanisms at play, all of which influence the rules and regulations behind this competition. Therefore, the marketplace of ideas should be understood not as a single idea but as a collection of smaller norms that build a regulatory, market-like system.
Bankrupting Democracy traces the development of this system, which Nathan Katz calls the "money-speech paradigm." Through a historical analysis of campaign finance reform discourses that have occurred within the legislative record and the Supreme Court, Katz demonstrates how these ideologies have caused radical changes to political speech. He pairs these data with an analysis of the changing patterns of political advertisers-the PACs, Super PACs, interest groups, candidates, and parties that all spend a large portion, often the majority, of their money on television advertisements. By combining these components, Katz shows how changes to the money-speech paradigm have shifted from a focus on political candidates and their right to public exposure to a system that focuses on supporting interest groups' pursuit of social and economic dominance.
At each stage in the development of the current system, proponents of the reforms assumed the security of democratic institutions, leaving them unprotected against the consolidation of corporate power. Bankrupting Democracy illuminates this market system that threatens to unravel the very fabric of American society.
In the 2010 Citizens United decision, Supreme Court Justice Anthony Kennedy stated that the precedent they were overturning "interferes with the 'open marketplace' of ideas protected by the First Amendment." For the majority who ruled in this case, money was in some sense the equivalent of speech, meaning that spending should be allowed under the guise of a marketplace of ideas. But what does this actually mean? And what are the consequences?
Both critics and advocates of this marketplace of ideas often treat it as an abstract principle; one that focuses on competition among different voices that allows for the most popular, and therefore best, ideas to gain prominence. But the marketplace of ideas is not a single tool. There are multiple mechanisms at play, all of which influence the rules and regulations behind this competition. Therefore, the marketplace of ideas should be understood not as a single idea but as a collection of smaller norms that build a regulatory, market-like system.
Bankrupting Democracy traces the development of this system, which Nathan Katz calls the "money-speech paradigm." Through a historical analysis of campaign finance reform discourses that have occurred within the legislative record and the Supreme Court, Katz demonstrates how these ideologies have caused radical changes to political speech. He pairs these data with an analysis of the changing patterns of political advertisers-the PACs, Super PACs, interest groups, candidates, and parties that all spend a large portion, often the majority, of their money on television advertisements. By combining these components, Katz shows how changes to the money-speech paradigm have shifted from a focus on political candidates and their right to public exposure to a system that focuses on supporting interest groups' pursuit of social and economic dominance.
At each stage in the development of the current system, proponents of the reforms assumed the security of democratic institutions, leaving them unprotected against the consolidation of corporate power. Bankrupting Democracy illuminates this market system that threatens to unravel the very fabric of American society.
Reviews / Votes
"In Bankrupting Democracy, Nathan Katz skillfully combines a sophisticated analysis of debates over campaign finance laws and a nuanced approach to political communication with a comprehensive sociological account of the "campaign finance community"-the set of organizations and funders behind most political advertising in the US. The book takes seriously the motivations and choices of the wealthy people who fund Democratic and Republican campaigns and should interest anyone concerned with the state of US democracy."-Daniel Laurison, author of Producing Politics: Inside the Exclusive Campaign World Where the Privileged Few Shape Politics for All of Us"Explaining the role of money in US politics has traditionally been regulated to political scientists and lawyers. Bankrupting Democracy approaches the subject from a sociological perspective, offering unique insights into how some major US Supreme Court opinions on campaign finance have altered the trajectory of American politics and who has a voice in its campaigns and elections. Nathan Katz's voice adds clarity to an important topic."-David Schultz, coeditor of Generational Politics in the United States: From the Silents to Gen Z and Beyond
"In Bankrupting Democracy, Katz takes us inside the social world of political advertising. Using an impressive array of historical records, election disclosures, and advertising datasets, Katz traces how politicians, political consultants, wealthy elites, and corporations pushed the myth of the 'marketplace of ideas' to justify the massive influx of money in politics we see today. This book is important reading for anyone seeking to understand how those with money, power, and access have distorted democracy to influence public opinion, elections, and policymaking in the current moment."-Wendy Y. Li, author of the article "'Unicorns and Hacks': Revolving-Door Lobbyists and the Cultivation of Political Credibility"
"All Americans need to understand how money in politics works better. Nathan Katz's Bankrupting Democracy shines a spotlight on this key issue of campaign finance for readers."-Ciara Torres-Spelliscy, professor at Stetson College of Law, and author of Corporate Citizen? An Argument for the Separation of Corporation and State
"At a time when campaign finance is on everyone's mind, Katz provides a prime example of the tools sociology offers for analyzing electoral politics. Through bringing the state back in as a key player and centering the social relations of power, this work makes a significant contribution to debates about whether campaign finance is a social problem and sheds light on democracy's possibilities."-Emily L. Tingle, author of article "'What was my Catalyst?' Narratives and Biographical Connectivity in Public Education Activism"
More details
Series
Language
English
Place of publication
Kansas
United States
Target group
Professional and scholarly
College/higher education
Illustrations
6 Tables, unspecified
Dimensions
Height: 222 mm
Width: 145 mm
Thickness: 19 mm
Weight
502 gr
ISBN-13
978-0-7006-4124-6 (9780700641246)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
E-Book
05/2026
University Press of Kansas
€29.49
Available for download
Person
Nathan Katz is assistant professor of sociology at Louisiana Tech University.
Content
Acknowledgments
Introduction
1. Saving Democracy and Bob Hope
2. Letting the Reins Loose
3. Speak Softly and Carry a Big Wallet
4. Pulling the Reins In
5. Super Speech
Conclusion
Appendix A
Appendix B
Bibliography
Index
Introduction
1. Saving Democracy and Bob Hope
2. Letting the Reins Loose
3. Speak Softly and Carry a Big Wallet
4. Pulling the Reins In
5. Super Speech
Conclusion
Appendix A
Appendix B
Bibliography
Index